Veracyte, Inc. (NASDAQ:VCYT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “Veracyte, Inc. is a diagnostics company. It is focused on discovering, developing and commercializing molecular cytology solutions. The Company provides Afirma Thyroid FNA Analysis, which helps physicians in reducing unnecessary diagnostic surgeries for patients with thyroid nodules. Veracyte is also developing Afirma Malignant GEC test. It serves endocrinologists, radiologists, and head and neck specialists. Veracyte, Inc. is headquartered in South San Francisco, California. “
Several other brokerages also recently commented on VCYT. BidaskClub raised shares of Veracyte from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 25th. Janney Montgomery Scott reaffirmed a “buy” rating and issued a $15.00 target price on shares of Veracyte in a research note on Wednesday, June 28th. BTIG Research reaffirmed a “buy” rating and issued a $13.00 target price on shares of Veracyte in a research note on Thursday, August 31st. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Veracyte in a research note on Tuesday, September 12th. Finally, ValuEngine downgraded shares of Veracyte from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company’s stock. Veracyte currently has a consensus rating of “Buy” and a consensus target price of $12.45.
Shares of Veracyte (VCYT) opened at 9.17 on Thursday. The firm’s 50-day moving average is $8.27 and its 200-day moving average is $8.24. Veracyte has a 12-month low of $5.82 and a 12-month high of $9.71. The company’s market capitalization is $310.80 million.
Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Monday, July 31st. The biotechnology company reported ($0.22) EPS for the quarter, topping the consensus estimate of ($0.25) by $0.03. The firm had revenue of $18.40 million for the quarter, compared to the consensus estimate of $18.32 million. Veracyte had a negative net margin of 35.64% and a negative return on equity of 53.58%. The business’s revenue was up 25.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.40) earnings per share. On average, equities analysts predict that Veracyte will post ($0.92) EPS for the current year.
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In related news, Chairman Bonnie H. Anderson sold 6,000 shares of Veracyte stock in a transaction on Monday, September 25th. The shares were sold at an average price of $8.44, for a total value of $50,640.00. Following the sale, the chairman now owns 16,000 shares in the company, valued at $135,040. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Evan/ Fa Jones sold 20,000 shares of Veracyte stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $7.92, for a total transaction of $158,400.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 108,500 shares of company stock worth $879,965. 13.40% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Nationwide Fund Advisors boosted its holdings in Veracyte by 31.9% in the first quarter. Nationwide Fund Advisors now owns 11,327 shares of the biotechnology company’s stock valued at $104,000 after acquiring an additional 2,739 shares in the last quarter. SG Americas Securities LLC bought a new stake in Veracyte in the second quarter valued at $103,000. William Marsh Rice University bought a new stake in Veracyte in the first quarter valued at $127,000. Bank of Montreal Can bought a new stake in Veracyte in the first quarter valued at $138,000. Finally, Russell Investments Group Ltd. bought a new stake in Veracyte in the first quarter valued at $147,000. Institutional investors and hedge funds own 65.67% of the company’s stock.
Veracyte Company Profile
Veracyte, Inc is a genomic diagnostics company. The Company uses genomic technology to resolve diagnostic ambiguity. It targets diseases in which patients undergo invasive diagnostic procedures. Its products combine genomic technology, clinical science and machine learning. The Company commercializes over three genomic tests, which are transforming the diagnosis of thyroid cancer, lung cancer and idiopathic pulmonary fibrosis.
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