Veracyte (NASDAQ:VCYT) Shares Gap Up on Analyst Upgrade

Veracyte, Inc. (NASDAQ:VCYT) shares gapped up before the market opened on Wednesday after Needham & Company LLC raised their price target on the stock from $27.00 to $31.00. The stock had previously closed at $21.82, but opened at $26.20. Needham & Company LLC currently has a buy rating on the stock. Veracyte shares last traded at $27.83, with a volume of 352,833 shares.

Separately, The Goldman Sachs Group cut their price objective on shares of Veracyte from $32.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, April 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.50.

Insider Transactions at Veracyte

In other news, Director Karin Eastham sold 7,500 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $25.00, for a total value of $187,500.00. Following the completion of the transaction, the director now owns 33,228 shares of the company’s stock, valued at $830,700. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider John Leite sold 1,277 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $25.00, for a total value of $31,925.00. Following the completion of the transaction, the insider now owns 82,968 shares of the company’s stock, valued at $2,074,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karin Eastham sold 7,500 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $25.00, for a total transaction of $187,500.00. Following the sale, the director now directly owns 33,228 shares of the company’s stock, valued at approximately $830,700. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,686 shares of company stock valued at $382,807. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Veracyte

Institutional investors and hedge funds have recently modified their holdings of the business. CANADA LIFE ASSURANCE Co increased its stake in Veracyte by 6.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 8,198 shares of the biotechnology company’s stock valued at $182,000 after purchasing an additional 530 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Veracyte by 3.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,141 shares of the biotechnology company’s stock worth $554,000 after acquiring an additional 711 shares in the last quarter. Arizona State Retirement System increased its position in shares of Veracyte by 3.7% during the second quarter. Arizona State Retirement System now owns 20,806 shares of the biotechnology company’s stock worth $451,000 after acquiring an additional 733 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Veracyte by 9.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 9,325 shares of the biotechnology company’s stock worth $207,000 after acquiring an additional 778 shares in the last quarter. Finally, CWM LLC increased its position in shares of Veracyte by 168.3% during the second quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock worth $33,000 after acquiring an additional 951 shares in the last quarter.

Veracyte Stock Up 26.5 %

The company has a market capitalization of $2.11 billion, a P/E ratio of -29.61 and a beta of 1.65. The firm’s 50-day moving average price is $22.19 and its 200 day moving average price is $22.32.

Veracyte (NASDAQ:VCYT) last posted its earnings results on Tuesday, May 7th. The biotechnology company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.17. Veracyte had a negative net margin of 18.16% and a negative return on equity of 1.42%. The firm had revenue of $96.84 million for the quarter, compared to analysts’ expectations of $93.35 million. During the same quarter last year, the firm earned ($0.11) EPS. The company’s quarterly revenue was up 17.5% compared to the same quarter last year. As a group, equities research analysts expect that Veracyte, Inc. will post -0.05 EPS for the current year.

Veracyte Company Profile

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.