UBS Group Increases Veracyte (NASDAQ:VCYT) Price Target to $46.00

Veracyte (NASDAQ:VCYT) had its target price increased by UBS Group from $43.00 to $46.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the biotechnology company’s stock.

VCYT has been the subject of several other research reports. Guggenheim started coverage on Veracyte in a research note on Thursday, October 10th. They set a “buy” rating and a $40.00 price target for the company. Leerink Partners upped their price target on Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Morgan Stanley upped their price target on Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a research note on Monday, August 12th. Finally, Needham & Company LLC upped their price target on Veracyte from $37.00 to $44.00 and gave the stock a “buy” rating in a research note on Thursday. One analyst has rated the stock with a sell rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Veracyte presently has an average rating of “Moderate Buy” and a consensus price target of $39.71.

Veracyte Price Performance

Shares of NASDAQ VCYT opened at $36.48 on Thursday. The business’s 50-day moving average price is $33.27 and its two-hundred day moving average price is $27.08. Veracyte has a one year low of $18.61 and a one year high of $41.43. The company has a market capitalization of $2.80 billion, a P/E ratio of -243.20 and a beta of 1.67.

Veracyte (NASDAQ:VCYT) last issued its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.16. Veracyte had a positive return on equity of 3.07% and a negative net margin of 2.18%. The firm had revenue of $115.86 million for the quarter, compared to the consensus estimate of $109.81 million. During the same quarter in the previous year, the company posted ($0.03) earnings per share. The business’s quarterly revenue was up 28.6% compared to the same quarter last year. On average, equities analysts anticipate that Veracyte will post 0.16 EPS for the current year.

Insider Activity at Veracyte

In related news, Director Evan/ Fa Jones sold 20,457 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total transaction of $658,715.40. Following the completion of the sale, the director now owns 34,343 shares in the company, valued at $1,105,844.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Evan/ Fa Jones sold 20,457 shares of the stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total transaction of $658,715.40. Following the completion of the sale, the director now owns 34,343 shares in the company, valued at $1,105,844.60. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John Leite sold 5,479 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total value of $163,164.62. Following the sale, the insider now owns 76,174 shares of the company’s stock, valued at approximately $2,268,461.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,109 shares of company stock worth $1,004,125 in the last 90 days. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of VCYT. Point72 Asset Management L.P. bought a new position in shares of Veracyte during the 2nd quarter worth about $12,279,000. Champlain Investment Partners LLC lifted its stake in Veracyte by 23.3% during the first quarter. Champlain Investment Partners LLC now owns 2,697,600 shares of the biotechnology company’s stock worth $59,779,000 after purchasing an additional 509,340 shares during the period. William Blair Investment Management LLC boosted its holdings in Veracyte by 67.4% during the second quarter. William Blair Investment Management LLC now owns 1,241,671 shares of the biotechnology company’s stock valued at $26,907,000 after purchasing an additional 500,020 shares in the last quarter. Bamco Inc. NY grew its stake in shares of Veracyte by 46.3% in the 1st quarter. Bamco Inc. NY now owns 1,115,806 shares of the biotechnology company’s stock valued at $24,726,000 after purchasing an additional 353,000 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Veracyte by 288.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 360,871 shares of the biotechnology company’s stock worth $12,284,000 after buying an additional 268,000 shares in the last quarter.

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.