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

Shares of Veracyte, Inc. (NASDAQ:VCYTGet Rating) have earned a consensus recommendation of “Moderate Buy” from the nine analysts that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $42.50.

VCYT has been the subject of several analyst reports. Raymond James increased their price target on shares of Veracyte from $30.00 to $31.00 and gave the stock an “outperform” rating in a report on Thursday, August 4th. Needham & Company LLC upped their target price on shares of Veracyte from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blair William & Co. IL grew its holdings in shares of Veracyte by 1.6% in the 4th quarter. Blair William & Co. IL now owns 76,786 shares of the biotechnology company’s stock worth $3,164,000 after purchasing an additional 1,229 shares during the last quarter. Champlain Investment Partners LLC grew its stake in shares of Veracyte by 2.9% in the first quarter. Champlain Investment Partners LLC now owns 1,818,305 shares of the biotechnology company’s stock valued at $50,131,000 after buying an additional 50,805 shares in the last quarter. Alpha Paradigm Partners LLC bought a new position in Veracyte during the fourth quarter worth $1,660,000. Essex Investment Management Co. LLC boosted its position in Veracyte by 38.7% during the first quarter. Essex Investment Management Co. LLC now owns 221,661 shares of the biotechnology company’s stock worth $6,111,000 after purchasing an additional 61,872 shares during the period. Finally, AEGON ASSET MANAGEMENT UK Plc boosted its position in Veracyte by 5.1% during the first quarter. AEGON ASSET MANAGEMENT UK Plc now owns 470,811 shares of the biotechnology company’s stock worth $12,976,000 after purchasing an additional 22,700 shares during the period.

Veracyte Stock Performance

Shares of NASDAQ:VCYT opened at $16.71 on Friday. The company has a 50-day simple moving average of $22.74 and a 200-day simple moving average of $22.22. Veracyte has a one year low of $14.85 and a one year high of $54.13. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -24.57 and a beta of 1.17.

Veracyte (NASDAQ:VCYTGet Rating) last announced its earnings results on Tuesday, August 2nd. The biotechnology company reported ($0.13) EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.08. Veracyte had a negative net margin of 18.13% and a negative return on equity of 4.05%. The business had revenue of $72.86 million during the quarter, compared to analysts’ expectations of $67.37 million. As a group, research analysts forecast that Veracyte will post -0.8 EPS for the current fiscal year.

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.

Further Reading

Analyst Recommendations for Veracyte (NASDAQ:VCYT)

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