Veracyte, Inc. (VCYT) Trading Down 0% Following Analyst Downgrade
Veracyte, Inc. (NASDAQ:VCYT) dropped 0% during trading on Tuesday after Leerink Swann lowered their price target on the stock from $12.00 to $9.00. Leerink Swann currently has an outperform rating on the stock. Veracyte traded as low as $5.75 and last traded at $6.49. Approximately 1,268,430 shares changed hands during mid-day trading, an increase of 733% from the average daily volume of 152,239 shares. The stock had previously closed at $6.49.
Other research analysts have also recently issued reports about the company. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Veracyte in a research report on Tuesday, September 12th. BidaskClub cut Veracyte from a “sell” rating to a “strong sell” rating in a research report on Wednesday, July 19th. BTIG Research reaffirmed a “buy” rating and set a $13.00 price objective on shares of Veracyte in a research report on Thursday, August 31st. ValuEngine cut Veracyte from a “hold” rating to a “sell” rating in a research report on Tuesday, September 12th. Finally, Zacks Investment Research cut Veracyte from a “hold” rating to a “sell” rating in a research report on Thursday, October 12th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Veracyte currently has a consensus rating of “Hold” and an average target price of $11.85.
In other Veracyte news, Director Evan/ Fa Jones sold 40,000 shares of Veracyte stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $7.88, for a total value of $315,200.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Chairman Bonnie H. Anderson sold 6,000 shares of Veracyte stock in a transaction that occurred on Monday, September 25th. The stock was sold at an average price of $8.44, for a total value of $50,640.00. Following the completion of the sale, the chairman now directly owns 16,000 shares in the company, valued at approximately $135,040. The disclosure for this sale can be found here. Insiders have sold a total of 130,500 shares of company stock worth $1,085,065 in the last three months. 13.40% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the business. Nationwide Fund Advisors increased its position in shares of Veracyte by 31.9% during 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. purchased a new position in Veracyte during the 1st quarter valued at $147,000. Wells Fargo & Company MN boosted its holdings in Veracyte by 112.8% during the 1st quarter. Wells Fargo & Company MN now owns 18,752 shares of the biotechnology company’s stock valued at $172,000 after acquiring an additional 9,938 shares during the period. Bank of New York Mellon Corp boosted its holdings in Veracyte by 3.0% during 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 acquiring an additional 1,795 shares during the period. Finally, Parametric Portfolio Associates LLC boosted its holdings in Veracyte by 39.5% during the 1st quarter. Parametric Portfolio Associates LLC now owns 81,145 shares of the biotechnology company’s stock valued at $745,000 after acquiring an additional 22,966 shares during the period. 66.41% of the stock is currently owned by institutional investors and hedge funds.
The company has a quick ratio of 5.52, a current ratio of 5.83 and a debt-to-equity ratio of 0.53.
Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Monday, November 6th. The biotechnology company reported ($0.21) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.21). Veracyte had a negative return on equity of 53.58% and a negative net margin of 35.64%. The company had revenue of $17.50 million during the quarter, compared to analysts’ expectations of $19.54 million. During the same quarter in the previous year, the business earned ($0.20) EPS. Veracyte’s revenue was down 5.9% compared to the same quarter last year. equities analysts predict that Veracyte, Inc. will post -0.86 earnings per share for the current fiscal year.
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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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