Veracyte, Inc. (VCYT) Upgraded to “Hold” by Zacks Investment Research
Zacks Investment Research upgraded shares of Veracyte, Inc. (NASDAQ:VCYT) from a sell rating to a hold rating in a research note issued to investors 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 equities analysts also recently weighed in on VCYT. BidaskClub downgraded shares of Veracyte from a sell rating to a strong sell rating in a research note on Wednesday, July 19th. BTIG Research reiterated a buy rating and issued a $13.00 target price on shares of Veracyte in a research note on Thursday, August 31st. Piper Jaffray Companies reiterated a buy rating on shares of Veracyte in a research note on Tuesday, September 12th. ValuEngine downgraded shares of Veracyte from a hold rating to a sell rating in a research note on Tuesday, September 12th. Finally, Janney Montgomery Scott downgraded shares of Veracyte from a buy rating to a neutral rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $11.85.
Veracyte (NASDAQ:VCYT) traded down $0.29 on Friday, hitting $6.29. 252,400 shares of the stock traded hands, compared to its average volume of 128,807. The company has a debt-to-equity ratio of 0.59, a current ratio of 5.19 and a quick ratio of 5.52. Veracyte has a 52-week low of $5.75 and a 52-week high of $9.80.
Veracyte (NASDAQ:VCYT) last posted its earnings results on Monday, November 6th. The biotechnology company reported ($0.21) earnings per share for the quarter, hitting the consensus estimate of ($0.21). The firm had revenue of $17.50 million during the quarter, compared to the consensus estimate of $19.54 million. Veracyte had a negative net margin of 38.19% and a negative return on equity of 52.99%. The company’s revenue was down 5.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.20) earnings per share. equities research analysts anticipate that Veracyte will post -0.85 EPS for the current fiscal year.
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In related news, Director Evan/ Fa Jones sold 22,500 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $7.81, for a total transaction of $175,725.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Bonnie H. Anderson sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $9.09, for a total transaction of $54,540.00. Following the transaction, the chief executive officer now directly owns 16,000 shares of the company’s stock, valued at approximately $145,440. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 130,500 shares of company stock valued at $1,085,065. 13.40% of the stock is owned by corporate insiders.
A number of large investors have recently modified their holdings of the stock. Ark Investment Management LLC grew its stake in Veracyte by 172.3% in the 2nd quarter. Ark Investment Management LLC now owns 163,020 shares of the biotechnology company’s stock worth $1,358,000 after buying an additional 103,157 shares in the last quarter. Perkins Capital Management Inc. purchased a new position in Veracyte in the 3rd quarter worth approximately $546,000. Vanguard Group Inc. grew its stake in Veracyte by 4.4% in the 1st quarter. Vanguard Group Inc. now owns 825,860 shares of the biotechnology company’s stock worth $7,581,000 after buying an additional 34,966 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Veracyte by 111.1% in the 1st quarter. JPMorgan Chase & Co. now owns 49,765 shares of the biotechnology company’s stock worth $456,000 after buying an additional 26,186 shares in the last quarter. Finally, Birchview Capital LP grew its stake in Veracyte by 4.2% in the 2nd quarter. Birchview Capital LP now owns 98,767 shares of the biotechnology company’s stock worth $823,000 after buying an additional 4,000 shares in the last quarter. 66.41% of the stock is owned by institutional investors.
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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