Veracyte, Inc. (VCYT) Lowered to “Sell” at ValuEngine
ValuEngine lowered shares of Veracyte, Inc. (NASDAQ:VCYT) from a hold rating to a sell rating in a report issued on Tuesday morning.
A number of other equities research analysts have also commented on VCYT. Cantor Fitzgerald set a $13.00 price objective on shares of Veracyte and gave the stock a buy rating in a report on Thursday, May 18th. Janney Montgomery Scott reissued a buy rating and set a $15.00 price objective on shares of Veracyte in a report on Wednesday, June 28th. BidaskClub lowered shares of Veracyte from a sell rating to a strong sell rating in a report on Wednesday, July 19th. Zacks Investment Research raised shares of Veracyte from a hold rating to a buy rating and set a $9.25 price objective on the stock in a report on Friday, August 4th. Finally, BTIG Research reissued a buy rating and set a $13.00 price objective on shares of Veracyte in a report on Thursday, August 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $12.45.
Shares of Veracyte (NASDAQ:VCYT) opened at 8.20 on Tuesday. Veracyte has a 52 week low of $5.82 and a 52 week high of $9.71. The stock has a 50 day moving average of $8.12 and a 200-day moving average of $8.28. The firm’s market capitalization is $277.92 million.
Veracyte (NASDAQ:VCYT) last issued its quarterly earnings data on Monday, July 31st. The biotechnology company reported ($0.22) EPS for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.03. Veracyte had a negative net margin of 35.64% and a negative return on equity of 53.58%. The firm had revenue of $18.40 million for the quarter, compared to analyst estimates of $18.32 million. During the same quarter in the prior year, the firm earned ($0.40) EPS. The company’s revenue was up 25.2% on a year-over-year basis. Analysts expect that Veracyte will post ($0.92) earnings per share for the current year.
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In other news, Director Evan/ Fa Jones sold 22,500 shares of the firm’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $7.81, for a total value of $175,725.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold a total of 82,500 shares of company stock worth $649,325 in the last ninety days. Insiders own 13.40% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of VCYT. Bank of Montreal Can bought a new position in shares of Veracyte in the 1st quarter valued at about $138,000. Nationwide Fund Advisors boosted its stake in shares of Veracyte by 31.9% in the 1st quarter. Nationwide Fund Advisors now owns 11,327 shares of the biotechnology company’s stock valued at $104,000 after purchasing an additional 2,739 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Veracyte in the 1st quarter valued at about $147,000. Wells Fargo & Company MN boosted its stake in shares of Veracyte by 112.8% in the 1st quarter. Wells Fargo & Company MN now owns 18,752 shares of the biotechnology company’s stock valued at $172,000 after purchasing an additional 9,938 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Veracyte by 3.0% in the 1st quarter. Bank of New York Mellon Corp now owns 61,312 shares of the biotechnology company’s stock valued at $563,000 after purchasing an additional 1,795 shares during the last quarter. 65.67% of the stock is currently owned by institutional investors.
Veracyte, Inc is a genomic diagnostics company. The Company uses genomic technology to resolve diagnostic ambiguity. It targets diseases in which patients undergo invasive diagnostic procedures. Its products combine genomic technology, clinical science and machine learning. The Company commercializes over three genomic tests, which are transforming the diagnosis of thyroid cancer, lung cancer and idiopathic pulmonary fibrosis.
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