Veracyte (VCYT) Rating Increased to Strong-Buy at BidaskClub

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Veracyte (NASDAQ:VCYT) was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued on Tuesday.

A number of other research analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a research report on Saturday, January 19th. BTIG Research boosted their target price on shares of Veracyte to $17.00 and gave the company a “buy” rating in a research report on Friday, January 4th. Janney Montgomery Scott downgraded shares of Veracyte from a “buy” rating to a “neutral” rating and set a $12.30 target price for the company. in a research report on Thursday, November 29th. William Blair restated an “outperform” rating on shares of Veracyte in a research report on Tuesday, October 30th. Finally, ValuEngine upgraded shares of Veracyte from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 12th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the stock. Veracyte currently has an average rating of “Buy” and an average target price of $13.83.

Shares of VCYT opened at $17.26 on Tuesday. The firm has a market cap of $700.51 million, a PE ratio of -18.97 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a quick ratio of 8.81 and a current ratio of 9.14. Veracyte has a 1-year low of $5.23 and a 1-year high of $18.07.

Veracyte (NASDAQ:VCYT) last posted its earnings results on Monday, October 29th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.13. The company had revenue of $23.47 million during the quarter, compared to the consensus estimate of $21.52 million. Veracyte had a negative net margin of 33.00% and a negative return on equity of 65.73%. Sell-side analysts anticipate that Veracyte will post -0.69 EPS for the current fiscal year.

In related news, Chairman Bonnie H. Anderson sold 25,500 shares of the business’s stock in a transaction on Thursday, January 10th. The shares were sold at an average price of $15.29, for a total transaction of $389,895.00. Following the completion of the transaction, the chairman now directly owns 94,041 shares in the company, valued at $1,437,886.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Bonnie H. Anderson sold 8,000 shares of the business’s stock in a transaction on Monday, December 10th. The shares were sold at an average price of $12.13, for a total transaction of $97,040.00. Following the transaction, the chairman now owns 59,236 shares of the company’s stock, valued at $718,532.68. The disclosure for this sale can be found here. Insiders have sold 96,805 shares of company stock valued at $1,340,088 over the last 90 days. 13.70% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of the business. ARK Investment Management LLC raised its position in shares of Veracyte by 4.8% in the third quarter. ARK Investment Management LLC now owns 3,940,804 shares of the biotechnology company’s stock worth $37,635,000 after acquiring an additional 180,145 shares during the period. Versant Venture Management LLC acquired a new position in shares of Veracyte in the third quarter worth about $34,535,000. BlackRock Inc. raised its position in shares of Veracyte by 43.6% in the third quarter. BlackRock Inc. now owns 2,998,763 shares of the biotechnology company’s stock worth $28,638,000 after acquiring an additional 910,427 shares during the period. Vanguard Group Inc. raised its position in shares of Veracyte by 40.0% in the third quarter. Vanguard Group Inc. now owns 1,434,497 shares of the biotechnology company’s stock worth $13,700,000 after acquiring an additional 409,641 shares during the period. Finally, Vanguard Group Inc raised its position in shares of Veracyte by 40.0% in the third quarter. Vanguard Group Inc now owns 1,434,497 shares of the biotechnology company’s stock worth $13,700,000 after acquiring an additional 409,641 shares during the period. Institutional investors and hedge funds own 86.73% of the company’s stock.

About Veracyte

Veracyte, Inc operates as a genomic diagnostics company in the United States. The company uses genomic technology to resolve diagnostic uncertainty. It offers Afirma Thyroid FNA Analysis solution; cytopathology testing services; and the Afirma Malignancy Classifiers to manage thyroid nodule patients.

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