Veracyte, Inc. (NASDAQ:VCYT) Receives $30.00 Consensus PT from Analysts

Shares of Veracyte, Inc. (NASDAQ:VCYT) have received an average rating of “Moderate Buy” from the five analysts that are presently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating and four have issued a buy rating on the company. The average 1 year 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 company. Needham & Company LLC raised their target price on Veracyte from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Friday, February 23rd. William Blair restated an “outperform” rating on shares of Veracyte in a report on Friday, February 23rd. Finally, Morgan Stanley cut their target price on Veracyte from $22.00 to $21.00 and set an “underweight” rating on the stock in a research note on Monday, February 26th.

Veracyte Stock Performance

Shares of NASDAQ VCYT opened at $22.16 on Tuesday. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -21.51 and a beta of 1.64. The business has a 50 day simple moving average of $23.84 and a 200 day simple moving average of $24.29. Veracyte has a 52 week low of $19.52 and a 52 week high of $30.52.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VCYT. Russell Investments Group Ltd. acquired a new position in Veracyte in the 1st quarter valued at $27,000. Point72 Hong Kong Ltd acquired a new position in Veracyte in the 1st quarter valued at $33,000. International Assets Investment Management LLC bought a new stake in shares of Veracyte during the 3rd quarter valued at $38,000. China Universal Asset Management Co. Ltd. lifted its position in shares of Veracyte by 96.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,862 shares of the biotechnology company’s stock valued at $42,000 after acquiring an additional 913 shares during the period. Finally, CWM LLC lifted its position in shares of Veracyte by 533.0% during the 3rd quarter. CWM LLC now owns 2,146 shares of the biotechnology company’s stock valued at $48,000 after acquiring an additional 1,807 shares during the period.

Veracyte Company Profile

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.