Veracyte (NASDAQ:VCYT) Stock Price Target Lowered at Piper Sandler

Veracyte (NASDAQ:VCYT) had its target price reduced by analysts at Piper Sandler from $54.00 to $30.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the biotechnology company’s stock. Piper Sandler‘s price objective would suggest a potential upside of 15.74% from the company’s previous close.

VCYT has been the topic of several other reports. Morgan Stanley lowered their price target on Veracyte from $47.00 to $44.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 4th. Weiss Ratings downgraded Veracyte from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, September 24th. Zacks Research downgraded Veracyte from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. Stephens decreased their price objective on Veracyte from $68.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, August 4th. Finally, Wolfe Research cut Veracyte from a “strong-buy” rating to a “hold” rating in a research report on Friday. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $46.00.

Veracyte Price Performance

Shares of Veracyte stock opened at $25.92 on Tuesday. The company has a market cap of $2.08 billion, a PE ratio of 16.72 and a beta of 1.98. The firm has a fifty day moving average price of $43.72 and a two-hundred day moving average price of $42.78. Veracyte has a fifty-two week low of $21.91 and a fifty-two week high of $60.91.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Wednesday, November 4th. The biotechnology company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.10. The company had revenue of $151.75 million for the quarter, compared to the consensus estimate of $147.13 million. Veracyte had a net margin of 21.80% and a return on equity of 9.13%. The business’s revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.51 EPS. Analysts expect that Veracyte will post 1.32 earnings per share for the current fiscal year.

Insider Activity at Veracyte

In other news, Director Jens Holstein sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $50.00, for a total value of $375,000.00. Following the sale, the director directly owned 27,471 shares in the company, valued at approximately $1,373,550. This represents a 21.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Muna Bhanji sold 1,864 shares of the stock in a transaction that occurred on Monday, October 19th. The stock was sold at an average price of $43.70, for a total value of $81,456.80. Following the completion of the transaction, the director directly owned 40,854 shares of the company’s stock, valued at approximately $1,785,319.80. The trade was a 4.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 62,609 shares of company stock valued at $2,858,904. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of Veracyte

Several large investors have recently added to or reduced their stakes in the company. Teachers Retirement System of The State of Kentucky increased its holdings in Veracyte by 1.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 52,765 shares of the biotechnology company’s stock valued at $2,429,000 after purchasing an additional 695 shares in the last quarter. Intech Investment Management LLC increased its stake in shares of Veracyte by 184.6% in the third quarter. Intech Investment Management LLC now owns 61,291 shares of the biotechnology company’s stock valued at $2,822,000 after buying an additional 39,754 shares in the last quarter. Bessemer Group Inc. raised its holdings in shares of Veracyte by 19,391.1% in the third quarter. Bessemer Group Inc. now owns 96,091 shares of the biotechnology company’s stock valued at $4,423,000 after buying an additional 95,598 shares during the last quarter. Virtus Advisers LLC raised its holdings in shares of Veracyte by 20.4% in the third quarter. Virtus Advisers LLC now owns 45,231 shares of the biotechnology company’s stock valued at $2,082,000 after buying an additional 7,657 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its position in Veracyte by 89.2% during the 3rd quarter. William Blair Investment Management LLC now owns 2,709,212 shares of the biotechnology company’s stock worth $124,732,000 after buying an additional 1,277,616 shares in the last quarter.

About Veracyte

Veracyte, Inc is a genomic diagnostics company that develops tests to help clinicians diagnose disease and guide treatment decisions, with a focus on cancer and other complex conditions. Its tests analyze biological samples to provide information that can help distinguish between conditions and assess disease risk.

The company’s portfolio includes Afirma for thyroid nodule assessment, Decipher for prostate cancer, Prosigna for breast cancer, and Percepta for lung cancer. Veracyte also offers Envisia, a genomic test that supports the diagnosis of idiopathic pulmonary fibrosis and other forms of interstitial lung disease.

Founded in 2008 and headquartered in South San Francisco, California, Veracyte serves clinicians and patients in the United States and makes certain products available in international markets.