Brokerages Set Veracyte, Inc. (NASDAQ:VCYT) Target Price at $29.00

Veracyte, Inc. (NASDAQ:VCYT) has earned an average recommendation of “Moderate Buy” from the five brokerages that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $29.00.

A number of research firms have weighed in on VCYT. Needham & Company LLC raised their price target on Veracyte from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, February 23rd. Morgan Stanley reduced their target price on Veracyte from $22.00 to $21.00 and set an “underweight” rating for the company in a research note on Monday, February 26th. The Goldman Sachs Group reduced their target price on Veracyte from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, April 15th. Finally, William Blair reiterated an “outperform” rating on shares of Veracyte in a research note on Friday, February 23rd.

Insider Activity at Veracyte

In related news, Director Karin Eastham sold 10,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $21.65, for a total value of $216,500.00. Following the completion of the sale, the director now directly owns 33,125 shares in the company, valued at approximately $717,156.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Veracyte

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC acquired a new position in shares of Veracyte during the 3rd quarter worth $38,000. China Universal Asset Management Co. Ltd. raised its holdings in shares of Veracyte by 96.2% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,862 shares of the biotechnology company’s stock worth $42,000 after buying an additional 913 shares in the last quarter. CWM LLC raised its holdings in shares of Veracyte by 533.0% during the 3rd quarter. CWM LLC now owns 2,146 shares of the biotechnology company’s stock worth $48,000 after buying an additional 1,807 shares in the last quarter. Asset Management One Co. Ltd. acquired a new position in shares of Veracyte during the 3rd quarter worth $84,000. Finally, Assetmark Inc. raised its holdings in shares of Veracyte by 16.9% during the 3rd quarter. Assetmark Inc. now owns 8,573 shares of the biotechnology company’s stock worth $191,000 after buying an additional 1,239 shares in the last quarter.

Veracyte Stock Up 0.4 %

VCYT stock opened at $19.90 on Friday. The business has a 50 day moving average price of $21.82 and a two-hundred day moving average price of $23.91. The company has a market cap of $1.49 billion, a price-to-earnings ratio of -19.32 and a beta of 1.62. Veracyte has a twelve month low of $18.61 and a twelve month high of $30.52.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Thursday, February 22nd. The biotechnology company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The firm had revenue of $98.20 million during the quarter, compared to the consensus estimate of $95.49 million. Veracyte had a negative return on equity of 2.02% and a negative net margin of 20.61%. On average, equities research analysts anticipate that Veracyte will post -0.29 EPS for the current fiscal year.

Veracyte Company Profile

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.