Veracyte (NASDAQ:VCYT) Given New $38.00 Price Target at The Goldman Sachs Group

Veracyte (NASDAQ:VCYT) had its target price boosted by equities research analysts at The Goldman Sachs Group from $34.00 to $38.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. The Goldman Sachs Group’s target price suggests a potential downside of 2.34% from the company’s previous close.

A number of other research firms have also issued reports on VCYT. Guggenheim began coverage on shares of Veracyte in a report on Thursday, October 10th. They set a “buy” rating and a $40.00 price target on the stock. Morgan Stanley boosted their price target on shares of Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a report on Monday, August 12th. Leerink Partners boosted their price target on shares of Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. UBS Group boosted their price target on shares of Veracyte from $43.00 to $46.00 and gave the company a “buy” rating in a report on Thursday. Finally, Needham & Company LLC boosted their price target on shares of Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a report on Thursday. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $39.00.

Veracyte Trading Up 6.3 %

Shares of NASDAQ VCYT traded up $2.32 during midday trading on Thursday, reaching $38.91. The company’s stock had a trading volume of 1,026,426 shares, compared to its average volume of 758,760. The company has a 50 day moving average price of $33.06 and a 200 day moving average price of $26.79. Veracyte has a one year low of $18.61 and a one year high of $41.43. The company has a market cap of $2.99 billion, a price-to-earnings ratio of -51.92 and a beta of 1.67.

Veracyte (NASDAQ:VCYT) last released its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The business had revenue of $115.86 million for the quarter, compared to the consensus estimate of $109.81 million. During the same period in the previous year, the firm earned ($0.03) EPS. The business’s revenue for the quarter was up 28.6% on a year-over-year basis. Research analysts anticipate that Veracyte will post 0.16 earnings per share for the current fiscal year.

Insider Activity at Veracyte

In related news, Director Evan/ Fa Jones sold 20,457 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $32.20, for a total transaction of $658,715.40. Following the transaction, the director now directly owns 34,343 shares of the company’s stock, valued at approximately $1,105,844.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Evan/ Fa Jones sold 20,457 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $32.20, for a total transaction of $658,715.40. Following the transaction, the director now directly owns 34,343 shares of the company’s stock, valued at approximately $1,105,844.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John Leite sold 5,479 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total transaction of $163,164.62. Following the transaction, the insider now directly owns 76,174 shares in the company, valued at $2,268,461.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,141 shares of company stock valued at $1,035,116. Corporate insiders own 1.30% of the company’s stock.

Institutional Trading of Veracyte

Several large investors have recently added to or reduced their stakes in VCYT. Point72 Asset Management L.P. bought a new stake in Veracyte in the second quarter worth approximately $12,279,000. Champlain Investment Partners LLC lifted its stake in shares of Veracyte by 23.3% in the first quarter. Champlain Investment Partners LLC now owns 2,697,600 shares of the biotechnology company’s stock worth $59,779,000 after buying an additional 509,340 shares during the last quarter. William Blair Investment Management LLC lifted its stake in shares of Veracyte by 67.4% in the second quarter. William Blair Investment Management LLC now owns 1,241,671 shares of the biotechnology company’s stock worth $26,907,000 after buying an additional 500,020 shares during the last quarter. Bamco Inc. NY lifted its stake in shares of Veracyte by 46.3% in the first 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. Finally, Vanguard Group Inc. lifted its stake in shares of Veracyte by 3.7% in the first 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.

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.