Veracyte (NASDAQ:VCYT) Raised to “Strong-Buy” at BidaskClub

BidaskClub upgraded shares of Veracyte (NASDAQ:VCYT) from a buy rating to a strong-buy rating in a report issued on Friday morning, BidAskClub reports.

Several other equities analysts have also issued reports on the stock. Zacks Investment Research lowered shares of Zynex from a hold rating to a sell rating in a report on Saturday, May 4th. Needham & Company LLC started coverage on shares of Veracyte in a research note on Tuesday, July 2nd. They set a buy rating and a $33.00 price objective for the company. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. Veracyte presently has a consensus rating of Buy and a consensus price target of $20.06.

NASDAQ VCYT opened at $29.85 on Friday. The business has a fifty day moving average price of $27.18. The company has a quick ratio of 6.06, a current ratio of 6.32 and a debt-to-equity ratio of 0.15. Veracyte has a 12-month low of $8.77 and a 12-month high of $30.25. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -48.15 and a beta of 1.02.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Tuesday, April 30th. The biotechnology company reported ($0.05) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.05. Veracyte had a negative net margin of 15.51% and a negative return on equity of 23.43%. The business had revenue of $29.53 million for the quarter, compared to analyst estimates of $28.20 million. On average, analysts forecast that Veracyte will post -0.28 EPS for the current year.

In related news, Chairman Bonnie H. Anderson sold 8,000 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $22.99, for a total transaction of $183,920.00. Following the completion of the transaction, the chairman now directly owns 103,292 shares in the company, valued at $2,374,683.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher M. Hall sold 115,000 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $25.26, for a total transaction of $2,904,900.00. Following the transaction, the insider now owns 71,462 shares of the company’s stock, valued at $1,805,130.12. The disclosure for this sale can be found here. Insiders have sold 139,000 shares of company stock valued at $3,529,780 over the last quarter. Insiders own 8.30% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA lifted its position in Veracyte by 65,322.2% during the first quarter. BNP Paribas Arbitrage SA now owns 5,888 shares of the biotechnology company’s stock valued at $147,000 after purchasing an additional 5,879 shares during the period. Qtron Investments LLC acquired a new position in Veracyte during the first quarter valued at $220,000. Metropolitan Life Insurance Co. NY lifted its position in Veracyte by 356.6% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 10,544 shares of the biotechnology company’s stock valued at $133,000 after purchasing an additional 8,235 shares during the period. Falcon Point Capital LLC acquired a new position in Veracyte during the second quarter valued at $340,000. Finally, Jane Street Group LLC acquired a new position in Veracyte during the fourth quarter valued at $491,000. Institutional investors own 94.18% of the company’s stock.

Veracyte Company Profile

Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.

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Analyst Recommendations for Veracyte (NASDAQ:VCYT)

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