Veracyte, Inc. (NASDAQ:VCYT) Upgraded to Sell by BidaskClub
Veracyte, Inc. (NASDAQ:VCYT) was upgraded by equities researchers at BidaskClub from a “strong sell” rating to a “sell” rating in a report released on Tuesday.
Several other analysts have also recently issued reports on VCYT. Janney Montgomery Scott reaffirmed a “buy” rating and set a $15.00 price objective on shares of Veracyte in a research note on Wednesday, June 28th. Cantor Fitzgerald set a $13.00 price objective on shares of Veracyte and gave the company a “buy” rating in a research note on Thursday, May 18th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $11.83.
Shares of Veracyte (VCYT) traded up 0.99% on Tuesday, hitting $8.14. 17,908 shares of the company were exchanged. The stock’s market capitalization is $275.70 million. The firm’s 50-day moving average is $7.97 and its 200-day moving average is $8.16. Veracyte has a 52-week low of $4.82 and a 52-week high of $9.71.
Veracyte (NASDAQ:VCYT) last announced its quarterly earnings data on Wednesday, May 3rd. The biotechnology company reported ($0.24) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.24). Veracyte had a negative net margin of 43.40% and a negative return on equity of 66.79%. The company had revenue of $16.43 million during the quarter, compared to analysts’ expectations of $18.09 million. Equities research analysts predict that Veracyte will post ($0.92) earnings per share for the current year.
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Several institutional investors have recently modified their holdings of VCYT. California State Teachers Retirement System raised its position in shares of Veracyte by 2.1% in the second quarter. California State Teachers Retirement System now owns 29,387 shares of the biotechnology company’s stock valued at $148,000 after buying an additional 600 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Veracyte by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 61,312 shares of the biotechnology company’s stock valued at $563,000 after buying an additional 1,795 shares in the last quarter. Nationwide Fund Advisors raised its position in shares of Veracyte by 31.9% in the first quarter. Nationwide Fund Advisors now owns 11,327 shares of the biotechnology company’s stock valued at $104,000 after buying an additional 2,739 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Veracyte by 4.4% in the first quarter. Geode Capital Management LLC now owns 94,612 shares of the biotechnology company’s stock valued at $510,000 after buying an additional 4,001 shares in the last quarter. Finally, Kopp Investment Advisors LLC raised its position in shares of Veracyte by 55.7% in the second quarter. Kopp Investment Advisors LLC now owns 21,975 shares of the biotechnology company’s stock valued at $111,000 after buying an additional 7,860 shares in the last quarter. Hedge funds and other institutional investors own 63.18% of the company’s stock.
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.
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