Veracyte (NASDAQ:VCYT) Earns Buy Rating from Analysts at Guggenheim

Guggenheim began coverage on shares of Veracyte (NASDAQ:VCYT) in a report published on Thursday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $40.00 target price on the biotechnology company’s stock.

VCYT has been the topic of several other research reports. Needham & Company LLC upped their price objective on shares of Veracyte from $31.00 to $37.00 and gave the company a buy rating in a report on Wednesday, August 28th. Morgan Stanley upped their price target on Veracyte from $21.00 to $26.00 and gave the stock an underweight rating in a research note on Monday, August 12th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $32.75.

Veracyte Price Performance

Shares of Veracyte stock opened at $34.02 on Thursday. The stock’s 50-day moving average is $31.63 and its 200 day moving average is $25.07. Veracyte has a one year low of $18.61 and a one year high of $35.51. The firm has a market cap of $2.60 billion, a price-to-earnings ratio of -36.19 and a beta of 1.67.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.10. The firm had revenue of $114.43 million for the quarter, compared to analysts’ expectations of $100.27 million. Veracyte had a positive return on equity of 1.52% and a negative net margin of 13.52%. The company’s revenue for the quarter was up 26.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.12) EPS. On average, sell-side analysts expect that Veracyte will post 0.16 EPS for the current fiscal year.

Insider Transactions at Veracyte

In other news, Director Evan/ Fa Jones sold 5,173 shares of the stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total value of $182,244.79. Following the completion of the sale, the director now directly owns 34,343 shares of the company’s stock, valued at $1,209,903.89. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Veracyte news, Director Karin Eastham sold 7,500 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $25.00, for a total value of $187,500.00. Following the completion of the sale, the director now directly owns 33,228 shares of the company’s stock, valued at approximately $830,700. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Evan/ Fa Jones sold 5,173 shares of Veracyte stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total transaction of $182,244.79. Following the transaction, the director now directly owns 34,343 shares in the company, valued at approximately $1,209,903.89. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,918 shares of company stock valued at $1,399,541 over the last three months. Corporate insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Veracyte

Several institutional investors have recently modified their holdings of VCYT. Granahan Investment Management LLC grew its stake in Veracyte by 32.1% in the 4th quarter. Granahan Investment Management LLC now owns 503,898 shares of the biotechnology company’s stock valued at $13,862,000 after purchasing an additional 122,574 shares during the period. Parkman Healthcare Partners LLC grew its position in Veracyte by 5.1% during the fourth quarter. Parkman Healthcare Partners LLC now owns 237,316 shares of the biotechnology company’s stock valued at $6,529,000 after buying an additional 11,444 shares during the period. Vanguard Group Inc. increased its holdings in Veracyte by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 7,118,211 shares of the biotechnology company’s stock worth $195,822,000 after buying an additional 52,699 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Veracyte by 27.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 7,323 shares of the biotechnology company’s stock worth $201,000 after acquiring an additional 1,571 shares during the period. Finally, Los Angeles Capital Management LLC raised its position in Veracyte by 117.7% in the first quarter. Los Angeles Capital Management LLC now owns 20,910 shares of the biotechnology company’s stock worth $463,000 after acquiring an additional 11,303 shares during the period.

About Veracyte

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.