Zacks Investment Research upgraded shares of Veracyte, Inc. (NASDAQ:VCYT) from a sell rating to a hold rating in a report published on Friday morning.
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 research analysts have also recently weighed in on the company. Piper Jaffray Companies reaffirmed a buy rating on shares of Veracyte in a research note on Tuesday, September 12th. BidaskClub cut Veracyte from a sell rating to a strong sell rating in a research note on Wednesday, July 19th. ValuEngine cut Veracyte from a hold rating to a sell rating in a research note on Tuesday, September 12th. BTIG Research reaffirmed a buy rating and set a $13.00 target price on shares of Veracyte in a research note on Thursday, August 31st. Finally, Janney Montgomery Scott cut Veracyte from a buy rating to a neutral rating in a research note on Tuesday, November 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $11.85.
Veracyte (NASDAQ VCYT) opened at $6.13 on Friday. Veracyte has a 52 week low of $5.75 and a 52 week high of $9.80. The company has a quick ratio of 4.86, a current ratio of 5.19 and a debt-to-equity ratio of 0.59.
Veracyte (NASDAQ:VCYT) last announced its earnings results on Monday, November 6th. The biotechnology company reported ($0.21) earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.21). Veracyte had a negative return on equity of 52.99% and a negative net margin of 38.19%. The business had revenue of $17.50 million during the quarter, compared to analysts’ expectations of $19.54 million. During the same quarter last year, the business posted ($0.20) earnings per share. The company’s quarterly revenue was down 5.9% on a year-over-year basis. equities research analysts predict that Veracyte will post -0.85 earnings per share for the current fiscal year.
In related news, Chairman Bonnie H. Anderson sold 16,000 shares of the stock in a transaction on Friday, October 20th. The stock was sold at an average price of $9.41, for a total value of $150,560.00. Following the completion of the transaction, the chairman now owns 16,000 shares in the company, valued at approximately $150,560. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Evan/ Fa Jones sold 40,000 shares of the stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $7.88, for a total value of $315,200.00. The disclosure for this sale can be found here. Insiders sold a total of 130,500 shares of company stock valued at $1,085,065 in the last quarter. 13.40% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in VCYT. OxFORD Asset Management LLP boosted its position in Veracyte by 92.4% during the 3rd quarter. OxFORD Asset Management LLP now owns 80,727 shares of the biotechnology company’s stock worth $699,000 after acquiring an additional 38,780 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Veracyte by 258.1% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 162,562 shares of the biotechnology company’s stock worth $1,426,000 after acquiring an additional 117,162 shares during the period. Wells Fargo & Company MN boosted its position in Veracyte by 47.5% during the 3rd quarter. Wells Fargo & Company MN now owns 27,655 shares of the biotechnology company’s stock worth $243,000 after acquiring an additional 8,903 shares during the period. Axiom International Investors LLC DE boosted its position in Veracyte by 56.9% during the 3rd quarter. Axiom International Investors LLC DE now owns 388,328 shares of the biotechnology company’s stock worth $3,406,000 after acquiring an additional 140,783 shares during the period. Finally, Trexquant Investment LP acquired a new stake in Veracyte during the 3rd quarter worth about $220,000. Institutional investors and hedge funds own 66.32% of the company’s stock.
Veracyte Company Profile
Veracyte, Inc is a genomic diagnostics company. The Company uses genomic technology to resolve diagnostic ambiguity. It targets diseases in which patients undergo invasive diagnostic procedures. Its products combine genomic technology, clinical science and machine learning. The Company commercializes over three genomic tests, which are transforming the diagnosis of thyroid cancer, lung cancer and idiopathic pulmonary fibrosis.
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