Veracyte (NASDAQ:VCYT) Stock Rating Upgraded by Zacks Research

Veracyte (NASDAQ:VCYT) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday,Zacks.com reports.

Other analysts have also recently issued research reports about the stock. Needham & Company LLC boosted their target price on shares of Veracyte from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Morgan Stanley boosted their price objective on Veracyte from $40.00 to $48.00 and gave the stock an “underweight” rating in a research note on Monday, December 1st. Wall Street Zen raised Veracyte from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 27th. Canaccord Genuity Group raised their target price on Veracyte from $40.00 to $43.00 and gave the company a “hold” rating in a research report on Wednesday, November 5th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Veracyte in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $46.14.

Veracyte Stock Performance

Veracyte stock opened at $35.15 on Wednesday. The stock has a market capitalization of $2.78 billion, a P/E ratio of 92.50 and a beta of 1.91. The company’s fifty day moving average price is $41.37 and its 200 day moving average price is $37.00. Veracyte has a 1 year low of $22.61 and a 1 year high of $50.71.

Insider Buying and Selling at Veracyte

In other news, Director Jens Holstein sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $42.36, for a total value of $423,600.00. Following the completion of the sale, the director directly owned 27,199 shares in the company, valued at $1,152,149.64. This represents a 26.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Annie Mcguire sold 10,739 shares of the stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $43.13, for a total value of $463,173.07. Following the completion of the sale, the senior vice president directly owned 67,760 shares of the company’s stock, valued at approximately $2,922,488.80. This represents a 13.68% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 68,299 shares of company stock worth $3,102,756. 1.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Veracyte during the second quarter worth about $25,000. First Horizon Corp purchased a new stake in shares of Veracyte in the 3rd quarter valued at approximately $31,000. Osaic Holdings Inc. increased its holdings in shares of Veracyte by 289.9% during the 2nd quarter. Osaic Holdings Inc. now owns 1,201 shares of the biotechnology company’s stock worth $33,000 after buying an additional 893 shares during the last quarter. Torren Management LLC purchased a new stake in shares of Veracyte during the 4th quarter valued at approximately $37,000. Finally, Empowered Funds LLC purchased a new stake in shares of Veracyte during the 4th quarter valued at approximately $42,000.

About Veracyte

Veracyte, Inc is a genomic diagnostics company focused on improving diagnostic accuracy and patient care through advanced molecular testing. Founded in 2008 and headquartered in South San Francisco, California, the company develops and commercializes minimally invasive genomic tests that aid in the diagnosis of thyroid, lung and other diseases. Veracyte’s proprietary platform analyzes gene expression patterns in clinical samples to help physicians make more informed treatment decisions, reducing unnecessary surgeries and improving patient outcomes.

The company’s flagship product, the Afirma Genomic Sequencing Classifier, is designed to assess thyroid nodules with indeterminate cytology, helping clinicians distinguish benign from suspicious nodules.