Veracyte (NASDAQ:VCYT) Price Target Raised to $48.00

Veracyte (NASDAQ:VCYT) had its price target upped by analysts at Needham & Company LLC from $44.00 to $48.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s price target points to a potential upside of 34.38% from the company’s current price.

A number of other research analysts have also commented on the company. Canaccord Genuity Group increased their price objective on Veracyte from $40.00 to $43.00 and gave the company a “hold” rating in a research report on Wednesday, November 5th. Guggenheim upped their price target on Veracyte from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, January 5th. Zacks Research upgraded Veracyte from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. Weiss Ratings restated a “hold (c)” rating on shares of Veracyte in a research report on Monday, December 29th. Finally, Morgan Stanley boosted their price target on shares of Veracyte from $40.00 to $48.00 and gave the stock an “underweight” rating in a research note on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $46.71.

Veracyte Trading Up 0.1%

Shares of NASDAQ VCYT opened at $35.72 on Thursday. Veracyte has a 1-year low of $22.61 and a 1-year high of $50.71. The company has a 50-day moving average of $40.04 and a two-hundred day moving average of $37.78. The company has a market cap of $2.82 billion, a PE ratio of 94.00 and a beta of 1.91.

Insider Buying and Selling

In other news, insider John Leite sold 1,278 shares of the business’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $47.51, for a total value of $60,717.78. Following the completion of the transaction, the insider owned 82,113 shares of the company’s stock, valued at $3,901,188.63. The trade was a 1.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Karin Eastham sold 20,000 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $45.45, for a total value of $909,000.00. Following the sale, the director directly owned 13,554 shares in the company, valued at $616,029.30. The trade was a 59.61% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 54,385 shares of company stock valued at $2,483,179. 1.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veracyte

Several institutional investors have recently modified their holdings of the business. Oregon Public Employees Retirement Fund grew its position in shares of Veracyte by 2.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,100 shares of the biotechnology company’s stock valued at $762,000 after purchasing an additional 400 shares during the period. Arizona State Retirement System lifted its stake in Veracyte by 1.8% in the third quarter. Arizona State Retirement System now owns 23,158 shares of the biotechnology company’s stock valued at $795,000 after buying an additional 419 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Veracyte by 1.3% in the fourth quarter. State of Alaska Department of Revenue now owns 44,264 shares of the biotechnology company’s stock valued at $1,862,000 after buying an additional 552 shares during the period. California State Teachers Retirement System increased its position in shares of Veracyte by 0.8% during the second quarter. California State Teachers Retirement System now owns 71,095 shares of the biotechnology company’s stock worth $1,922,000 after acquiring an additional 566 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC raised its holdings in shares of Veracyte by 7.9% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 7,894 shares of the biotechnology company’s stock worth $332,000 after acquiring an additional 576 shares during the period.

Veracyte Company Profile

Veracyte, Inc is a genomic diagnostics company focused on improving diagnostic accuracy and patient care through advanced molecular testing. Founded in 2008 and headquartered in South San Francisco, California, the company develops and commercializes minimally invasive genomic tests that aid in the diagnosis of thyroid, lung and other diseases. Veracyte’s proprietary platform analyzes gene expression patterns in clinical samples to help physicians make more informed treatment decisions, reducing unnecessary surgeries and improving patient outcomes.

The company’s flagship product, the Afirma Genomic Sequencing Classifier, is designed to assess thyroid nodules with indeterminate cytology, helping clinicians distinguish benign from suspicious nodules.