Veracyte (NASDAQ:VCYT) was upgraded by Janney Montgomery Scott from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, MarketBeat.com reports.
A number of other analysts have also commented on the stock. BidaskClub lowered shares of Veracyte from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 7th. ValuEngine lowered shares of Veracyte from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 21st. Piper Jaffray Companies lifted their price target on shares of Veracyte to $11.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 24th. Finally, Zacks Investment Research upgraded shares of Veracyte from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research report on Friday, July 27th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $11.50.
Veracyte stock traded up $1.00 during trading hours on Wednesday, hitting $14.01. The stock had a trading volume of 26,546 shares, compared to its average volume of 438,839. The company has a debt-to-equity ratio of 0.32, a quick ratio of 3.71 and a current ratio of 9.14. The stock has a market capitalization of $468.63 million, a PE ratio of -15.54 and a beta of 1.82. Veracyte has a 12-month low of $5.23 and a 12-month high of $15.19.
Veracyte (NASDAQ:VCYT) last issued its earnings results on Monday, October 29th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $0.13. Veracyte had a negative net margin of 33.00% and a negative return on equity of 65.73%. The business had revenue of $23.47 million during the quarter, compared to analysts’ expectations of $21.52 million. As a group, equities research analysts forecast that Veracyte will post -0.81 EPS for the current fiscal year.
In other Veracyte news, insider Christopher M. Hall sold 20,000 shares of Veracyte stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $12.00, for a total transaction of $240,000.00. Following the transaction, the insider now owns 36,692 shares of the company’s stock, valued at $440,304. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Bonnie H. Anderson sold 6,000 shares of Veracyte stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $12.00, for a total transaction of $72,000.00. Following the transaction, the chairman now directly owns 58,541 shares in the company, valued at approximately $702,492. The disclosure for this sale can be found here. Insiders have sold 66,000 shares of company stock worth $852,400 in the last ninety days. Insiders own 13.70% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in VCYT. Versant Venture Management LLC purchased a new position in shares of Veracyte in the third quarter worth $34,535,000. ARK Investment Management LLC lifted its holdings in shares of Veracyte by 33.8% in the second quarter. ARK Investment Management LLC now owns 3,760,659 shares of the biotechnology company’s stock worth $35,125,000 after buying an additional 949,365 shares in the last quarter. Cannell Capital LLC lifted its holdings in shares of Veracyte by 17.1% in the second quarter. Cannell Capital LLC now owns 2,412,344 shares of the biotechnology company’s stock worth $22,531,000 after buying an additional 353,111 shares in the last quarter. BlackRock Inc. lifted its holdings 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 buying an additional 278,240 shares in the last quarter. Finally, Victory Capital Management Inc. purchased a new position in shares of Veracyte in the third quarter worth $2,197,000. 82.39% of the stock is currently owned by hedge funds and other institutional investors.
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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