Veracyte, Inc. (NASDAQ:VCYT) Stock Now Rated “Hold” by Sell-Side Analysts

Shares of Veracyte, Inc. (NASDAQ:VCYT) have earned an average rating of “Hold” from the twelve analysts that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $48.40.

Several equities research analysts have recently issued reports on VCYT shares. Wolfe Research downgraded shares of Veracyte from a “strong-buy” rating to a “hold” rating in a research report on Friday. UBS Group cut their price objective on shares of Veracyte from $65.00 to $35.00 and set a “buy” rating on the stock in a research report on Monday. Canaccord Genuity Group lowered their target price on Veracyte from $60.00 to $50.00 and set a “hold” rating for the company in a report on Monday, August 3rd. Stephens lowered their target price on Veracyte from $68.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, August 4th. Finally, Zacks Research downgraded Veracyte from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd.

Insider Activity at Veracyte

In other Veracyte news, CFO Rebecca Chambers sold 3,652 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $43.10, for a total value of $157,401.20. Following the sale, the chief financial officer owned 166,025 shares in the company, valued at approximately $7,155,677.50. The trade was a 2.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Phillip G. Febbo sold 13,110 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $43.05, for a total value of $564,385.50. Following the completion of the sale, the insider owned 133,048 shares in the company, valued at $5,727,716.40. The trade was a 8.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 62,609 shares of company stock valued at $2,858,904 over the last ninety days. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Veracyte

A number of institutional investors have recently made changes to their positions in the business. Eurizon Capital SGR S.p.A. bought a new stake in Veracyte during the 3rd quarter worth about $34,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Veracyte in the second quarter valued at about $44,000. Allworth Financial LP bought a new stake in Veracyte during the second quarter worth about $50,000. Northwestern Mutual Wealth Management Co. bought a new stake in Veracyte during the second quarter worth about $62,000. Finally, GAMMA Investing LLC raised its holdings in Veracyte by 21.2% during the second quarter. GAMMA Investing LLC now owns 1,121 shares of the biotechnology company’s stock worth $66,000 after acquiring an additional 196 shares in the last quarter.

Veracyte Price Performance

Veracyte stock opened at $25.92 on Thursday. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of 16.72 and a beta of 1.98. The company’s 50 day simple moving average is $43.72 and its 200 day simple moving average is $42.78. Veracyte has a fifty-two week low of $21.91 and a fifty-two week high of $60.91.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Wednesday, November 4th. The biotechnology company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.10. Veracyte had a return on equity of 9.13% and a net margin of 21.80%. The company had revenue of $151.75 million for the quarter, compared to analyst estimates of $147.13 million. During the same quarter last year, the firm posted $0.51 earnings per share. Veracyte’s revenue was up 15.1% compared to the same quarter last year. As a group, analysts predict that Veracyte will post 1.32 EPS for the current fiscal year.

About Veracyte

Veracyte, Inc is a genomic diagnostics company that develops tests to help clinicians diagnose disease and guide treatment decisions, with a focus on cancer and other complex conditions. Its tests analyze biological samples to provide information that can help distinguish between conditions and assess disease risk.

The company’s portfolio includes Afirma for thyroid nodule assessment, Decipher for prostate cancer, Prosigna for breast cancer, and Percepta for lung cancer. Veracyte also offers Envisia, a genomic test that supports the diagnosis of idiopathic pulmonary fibrosis and other forms of interstitial lung disease.

Founded in 2008 and headquartered in South San Francisco, California, Veracyte serves clinicians and patients in the United States and makes certain products available in international markets.