Analysts Set Veracyte, Inc. (NASDAQ:VCYT) PT at $30.00

Veracyte, Inc. (NASDAQ:VCYT) has been assigned a consensus rating of “Moderate Buy” from the five brokerages that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $30.00.

Several research analysts recently commented on the stock. William Blair restated an “outperform” rating on shares of Veracyte in a report on Friday, February 23rd. Morgan Stanley decreased their price objective on shares of Veracyte from $22.00 to $21.00 and set an “underweight” rating for the company in a report on Monday, February 26th. Finally, Needham & Company LLC boosted their price target on shares of Veracyte from $30.00 to $33.00 and gave the company a “buy” rating in a report on Friday, February 23rd.

Institutional Investors Weigh In On Veracyte

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in Veracyte by 21.0% in the first quarter. JPMorgan Chase & Co. now owns 55,320 shares of the biotechnology company’s stock worth $1,525,000 after acquiring an additional 9,589 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Veracyte by 48.8% in the first quarter. PNC Financial Services Group Inc. now owns 5,959 shares of the biotechnology company’s stock worth $164,000 after acquiring an additional 1,953 shares in the last quarter. MetLife Investment Management LLC raised its position in Veracyte by 54.5% in the first quarter. MetLife Investment Management LLC now owns 37,950 shares of the biotechnology company’s stock worth $1,046,000 after acquiring an additional 13,393 shares in the last quarter. Synovus Financial Corp raised its position in Veracyte by 65.4% in the first quarter. Synovus Financial Corp now owns 18,806 shares of the biotechnology company’s stock worth $515,000 after acquiring an additional 7,434 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. bought a new stake in Veracyte in the first quarter worth about $10,440,000.

Veracyte Stock Up 2.0 %

Shares of VCYT opened at $22.16 on Tuesday. The company has a 50-day simple moving average of $23.84 and a 200-day simple moving average of $24.29. The company has a market capitalization of $1.62 billion, a PE ratio of -21.51 and a beta of 1.64. Veracyte has a 52-week low of $19.52 and a 52-week high of $30.52.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings data on Thursday, February 22nd. The biotechnology company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. Veracyte had a negative net margin of 20.61% and a negative return on equity of 2.02%. The firm had revenue of $98.20 million for the quarter, compared to analysts’ expectations of $95.49 million. On average, research analysts anticipate that Veracyte will post -0.29 EPS for the current 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.