Brokerages Set Veracyte, Inc. (NASDAQ:VCYT) PT at $29.00

Veracyte, Inc. (NASDAQ:VCYT) has been assigned a consensus recommendation of “Moderate Buy” from the five research firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $29.00.

Several analysts recently weighed in on VCYT shares. The Goldman Sachs Group cut their price target on Veracyte from $32.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. Morgan Stanley lowered their price objective on Veracyte from $22.00 to $21.00 and set an “underweight” rating on the stock in a research report on Monday, February 26th. Needham & Company LLC upped their price objective on Veracyte from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. Finally, William Blair reaffirmed an “outperform” rating on shares of Veracyte in a research report on Friday, February 23rd.

Insider Buying and Selling at Veracyte

In other Veracyte news, Director Karin Eastham sold 10,000 shares of the stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $21.65, for a total value of $216,500.00. Following the transaction, the director now owns 33,125 shares of the company’s stock, valued at $717,156.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new position in shares of Veracyte in the third quarter worth about $38,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Veracyte by 96.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,862 shares of the biotechnology company’s stock worth $42,000 after buying an additional 913 shares during the period. CWM LLC raised its stake in shares of Veracyte by 533.0% in the third quarter. CWM LLC now owns 2,146 shares of the biotechnology company’s stock worth $48,000 after buying an additional 1,807 shares during the period. Asset Management One Co. Ltd. bought a new position in shares of Veracyte in the third quarter worth about $84,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of Veracyte by 27.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 7,323 shares of the biotechnology company’s stock worth $201,000 after buying an additional 1,571 shares during the period.

Veracyte Trading Up 0.4 %

NASDAQ VCYT opened at $19.90 on Friday. Veracyte has a 1-year low of $18.61 and a 1-year high of $30.52. The stock has a 50-day moving average of $21.82 and a 200-day moving average of $23.91. The firm has a market cap of $1.49 billion, a PE ratio of -19.32 and a beta of 1.62.

Veracyte (NASDAQ:VCYT) last released its earnings results on Thursday, February 22nd. The biotechnology company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. Veracyte had a negative return on equity of 2.02% and a negative net margin of 20.61%. The company had revenue of $98.20 million during the quarter, compared to analyst estimates of $95.49 million. As a group, equities research analysts forecast that Veracyte will post -0.29 earnings per share for the current fiscal year.

About Veracyte

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.