Veracyte (NASDAQ:VCYT) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday. The brokerage presently has a $13.00 target price on the biotechnology company’s stock. Zacks Investment Research‘s price target suggests a potential downside of 8.45% from the stock’s current price.
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 analysts have also recently commented on the company. BidaskClub cut Veracyte from a “strong-buy” rating to a “buy” rating in a report on Friday, September 7th. ValuEngine cut Veracyte from a “strong-buy” rating to a “buy” rating in a report on Friday, September 21st. Piper Jaffray Companies lifted their price target on Veracyte to $11.00 and gave the company a “neutral” rating in a report on Tuesday, July 24th. Finally, Janney Montgomery Scott upgraded Veracyte from a “neutral” rating to a “buy” rating in a report on Wednesday. Two 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. The stock has a consensus rating of “Buy” and an average price target of $11.50.
Veracyte stock opened at $14.20 on Thursday. Veracyte has a 52 week low of $5.23 and a 52 week high of $15.19. The company has a debt-to-equity ratio of 0.32, a current ratio of 9.14 and a quick ratio of 3.71.
Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Monday, October 29th. The biotechnology company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.13. The firm had revenue of $23.47 million during the quarter, compared to analysts’ expectations of $21.52 million. Veracyte had a negative return on equity of 65.73% and a negative net margin of 33.00%. On average, sell-side analysts forecast that Veracyte will post -0.69 EPS for the current year.
In other Veracyte news, insider Christopher M. Hall sold 20,000 shares of Veracyte stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $12.00, for a total value of $240,000.00. Following the completion of the sale, the insider now owns 36,692 shares in the company, valued at approximately $440,304. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Bonnie H. Anderson sold 6,000 shares of Veracyte stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $12.00, for a total value of $72,000.00. Following the completion of the sale, the chairman now owns 58,541 shares of the company’s stock, valued at approximately $702,492. The disclosure for this sale can be found here. Insiders sold a total of 66,000 shares of company stock valued at $852,400 in the last 90 days. 13.70% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. ARK Investment Management LLC grew its holdings in Veracyte by 33.8% in the 2nd 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. Versant Venture Management LLC acquired a new position in shares of Veracyte in the 3rd quarter valued at about $34,535,000. Cannell Capital LLC lifted its stake in shares of Veracyte by 17.1% in the 2nd quarter. Cannell Capital LLC now owns 2,412,344 shares of the biotechnology company’s stock valued at $22,531,000 after purchasing an additional 353,111 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Veracyte by 15.4% in the 2nd quarter. BlackRock Inc. now owns 2,088,336 shares of the biotechnology company’s stock valued at $19,505,000 after purchasing an additional 278,240 shares in the last quarter. Finally, First Light Asset Management LLC lifted its stake in shares of Veracyte by 3.8% in the 2nd quarter. First Light Asset Management LLC now owns 881,983 shares of the biotechnology company’s stock valued at $8,238,000 after purchasing an additional 32,417 shares in the last quarter. Institutional investors own 82.39% of the company’s stock.
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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