Zacks Investment Research upgraded shares of Veracyte (NASDAQ:VCYT) from a hold rating to a buy rating in a research note released on Saturday morning, Zacks.com reports. The firm currently has $29.00 target price on the biotechnology company’s stock.
According to Zacks, “Veracyte, Inc. is a diagnostics company. It is focused on discovering, developing and commercializing molecular cytology solutions. The Company provides Afirma Thyroid FNA Analysis, which helps physicians in reducing unnecessary diagnostic surgeries for patients with thyroid nodules. Veracyte is also developing Afirma Malignant GEC test. It serves endocrinologists, radiologists, and head and neck specialists. Veracyte, Inc. is headquartered in South San Francisco, California. “
A number of other brokerages have also recently issued reports on VCYT. ValuEngine cut Veracyte from a buy rating to a hold rating in a report on Wednesday, October 2nd. TheStreet upgraded Veracyte from a d rating to a c- rating in a report on Thursday, August 1st. Needham & Company LLC set a $34.00 target price on Veracyte and gave the stock a buy rating in a report on Wednesday, July 31st. Lake Street Capital began coverage on Veracyte in a report on Wednesday, July 31st. They issued a buy rating and a $35.00 target price on the stock. Finally, BidaskClub upgraded Veracyte from a sell rating to a hold rating in a report on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Veracyte presently has a consensus rating of Buy and an average price target of $25.46.
Veracyte (NASDAQ:VCYT) last issued its earnings results on Tuesday, July 30th. The biotechnology company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.04. Veracyte had a negative return on equity of 10.26% and a negative net margin of 11.01%. The company had revenue of $30.14 million for the quarter, compared to analysts’ expectations of $29.20 million. Sell-side analysts expect that Veracyte will post -0.23 earnings per share for the current fiscal year.
In related news, insider John Walter Hanna, Jr. sold 18,593 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $25.66, for a total value of $477,096.38. Following the completion of the sale, the insider now directly owns 84,085 shares of the company’s stock, valued at approximately $2,157,621.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Bonnie H. Anderson sold 8,000 shares of the stock in a transaction on Thursday, October 10th. The shares were sold at an average price of $24.50, for a total value of $196,000.00. Following the completion of the sale, the chief executive officer now directly owns 109,467 shares of the company’s stock, valued at $2,681,941.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,881 shares of company stock worth $2,825,964. 8.30% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Los Angeles Capital Management & Equity Research Inc. raised its position in Veracyte by 3.5% in the 2nd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 11,535 shares of the biotechnology company’s stock valued at $329,000 after buying an additional 390 shares during the last quarter. Convergence Investment Partners LLC raised its position in Veracyte by 13.3% in the 3rd quarter. Convergence Investment Partners LLC now owns 5,918 shares of the biotechnology company’s stock valued at $142,000 after buying an additional 695 shares during the last quarter. Strs Ohio raised its position in Veracyte by 2.8% in the 3rd quarter. Strs Ohio now owns 32,800 shares of the biotechnology company’s stock valued at $787,000 after buying an additional 900 shares during the last quarter. Advisor Group Inc. purchased a new stake in Veracyte in the 2nd quarter valued at $29,000. Finally, Brinker Capital Inc. raised its position in Veracyte by 5.4% in the 3rd quarter. Brinker Capital Inc. now owns 22,780 shares of the biotechnology company’s stock valued at $547,000 after buying an additional 1,176 shares during the last quarter. 96.96% of the stock is owned by institutional investors and hedge funds.
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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