Veracyte, Inc. (NASDAQ:VCYT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Veracyte, Inc. (NASDAQ:VCYTGet Rating) have earned an average rating of “Moderate Buy” from the nine brokerages that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $45.40.

Separately, Needham & Company LLC reiterated a “maintains” rating on shares of Veracyte in a research note on Wednesday.

Veracyte Price Performance

NASDAQ:VCYT opened at $25.05 on Thursday. The firm has a market capitalization of $1.79 billion, a P/E ratio of -36.84 and a beta of 1.11. Veracyte has a 1-year low of $14.85 and a 1-year high of $54.13. The company’s fifty day moving average price is $21.59 and its 200-day moving average price is $23.82.

Veracyte (NASDAQ:VCYTGet Rating) last released its quarterly earnings data on Tuesday, May 3rd. The biotechnology company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.03. The firm had revenue of $67.78 million for the quarter, compared to analyst estimates of $61.98 million. Veracyte had a negative net margin of 19.22% and a negative return on equity of 4.09%. During the same quarter in the prior year, the business earned ($0.11) earnings per share. Equities analysts anticipate that Veracyte will post -0.86 EPS for the current fiscal year.

Insider Activity at Veracyte

In related news, CEO Marc Stapley bought 60,000 shares of the company’s stock in a transaction dated Friday, June 10th. The shares were acquired at an average price of $16.33 per share, for a total transaction of $979,800.00. Following the completion of the transaction, the chief executive officer now directly owns 159,761 shares in the company, valued at $2,608,897.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Jens Holstein sold 8,720 shares of Veracyte stock in a transaction dated Tuesday, June 14th. The shares were sold at an average price of $16.27, for a total value of $141,874.40. Following the sale, the director now owns 2,000 shares in the company, valued at $32,540. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Marc Stapley bought 60,000 shares of the company’s stock in a transaction dated Friday, June 10th. The stock was bought at an average price of $16.33 per share, for a total transaction of $979,800.00. Following the transaction, the chief executive officer now owns 159,761 shares of the company’s stock, valued at $2,608,897.13. The disclosure for this purchase can be found here. 2.90% of the stock is owned by company insiders.

Institutional Trading of Veracyte

Several institutional investors have recently modified their holdings of VCYT. State Street Corp lifted its stake in shares of Veracyte by 45.5% in the first quarter. State Street Corp now owns 3,945,870 shares of the biotechnology company’s stock worth $108,788,000 after buying an additional 1,234,244 shares in the last quarter. ARK Investment Management LLC lifted its stake in shares of Veracyte by 6.5% in the first quarter. ARK Investment Management LLC now owns 8,756,024 shares of the biotechnology company’s stock worth $241,404,000 after buying an additional 533,743 shares in the last quarter. Candriam Luxembourg S.C.A. purchased a new position in shares of Veracyte in the first quarter worth about $10,440,000. Silverarc Capital Management LLC lifted its stake in shares of Veracyte by 68.9% in the second quarter. Silverarc Capital Management LLC now owns 718,789 shares of the biotechnology company’s stock worth $14,304,000 after buying an additional 293,235 shares in the last quarter. Finally, EFG Asset Management North America Corp. purchased a new position in shares of Veracyte in the fourth quarter worth about $10,808,000.

Veracyte Company Profile

(Get Rating)

Veracyte, Inc operates as a diagnostics company worldwide. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas, which are used to determine patients with indeterminate results are benign to avoid unnecessary surgery; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Genomic Sequencing Classifier and Percepta Nasal Swab Test for lung cancer diagnosis; Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis; and Immunoscore Colon Cancer test for colon cancer diagnosis.

Further Reading

Analyst Recommendations for Veracyte (NASDAQ:VCYT)

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