Veracyte, Inc. (VCYT) PT Set at $13.00 by BTIG Research
Veracyte, Inc. (NASDAQ:VCYT) has been assigned a $13.00 price target by stock analysts at BTIG Research in a research report issued to clients and investors on Monday. The brokerage currently has a “buy” rating on the biotechnology company’s stock. BTIG Research’s price target would suggest a potential upside of 100.31% from the stock’s current price.
Other equities analysts have also recently issued reports about the company. Piper Jaffray Companies restated a “buy” rating on shares of Veracyte in a report on Tuesday, September 12th. Zacks Investment Research upgraded Veracyte from a “hold” rating to a “buy” rating and set a $9.25 target price on the stock in a report on Friday, August 4th. BidaskClub upgraded Veracyte from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Janney Montgomery Scott cut Veracyte from a “buy” rating to a “neutral” rating in a report on Tuesday, November 7th. Finally, Leerink Swann cut their target price on Veracyte from $12.00 to $9.00 and set an “outperform” rating on the stock in a report on Tuesday, November 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $11.85.
Veracyte (NASDAQ:VCYT) opened at $6.49 on Monday. Veracyte has a twelve month low of $5.75 and a twelve month high of $9.80. The company has a debt-to-equity ratio of 0.59, a quick ratio of 4.86 and a current ratio of 5.19.
Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Monday, November 6th. The biotechnology company reported ($0.21) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.21). The firm had revenue of $17.50 million for the quarter, compared to analysts’ expectations of $19.54 million. Veracyte had a negative return on equity of 62.37% and a negative net margin of 40.24%. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.20) EPS. analysts predict that Veracyte will post -0.87 earnings per share for the current year.
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In related news, Director Evan/ Fa Jones sold 22,500 shares of the stock in a transaction on Monday, August 28th. The stock was sold at an average price of $7.81, for a total value of $175,725.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Christopher M. Hall sold 20,000 shares of the stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $9.00, for a total value of $180,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,500 shares of company stock worth $926,665. 13.40% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its stake in Veracyte by 3.0% during the 1st quarter. Bank of New York Mellon Corp now owns 61,312 shares of the biotechnology company’s stock valued at $563,000 after acquiring an additional 1,795 shares in the last quarter. Nationwide Fund Advisors lifted its stake in Veracyte by 16.8% during the 2nd quarter. Nationwide Fund Advisors now owns 13,235 shares of the biotechnology company’s stock valued at $110,000 after acquiring an additional 1,908 shares in the last quarter. Birchview Capital LP lifted its stake in Veracyte by 4.2% during the 2nd quarter. Birchview Capital LP now owns 98,767 shares of the biotechnology company’s stock valued at $823,000 after acquiring an additional 4,000 shares in the last quarter. Denver Investment Advisors LLC lifted its stake in Veracyte by 6.6% during the 2nd quarter. Denver Investment Advisors LLC now owns 82,193 shares of the biotechnology company’s stock valued at $685,000 after acquiring an additional 5,115 shares in the last quarter. Finally, Strs Ohio lifted its stake in Veracyte by 26.1% during the 2nd quarter. Strs Ohio now owns 37,200 shares of the biotechnology company’s stock valued at $309,000 after acquiring an additional 7,700 shares in the last quarter. Institutional investors and hedge funds own 69.03% of the company’s stock.
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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