Veracyte, Inc. (NASDAQ:VCYT) Receives $42.00 Average Target Price from Analysts

Veracyte, Inc. (NASDAQ:VCYT) has been given an average recommendation of “Moderate Buy” by the eight research firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have issued a buy recommendation on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $42.00.

VCYT has been the topic of several recent analyst reports. Needham & Company LLC boosted their target price on Veracyte from $44.00 to $51.00 and gave the stock a “buy” rating in a report on Wednesday, January 29th. Wolfe Research initiated coverage on shares of Veracyte in a research report on Friday, November 15th. They issued an “outperform” rating and a $50.00 price objective for the company. UBS Group boosted their price objective on shares of Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Morgan Stanley boosted their price objective on shares of Veracyte from $26.00 to $28.00 and gave the stock an “underweight” rating in a research report on Monday, November 18th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $37.00 price objective (down previously from $38.00) on shares of Veracyte in a research report on Thursday, December 5th.

Insider Buying and Selling at Veracyte

In other Veracyte news, CAO Jonathan Wygant sold 5,032 shares of the company’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $42.89, for a total transaction of $215,822.48. Following the completion of the sale, the chief accounting officer now owns 42,313 shares in the company, valued at approximately $1,814,804.57. The trade was a 10.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John Leite sold 1,050 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $43.25, for a total transaction of $45,412.50. Following the sale, the insider now owns 73,810 shares of the company’s stock, valued at $3,192,282.50. The trade was a 1.40 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,565 shares of company stock worth $1,031,406. Insiders own 1.30% of the company’s stock.

Institutional Trading of Veracyte

Several institutional investors and hedge funds have recently made changes to their positions in the business. HighTower Advisors LLC acquired a new position in shares of Veracyte in the 3rd quarter valued at $554,000. Eventide Asset Management LLC grew its holdings in shares of Veracyte by 20.2% in the 3rd quarter. Eventide Asset Management LLC now owns 677,883 shares of the biotechnology company’s stock valued at $23,075,000 after buying an additional 113,883 shares during the period. Erste Asset Management GmbH acquired a new position in shares of Veracyte in the 3rd quarter valued at $574,000. Neo Ivy Capital Management acquired a new position in shares of Veracyte in the 3rd quarter valued at $820,000. Finally, Intech Investment Management LLC acquired a new position in shares of Veracyte in the 3rd quarter valued at $723,000.

Veracyte Price Performance

Shares of VCYT opened at $39.36 on Tuesday. The company has a market capitalization of $3.05 billion, a P/E ratio of -262.40 and a beta of 1.71. Veracyte has a one year low of $18.61 and a one year high of $47.32. The business’s 50 day simple moving average is $41.88 and its 200-day simple moving average is $37.60.

About Veracyte

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.