Veracyte (NASDAQ:VCYT) Coverage Initiated by Analysts at UBS Group

UBS Group began coverage on shares of Veracyte (NASDAQ:VCYT) in a research note released on Wednesday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $43.00 target price on the biotechnology company’s stock.

A number of other equities analysts have also recently weighed in on the company. Needham & Company LLC raised their price objective on Veracyte from $31.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Guggenheim began coverage on Veracyte in a report on Thursday, October 10th. They set a “buy” rating and a $40.00 price objective on the stock. Finally, Morgan Stanley raised their price objective on Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a report on Monday, August 12th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $34.80.

Veracyte Stock Up 1.9 %

NASDAQ:VCYT opened at $34.72 on Wednesday. The stock has a market cap of $2.65 billion, a P/E ratio of -36.94 and a beta of 1.67. Veracyte has a twelve month low of $18.61 and a twelve month high of $35.51. The business’s 50-day moving average price is $32.28 and its two-hundred day moving average price is $25.32.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.10. The company 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%. Veracyte’s revenue for the quarter was up 26.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.12) EPS. On average, equities research analysts expect that Veracyte will post 0.16 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Evan/ Fa Jones sold 5,173 shares of the firm’s 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 $1,209,903.89. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Jens Holstein sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $29.00, for a total transaction of $145,000.00. Following the transaction, the director now directly owns 27,878 shares in the company, valued at $808,462. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Evan/ Fa Jones sold 5,173 shares of the firm’s 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 transaction, the director now owns 34,343 shares in the company, valued at approximately $1,209,903.89. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,141 shares of company stock worth $1,180,116 in the last ninety days. 1.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Veracyte

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Veracyte by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 7,384,871 shares of the biotechnology company’s stock worth $163,649,000 after buying an additional 266,660 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Veracyte by 7.8% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,347,436 shares of the biotechnology company’s stock worth $74,179,000 after buying an additional 242,760 shares during the last quarter. Bamco Inc. NY grew its position in shares of Veracyte by 46.3% in the 1st quarter. Bamco Inc. NY now owns 1,115,806 shares of the biotechnology company’s stock worth $24,726,000 after buying an additional 353,000 shares during the last quarter. Nordea Investment Management AB grew its position in shares of Veracyte by 232.3% in the 1st quarter. Nordea Investment Management AB now owns 272,176 shares of the biotechnology company’s stock worth $6,050,000 after buying an additional 190,262 shares during the last quarter. Finally, Sei Investments Co. grew its position in shares of Veracyte by 21.2% in the 1st quarter. Sei Investments Co. now owns 142,604 shares of the biotechnology company’s stock worth $3,160,000 after buying an additional 24,945 shares during the last quarter.

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.