Veracyte (VCYT) Given “Outperform” Rating at William Blair

Veracyte (NASDAQ:VCYT)‘s stock had its “outperform” rating reiterated by William Blair in a research note issued to investors on Tuesday. William Blair also issued estimates for Veracyte’s Q4 2018 earnings at ($0.15) EPS, FY2018 earnings at ($0.71) EPS, Q1 2019 earnings at ($0.14) EPS, Q2 2019 earnings at ($0.11) EPS, Q3 2019 earnings at ($0.10) EPS, Q4 2019 earnings at ($0.07) EPS and FY2019 earnings at ($0.73) EPS.

VCYT has been the topic of several other reports. BidaskClub raised shares of Veracyte from a “sell” rating to a “hold” rating in a report on Tuesday, October 9th. ValuEngine raised shares of Veracyte from a “buy” rating to a “strong-buy” rating in a report on Friday, October 12th. Janney Montgomery Scott raised shares of Veracyte from a “neutral” rating to a “buy” rating in a report on Wednesday. Zacks Investment Research raised shares of Veracyte from a “hold” rating to a “strong-buy” rating and set a $13.00 price objective on the stock in a report on Thursday. Finally, Piper Jaffray Companies upped their price objective on shares of Veracyte to $11.00 and gave the company a “neutral” rating in a report on Tuesday, July 24th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. Veracyte has an average rating of “Buy” and a consensus price target of $11.50.

NASDAQ VCYT opened at $13.01 on Tuesday. The stock has a market cap of $468.63 million, a price-to-earnings ratio of -14.30 and a beta of 1.82. Veracyte has a 52 week low of $5.23 and a 52 week high of $15.19. The company has a current ratio of 9.14, a quick ratio of 3.71 and a debt-to-equity ratio of 0.32.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Monday, October 29th. The biotechnology company reported ($0.12) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.13. The business had revenue of $23.47 million for 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%. On average, analysts anticipate that Veracyte will post -0.81 earnings per share for the current fiscal year.

In other news, Chairman Bonnie H. Anderson sold 6,000 shares of the company’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $12.00, for a total transaction of $72,000.00. Following the sale, the chairman now directly owns 58,541 shares in the company, valued at $702,492. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Christopher M. Hall sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 9th. The shares were sold at an average price of $12.00, for a total value of $240,000.00. Following the sale, the insider now owns 36,692 shares in the company, valued at $440,304. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,000 shares of company stock worth $852,400. Company insiders own 13.70% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in VCYT. Versant Venture Management LLC bought a new stake in shares of Veracyte during the third quarter valued at about $34,535,000. ARK Investment Management LLC increased its position in shares of Veracyte by 33.8% during the second quarter. ARK Investment Management LLC now owns 3,760,659 shares of the biotechnology company’s stock valued at $35,125,000 after buying an additional 949,365 shares during the period. Cannell Capital LLC increased its position in shares of Veracyte by 17.1% during the second quarter. Cannell Capital LLC now owns 2,412,344 shares of the biotechnology company’s stock valued at $22,531,000 after buying an additional 353,111 shares during the period. BlackRock Inc. increased its position in shares of Veracyte by 15.4% in the second quarter. BlackRock Inc. now owns 2,088,336 shares of the biotechnology company’s stock worth $19,505,000 after purchasing an additional 278,240 shares during the last quarter. Finally, Victory Capital Management Inc. bought a new position in shares of Veracyte in the third quarter worth approximately $2,197,000. Hedge funds and other institutional investors own 82.39% of the company’s stock.

Veracyte Company Profile

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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