Veracyte (NASDAQ:VCYT) Price Target Lowered to $28.00 at The Goldman Sachs Group

Veracyte (NASDAQ:VCYT) had its price target cut by The Goldman Sachs Group from $32.00 to $28.00 in a research report released on Monday, Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

A number of other analysts have also weighed in on the company. Morgan Stanley dropped their price objective on Veracyte from $22.00 to $21.00 and set an underweight rating for the company in a research note on Monday, February 26th. Needham & Company LLC increased their price objective on Veracyte from $30.00 to $33.00 and gave the company a buy rating in a research note on Friday, February 23rd. Finally, William Blair reissued an outperform rating on shares of Veracyte in a research note on Friday, February 23rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $29.00.

Veracyte Price Performance

Shares of VCYT opened at $19.20 on Monday. The firm has a market cap of $1.44 billion, a P/E ratio of -18.64 and a beta of 1.62. The stock has a 50 day simple moving average of $22.27 and a two-hundred day simple moving average of $23.94. Veracyte has a 1 year low of $18.61 and a 1 year high of $30.52.

Veracyte (NASDAQ:VCYT) last issued its earnings results on Thursday, February 22nd. The biotechnology company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.03. The business had revenue of $98.20 million during the quarter, compared to analyst estimates of $95.49 million. Veracyte had a negative return on equity of 2.02% and a negative net margin of 20.61%. On average, equities analysts anticipate that Veracyte will post -0.29 earnings per share for the current year.

Insider Activity

In related news, Director Karin Eastham sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $21.65, for a total transaction of $216,500.00. Following the completion of the transaction, the director now owns 33,125 shares in the company, valued at $717,156.25. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Veracyte

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. ARK Investment Management LLC raised its holdings in shares of Veracyte by 0.8% during the fourth quarter. ARK Investment Management LLC now owns 7,655,603 shares of the biotechnology company’s stock valued at $210,606,000 after acquiring an additional 62,011 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Veracyte by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,211 shares of the biotechnology company’s stock valued at $195,822,000 after acquiring an additional 52,699 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Veracyte by 4.1% during the second quarter. BlackRock Inc. now owns 6,878,522 shares of the biotechnology company’s stock valued at $175,196,000 after acquiring an additional 273,342 shares in the last quarter. State Street Corp raised its holdings in shares of Veracyte by 1.5% during the third quarter. State Street Corp now owns 5,223,896 shares of the biotechnology company’s stock valued at $86,717,000 after acquiring an additional 79,565 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Veracyte by 0.4% during the first quarter. Invesco Ltd. now owns 4,131,597 shares of the biotechnology company’s stock valued at $113,908,000 after acquiring an additional 17,566 shares in the last quarter.

Veracyte Company Profile

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.