Veracyte, Inc. (NASDAQ:VCYT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.

According to Zacks, “Veracyte, Inc. is a diagnostics company. It is focused on discovering, developing and commercializing molecular cytology solutions. The Company provides Afirma Thyroid FNA Analysis, which helps physicians in reducing unnecessary diagnostic surgeries for patients with thyroid nodules. Veracyte is also developing Afirma Malignant GEC test. It serves endocrinologists, radiologists, and head and neck specialists. Veracyte, Inc. is headquartered in South San Francisco, California. “

A number of other equities analysts have also recently issued reports on the company. ValuEngine cut Veracyte from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Veracyte in a report on Tuesday, September 12th. BTIG Research reaffirmed a “buy” rating and issued a $13.00 target price on shares of Veracyte in a report on Thursday, August 31st. BidaskClub raised Veracyte from a “sell” rating to a “hold” rating in a report on Monday, July 31st. Finally, Janney Montgomery Scott reaffirmed a “buy” rating and issued a $15.00 target price on shares of Veracyte in a report on Wednesday, June 28th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $12.45.

Shares of Veracyte (NASDAQ:VCYT) traded up 0.65% during mid-day trading on Thursday, hitting $9.23. The stock had a trading volume of 130,347 shares. Veracyte has a 52 week low of $5.82 and a 52 week high of $9.71. The firm’s market cap is $312.83 million. The stock has a 50 day moving average price of $8.30 and a 200 day moving average price of $8.24.

Veracyte (NASDAQ:VCYT) last issued its earnings results on Monday, July 31st. The biotechnology company reported ($0.22) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.03. Veracyte had a negative return on equity of 53.58% and a negative net margin of 35.64%. The business had revenue of $18.40 million during the quarter, compared to analysts’ expectations of $18.32 million. During the same quarter in the prior year, the firm earned ($0.40) EPS. The business’s revenue for the quarter was up 25.2% compared to the same quarter last year. Equities research analysts expect that Veracyte will post ($0.92) EPS for the current fiscal year.

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In other Veracyte news, Director Evan/ Fa Jones sold 20,000 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $7.92, for a total value of $158,400.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Bonnie H. Anderson sold 6,000 shares of the company’s stock in a transaction dated Monday, September 25th. The shares were sold at an average price of $8.44, for a total value of $50,640.00. Following the completion of the sale, the chairman now owns 16,000 shares in the company, valued at approximately $135,040. The disclosure for this sale can be found here. Insiders sold a total of 108,500 shares of company stock worth $879,965 in the last quarter. Corporate insiders own 13.40% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its position in shares of Veracyte by 3.0% in the 1st 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 during the last quarter. Nationwide Fund Advisors grew its position in shares of Veracyte by 16.8% in the 2nd quarter. Nationwide Fund Advisors now owns 13,235 shares of the biotechnology company’s stock valued at $110,000 after buying an additional 1,908 shares during the last quarter. Birchview Capital LP grew its position in shares of Veracyte by 4.2% in the 2nd quarter. Birchview Capital LP now owns 98,767 shares of the biotechnology company’s stock valued at $823,000 after buying an additional 4,000 shares during the last quarter. Denver Investment Advisors LLC grew its position in shares of Veracyte by 6.6% in the 2nd quarter. Denver Investment Advisors LLC now owns 82,193 shares of the biotechnology company’s stock valued at $685,000 after buying an additional 5,115 shares during the last quarter. Finally, Strs Ohio grew its position in shares of Veracyte by 26.1% in the 2nd quarter. Strs Ohio now owns 37,200 shares of the biotechnology company’s stock valued at $309,000 after buying an additional 7,700 shares during the last quarter. Hedge funds and other institutional investors own 65.67% of the company’s stock.

About Veracyte

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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