Veracyte, Inc. (VCYT) Given Average Recommendation of “Hold” by Analysts

Veracyte, Inc. (NASDAQ:VCYT) has earned a consensus rating of “Hold” from the eight brokerages that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $11.67.

VCYT has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Veracyte from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. Janney Montgomery Scott cut shares of Veracyte from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 7th. Piper Jaffray Companies cut shares of Veracyte from an “overweight” rating to a “neutral” rating in a research report on Tuesday, November 7th. Leerink Swann reduced their price target on shares of Veracyte from $12.00 to $9.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 7th. Finally, BTIG Research restated a “buy” rating and issued a $13.00 price target on shares of Veracyte in a research report on Thursday, August 31st.

Veracyte (VCYT) opened at $6.41 on Friday. The company has a debt-to-equity ratio of 0.59, a current ratio of 5.19 and a quick ratio of 4.86. Veracyte has a 1-year low of $5.75 and a 1-year high of $9.80.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Monday, November 6th. The biotechnology company reported ($0.21) earnings per share for the quarter, meeting the consensus estimate of ($0.21). Veracyte had a negative net margin of 38.19% and a negative return on equity of 52.99%. The business had revenue of $17.50 million for the quarter, compared to the consensus estimate of $19.54 million. During the same quarter in the previous year, the firm earned ($0.20) earnings per share. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. equities analysts forecast that Veracyte will post -0.87 earnings per share for the current year.

In other news, insider Christopher M. Hall sold 20,000 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $9.00, for a total transaction of $180,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Bonnie H. Anderson sold 16,000 shares of the business’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $9.41, for a total transaction of $150,560.00. Following the sale, the chairman now directly owns 16,000 shares of the company’s stock, valued at $150,560. The disclosure for this sale can be found here. Insiders have sold 48,000 shares of company stock worth $435,740 in the last quarter. Company insiders own 13.40% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Veracyte by 8.1% in the second quarter. Vanguard Group Inc. now owns 892,378 shares of the biotechnology company’s stock worth $7,434,000 after acquiring an additional 66,518 shares during the period. Stonepine Capital Management LLC lifted its stake in Veracyte by 49.5% in the second quarter. Stonepine Capital Management LLC now owns 864,695 shares of the biotechnology company’s stock worth $7,203,000 after acquiring an additional 286,495 shares during the period. First Light Asset Management LLC lifted its stake in Veracyte by 4.7% in the second quarter. First Light Asset Management LLC now owns 754,560 shares of the biotechnology company’s stock worth $6,285,000 after acquiring an additional 33,682 shares during the period. Axiom International Investors LLC DE lifted its stake in Veracyte by 56.9% in the third quarter. Axiom International Investors LLC DE now owns 388,328 shares of the biotechnology company’s stock worth $3,406,000 after acquiring an additional 140,783 shares during the period. Finally, Northern Trust Corp lifted its stake in Veracyte by 40.2% in the second quarter. Northern Trust Corp now owns 274,001 shares of the biotechnology company’s stock worth $2,282,000 after acquiring an additional 78,574 shares during the period. 69.23% of the stock is owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Veracyte (NASDAQ:VCYT)

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