Veracyte Inc (VCYT) Receives Average Recommendation of “Buy” from Analysts
Shares of Veracyte Inc (NASDAQ:VCYT) have been assigned an average recommendation of “Buy” from the seven analysts that are covering the firm. One research analyst has rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $11.75.
A number of equities research analysts have issued reports on the stock. Zacks Investment Research raised shares of Veracyte from a “sell” rating to a “hold” rating in a report on Wednesday, January 25th. Cantor Fitzgerald set a $13.00 price objective on shares of Veracyte and gave the company a “buy” rating in a report on Saturday, February 18th. Finally, BTIG Research reaffirmed a “buy” rating and set a $12.00 price objective on shares of Veracyte in a report on Friday, March 10th.
Veracyte (NASDAQ:VCYT) opened at 8.23 on Monday. Veracyte has a 52 week low of $4.81 and a 52 week high of $9.71. The company’s 50-day moving average is $8.30 and its 200 day moving average is $7.95. The stock’s market cap is $278.75 million.
Veracyte (NASDAQ:VCYT) last released its earnings results on Wednesday, May 3rd. The biotechnology company reported ($0.24) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.24). The company had revenue of $16.43 million during the quarter, compared to analyst estimates of $18.09 million. Veracyte had a negative net margin of 57.45% and a negative return on equity of 88.36%. On average, analysts expect that Veracyte will post ($0.90) earnings per share for the current fiscal year.
In related news, Chairman Bonnie H. Anderson sold 5,000 shares of the firm’s stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $9.09, for a total value of $45,450.00. Following the completion of the transaction, the chairman now directly owns 15,000 shares of the company’s stock, valued at $136,350. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 28.40% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Broadfin Capital LLC acquired a new position in Veracyte during the fourth quarter worth $13,841,000. Stonepine Capital Management LLC acquired a new position in Veracyte during the fourth quarter worth $7,512,000. Cannell Capital LLC raised its position in Veracyte by 48.4% in the first quarter. Cannell Capital LLC now owns 1,601,960 shares of the biotechnology company’s stock worth $14,706,000 after buying an additional 522,373 shares during the period. Cortina Asset Management LLC acquired a new position in Veracyte during the first quarter worth $4,640,000. Finally, Axiom International Investors LLC DE acquired a new position in Veracyte during the fourth quarter worth $2,222,000. 47.50% of the stock is owned by hedge funds and other institutional investors.
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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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