Veracyte, Inc. (NASDAQ:VCYT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.
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. “
A number of other equities analysts have also recently issued reports on the company. Leerink Swann dropped their price objective on Veracyte from $12.00 to $9.00 and set an “outperform” rating for the company in a report on Tuesday, November 7th. Janney Montgomery Scott cut Veracyte from a “buy” rating to a “neutral” rating in a report on Tuesday, November 7th. Piper Jaffray Companies cut Veracyte from an “overweight” rating to a “neutral” rating in a report on Tuesday, November 7th. ValuEngine cut Veracyte from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Finally, BTIG Research restated a “buy” rating and set a $13.00 price objective on shares of Veracyte in a report on Thursday, August 31st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $11.85.
Veracyte (NASDAQ:VCYT) opened at $6.29 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 5.52 and a current ratio of 5.19. Veracyte has a 1-year low of $5.75 and a 1-year high of $9.80.
Veracyte (NASDAQ:VCYT) last announced its earnings results on Monday, November 6th. The biotechnology company reported ($0.21) EPS for the quarter, hitting the Zacks’ consensus estimate of ($0.21). Veracyte had a negative return on equity of 52.99% and a negative net margin of 38.19%. The firm had revenue of $17.50 million during the quarter, compared to analysts’ expectations of $19.54 million. During the same quarter in the previous year, the business earned ($0.20) EPS. The company’s quarterly revenue was down 5.9% on a year-over-year basis. research analysts predict that Veracyte will post -0.85 EPS for the current fiscal year.
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In related news, Chairman Bonnie H. Anderson sold 16,000 shares of the company’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $9.41, for a total transaction of $150,560.00. Following the transaction, the chairman now directly owns 16,000 shares of the company’s stock, valued at approximately $150,560. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Evan/ Fa Jones sold 40,000 shares of the company’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $7.88, for a total value of $315,200.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 130,500 shares of company stock valued at $1,085,065. Corporate insiders own 13.40% of the company’s stock.
A number of large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its position in Veracyte by 3.0% during the 1st quarter. Bank of New York Mellon Corp now owns 61,312 shares of the biotechnology company’s stock valued at $563,000 after buying an additional 1,795 shares in the last quarter. Nationwide Fund Advisors grew its stake in Veracyte by 16.8% during the 2nd quarter. Nationwide Fund Advisors now owns 13,235 shares of the biotechnology company’s stock valued at $110,000 after purchasing an additional 1,908 shares during the last quarter. Birchview Capital LP grew its stake in Veracyte by 4.2% during the 2nd quarter. Birchview Capital LP now owns 98,767 shares of the biotechnology company’s stock valued at $823,000 after purchasing an additional 4,000 shares during the last quarter. Denver Investment Advisors LLC grew its stake in Veracyte by 6.6% during the 2nd quarter. Denver Investment Advisors LLC now owns 82,193 shares of the biotechnology company’s stock valued at $685,000 after purchasing an additional 5,115 shares during the last quarter. Finally, Strs Ohio grew its stake in Veracyte by 26.1% during the 2nd quarter. Strs Ohio now owns 37,200 shares of the biotechnology company’s stock valued at $309,000 after purchasing an additional 7,700 shares during the last quarter. 66.41% of the stock is currently owned by institutional investors.
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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