Veracyte Inc. (VCYT) Receives Average Recommendation of “Buy” from Analysts
Veracyte Inc. (NASDAQ:VCYT) has been assigned a consensus recommendation of “Buy” from the seven brokerages that are covering the stock. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $11.00.
VCYT has been the topic of several research reports. Cantor Fitzgerald reaffirmed a “buy” rating and set a $13.00 price objective on shares of Veracyte in a report on Wednesday, June 29th. Zacks Investment Research downgraded Veracyte from a “hold” rating to a “sell” rating in a report on Thursday, October 6th. William Blair reissued an “outperform” rating on shares of Veracyte in a research note on Tuesday. Leerink Swann reissued a “buy” rating on shares of Veracyte in a research note on Thursday, June 23rd. Finally, Piper Jaffray Cos. reissued an “overweight” rating and issued a $10.00 price target (down previously from $12.00) on shares of Veracyte in a research note on Thursday, August 4th.
Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in Veracyte by 4.4% in the first quarter. Geode Capital Management LLC now owns 94,612 shares of the company’s stock worth $510,000 after buying an additional 4,001 shares in the last quarter. Royce & Associates LP purchased a new stake in Veracyte during the second quarter worth approximately $136,000. Renaissance Technologies LLC boosted its stake in Veracyte by 110.9% in the first quarter. Renaissance Technologies LLC now owns 37,374 shares of the company’s stock worth $202,000 after buying an additional 19,655 shares in the last quarter. State Street Corp boosted its stake in Veracyte by 43.8% in the first quarter. State Street Corp now owns 141,394 shares of the company’s stock worth $763,000 after buying an additional 43,052 shares in the last quarter. Finally, Kopp Investment Advisors LLC boosted its stake in Veracyte by 55.7% in the second quarter. Kopp Investment Advisors LLC now owns 21,975 shares of the company’s stock worth $111,000 after buying an additional 7,860 shares in the last quarter. Institutional investors and hedge funds own 55.10% of the company’s stock.
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Shares of Veracyte (NASDAQ:VCYT) traded down 1.84% on Tuesday, hitting $7.45. The stock had a trading volume of 135,267 shares. The firm has a 50 day moving average price of $6.96 and a 200 day moving average price of $5.68. Veracyte has a one year low of $4.21 and a one year high of $8.19. The company’s market capitalization is $207.59 million.
Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by $0.07. Veracyte had a negative return on equity of 82.26% and a negative net margin of 70.10%. The firm had revenue of $14.68 million for the quarter, compared to analyst estimates of $14.80 million. During the same period in the prior year, the company posted ($0.35) EPS. The firm’s quarterly revenue was up 23.5% compared to the same quarter last year. On average, equities research analysts predict that Veracyte will post ($1.47) earnings per share for the current fiscal year.
Veracyte, Inc is a molecular diagnostics company. The Company is engaged in developing and delivering genomic solutions that resolve diagnostic ambiguity and enable physicians to make informed treatment decisions at an early-stage in patient care. The Company targets diseases in which various patients undergo diagnostic procedures that could be avoided with diagnosis from a cytology sample taken preoperatively.
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