Veracyte (NASDAQ:VCYT) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Veracyte (NASDAQ:VCYT) from a hold rating to a buy rating in a research report sent to investors on Friday.

VCYT has been the topic of several other research reports. UBS Group lifted their target price on Veracyte from $43.00 to $46.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Wolfe Research assumed coverage on shares of Veracyte in a research note on Friday, November 15th. They set an “outperform” rating and a $50.00 price objective on the stock. Leerink Partners increased their target price on shares of Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Needham & Company LLC boosted their price target on shares of Veracyte from $37.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Morgan Stanley upped their price target on shares of Veracyte from $26.00 to $28.00 and gave the stock an “underweight” rating in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $41.13.

Veracyte Stock Performance

Veracyte stock opened at $40.58 on Friday. Veracyte has a one year low of $18.61 and a one year high of $46.00. The company has a 50-day simple moving average of $41.30 and a 200-day simple moving average of $33.91.

Veracyte (NASDAQ:VCYT) last posted its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.03 by $0.16. The firm had revenue of $115.86 million during the quarter, compared to analysts’ expectations of $109.81 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. Veracyte’s quarterly revenue was up 28.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.03) EPS. On average, research analysts predict that Veracyte will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Karin Eastham sold 10,000 shares of Veracyte stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $40.30, for a total value of $403,000.00. Following the transaction, the director now directly owns 18,497 shares in the company, valued at $745,429.10. The trade was a 35.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Jonathan Wygant sold 956 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $43.36, for a total value of $41,452.16. Following the sale, the chief accounting officer now directly owns 40,270 shares in the company, valued at $1,746,107.20. This trade represents a 2.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,038 shares of company stock worth $1,008,297 in the last ninety days. 1.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in VCYT. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Veracyte in the 2nd quarter valued at approximately $58,000. Castleview Partners LLC purchased a new stake in shares of Veracyte in the third quarter valued at $87,000. Values First Advisors Inc. purchased a new stake in shares of Veracyte in the third quarter valued at $91,000. KBC Group NV grew its holdings in shares of Veracyte by 13.7% during the third quarter. KBC Group NV now owns 2,677 shares of the biotechnology company’s stock valued at $91,000 after buying an additional 323 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Veracyte by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,778 shares of the biotechnology company’s stock valued at $94,000 after buying an additional 496 shares in the last quarter.

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.