Veracyte (NASDAQ:VCYT) was downgraded by investment analysts at ValuEngine from a “sell” rating to a “strong sell” rating in a note issued to investors on Friday.

Other equities analysts have also recently issued reports about the company. BTIG Research set a $13.00 target price on Veracyte and gave the stock a “buy” rating in a research report on Monday, November 20th. Zacks Investment Research cut Veracyte from a “buy” rating to a “hold” rating in a research report on Thursday, October 5th. Janney Montgomery Scott cut Veracyte from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 7th. Piper Jaffray Companies cut Veracyte from an “overweight” rating to a “neutral” rating in a research report on Tuesday, November 7th. Finally, Leerink Swann reduced their target price on Veracyte from $12.00 to $9.00 and set an “outperform” rating for the company in a research report on Tuesday, November 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. Veracyte has an average rating of “Hold” and an average price target of $11.85.

Veracyte (NASDAQ VCYT) opened at $6.28 on Friday. Veracyte has a 52-week low of $5.75 and a 52-week 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. The company has a market capitalization of $212.51, a PE ratio of -7.85 and a beta of 1.63.

Veracyte (NASDAQ:VCYT) last posted its earnings results on Monday, November 6th. The biotechnology company reported ($0.21) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.21). Veracyte had a negative return on equity of 52.99% and a negative net margin of 38.19%. The business had revenue of $17.50 million during the quarter, compared to analysts’ expectations of $19.54 million. During the same period in the previous year, the business earned ($0.20) earnings per share. The firm’s revenue was down 5.9% on a year-over-year basis. equities research analysts predict that Veracyte will post -0.87 EPS for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of VCYT. First Manhattan Co. purchased a new position in shares of Veracyte in the 4th quarter worth about $1,780,000. Essex Investment Management Co. LLC purchased a new position in shares of Veracyte in the 3rd quarter worth about $1,615,000. Axiom International Investors LLC DE boosted its holdings in shares of Veracyte by 56.9% in the 3rd quarter. Axiom International Investors LLC DE now owns 388,328 shares of the biotechnology company’s stock worth $3,406,000 after purchasing an additional 140,783 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in shares of Veracyte by 258.1% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 162,562 shares of the biotechnology company’s stock worth $1,426,000 after purchasing an additional 117,162 shares in the last quarter. Finally, Ark Investment Management LLC boosted its holdings in shares of 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 purchasing an additional 103,157 shares in the last quarter. Hedge funds and other institutional investors own 69.47% of the company’s stock.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Veracyte (NASDAQ:VCYT)

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