Veracyte, Inc. (NASDAQ:VCYT) Receives Consensus Rating of “Buy” from Analysts
Shares of Veracyte, Inc. (NASDAQ:VCYT) have earned a consensus rating of “Buy” from the seven brokerages that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $12.40.
Several research firms have recently weighed in on VCYT. Cantor Fitzgerald set a $13.00 price objective on shares of Veracyte and gave the stock a “buy” rating in a research note on Thursday, May 18th. Janney Montgomery Scott restated a “buy” rating and set a $15.00 price objective on shares of Veracyte in a research note on Wednesday, June 28th.
Shares of Veracyte (VCYT) opened at 7.71 on Tuesday. The company has a 50-day moving average of $8.03 and a 200-day moving average of $8.09. Veracyte has a one year low of $4.82 and a one year high of $9.71. The company’s market capitalization is $261.14 million.
Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Wednesday, May 3rd. The biotechnology company reported ($0.24) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.24). The firm had revenue of $16.43 million for the quarter, compared to analyst estimates of $18.09 million. Veracyte had a negative net margin of 43.40% and a negative return on equity of 66.79%. On average, analysts anticipate that Veracyte will post ($0.92) earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in the company. Cannell Capital LLC boosted 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 in the last quarter. Cortina Asset Management LLC bought a new position in Veracyte during the first quarter worth about $4,640,000. Renaissance Technologies LLC boosted its position in Veracyte by 85.6% in the first quarter. Renaissance Technologies LLC now owns 402,600 shares of the biotechnology company’s stock worth $3,696,000 after buying an additional 185,700 shares in the last quarter. Numeric Investors LLC bought a new position in Veracyte during the fourth quarter worth about $785,000. Finally, TFS Capital LLC boosted its position in Veracyte by 901.4% in the first quarter. TFS Capital LLC now owns 107,521 shares of the biotechnology company’s stock worth $987,000 after buying an additional 96,784 shares in the last quarter. Institutional investors and hedge funds own 63.10% of the company’s stock.
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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