Veracyte (NASDAQ:VCYT) PT Raised to $31.00 at Needham & Company LLC

Veracyte (NASDAQ:VCYT – Get Rating) had its price objective boosted by stock analysts at Needham & Company LLC from $26.00 to $31.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s price target indicates a potential upside of 12.08% from the stock’s previous close.

Separately, Raymond James upped their price objective on Veracyte from $30.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $42.50.

Veracyte Stock Up 10.4 %

Shares of VCYT stock opened at $27.66 on Wednesday. Veracyte has a twelve month low of $14.85 and a twelve month high of $54.13. The company has a market cap of $1.98 billion, a P/E ratio of -40.68 and a beta of 1.11. The business has a fifty day simple moving average of $21.80 and a 200 day simple moving average of $23.80.

Veracyte (NASDAQ:VCYT – Get Rating) last announced its quarterly earnings data on Tuesday, May 3rd. The biotechnology company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.03. Veracyte had a negative return on equity of 4.02% and a negative net margin of 18.13%. The business had revenue of $67.78 million during the quarter, compared to the consensus estimate of $61.98 million. During the same period in the prior year, the company earned ($0.11) EPS. As a group, equities research analysts anticipate that Veracyte will post -0.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Veracyte

In related news, CEO Marc Stapley acquired 60,000 shares of the stock in a transaction dated Friday, June 10th. The stock was bought at an average cost 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 of the company’s stock, valued at $2,608,897.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Marc Stapley acquired 60,000 shares of the stock in a transaction dated Friday, June 10th. The stock was bought at an average cost 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 of the company’s stock, valued at $2,608,897.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jens Holstein sold 8,720 shares of the firm’s stock in a transaction dated Tuesday, June 14th. The stock was sold at an average price of $16.27, for a total value of $141,874.40. Following the transaction, the director now owns 2,000 shares of the company’s stock, valued at $32,540. The disclosure for this sale can be found here. Corporate insiders own 8.30% of the company’s stock.

Hedge Funds Weigh In On Veracyte

A number of hedge funds have recently made changes to their positions in VCYT. Point72 Hong Kong Ltd acquired a new stake in Veracyte during the first quarter worth approximately $33,000. First Horizon Advisors Inc. grew its stake in Veracyte by 618.4% during the fourth quarter. First Horizon Advisors Inc. now owns 1,444 shares of the biotechnology company’s stock worth $59,000 after purchasing an additional 1,243 shares during the period. Lazard Asset Management LLC grew its stake in Veracyte by 62.4% during the fourth quarter. Lazard Asset Management LLC now owns 2,331 shares of the biotechnology company’s stock worth $96,000 after purchasing an additional 896 shares during the period. Assetmark Inc. grew its stake in Veracyte by 90.3% during the second quarter. Assetmark Inc. now owns 2,596 shares of the biotechnology company’s stock worth $52,000 after purchasing an additional 1,232 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in Veracyte during the first quarter worth approximately $73,000.

About Veracyte

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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.

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