Veracyte, Inc. (VCYT) Downgraded to Sell at Zacks Investment Research
Veracyte, Inc. (NASDAQ:VCYT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued 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. “
VCYT has been the topic of several other research reports. ValuEngine lowered shares of Veracyte from a “hold” rating to a “sell” rating in a research report on Tuesday, September 12th. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Veracyte in a research report on Tuesday, September 12th. BidaskClub raised shares of Veracyte from a “sell” rating to a “hold” rating in a research report on Monday, July 31st. BTIG Research restated a “buy” rating and issued a $13.00 price objective on shares of Veracyte in a research note on Thursday, August 31st. Finally, Janney Montgomery Scott restated a “buy” rating and issued a $15.00 price objective on shares of Veracyte in a research note on Wednesday, June 28th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $12.45.
Veracyte (NASDAQ:VCYT) traded down 1.45% during trading on Thursday, hitting $8.84. 7,578 shares of the stock were exchanged. Veracyte has a 12-month low of $5.82 and a 12-month high of $9.71. The firm’s market cap is $299.61 million. The stock’s 50-day moving average price is $8.42 and its 200-day moving average price is $8.24.
Veracyte (NASDAQ:VCYT) last posted its quarterly 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. The business had revenue of $18.40 million during the quarter, compared to analyst estimates of $18.32 million. Veracyte had a negative net margin of 35.64% and a negative return on equity of 53.58%. The firm’s revenue was up 25.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.40) earnings per share. On average, equities analysts expect that Veracyte will post ($0.92) EPS for the current year.
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In other Veracyte news, Chairman Bonnie H. Anderson sold 6,000 shares of Veracyte stock in a transaction on Monday, September 25th. The stock was sold at an average price of $8.44, for a total transaction of $50,640.00. Following the completion of the transaction, the chairman now directly owns 16,000 shares of the company’s stock, valued at $135,040. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Evan/ Fa Jones sold 22,500 shares of Veracyte stock in a transaction on Monday, August 28th. The shares were sold at an average price of $7.81, for a total value of $175,725.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,500 shares of company stock valued at $879,965. 13.40% of the stock is owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Veracyte by 8.1% in the second quarter. Vanguard Group Inc. now owns 892,378 shares of the biotechnology company’s stock valued at $7,434,000 after buying an additional 66,518 shares during the last quarter. Stonepine Capital Management LLC raised its holdings in shares of Veracyte by 49.5% in the second quarter. Stonepine Capital Management LLC now owns 864,695 shares of the biotechnology company’s stock valued at $7,203,000 after buying an additional 286,495 shares during the last quarter. First Light Asset Management LLC raised its holdings in shares of Veracyte by 4.7% in the second quarter. First Light Asset Management LLC now owns 754,560 shares of the biotechnology company’s stock valued at $6,285,000 after buying an additional 33,682 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Veracyte by 85.6% in the first quarter. Renaissance Technologies LLC now owns 402,600 shares of the biotechnology company’s stock valued at $3,696,000 after buying an additional 185,700 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Veracyte by 40.2% in the second quarter. Northern Trust Corp now owns 274,001 shares of the biotechnology company’s stock valued at $2,282,000 after buying an additional 78,574 shares during the last quarter. 65.67% of the stock is owned by institutional investors and hedge funds.
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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