Veracyte, Inc. (NASDAQ:VCYT) Receives Consensus Rating of “Moderate Buy” from Analysts

Veracyte, Inc. (NASDAQ:VCYT) has earned an average rating of “Moderate Buy” from the nine brokerages that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $47.5714.

Several equities analysts recently commented on VCYT shares. Wolfe Research started coverage on shares of Veracyte in a research note on Tuesday, June 2nd. They set an “outperform” rating and a $55.00 target price for the company. Canaccord Genuity Group upped their target price on shares of Veracyte from $40.00 to $42.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th. Guggenheim cut their target price on shares of Veracyte from $50.00 to $45.00 and set a “buy” rating for the company in a research note on Monday, March 30th. Needham & Company LLC upped their target price on shares of Veracyte from $48.00 to $57.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Finally, Morgan Stanley cut their target price on shares of Veracyte from $48.00 to $37.00 and set an “underweight” rating for the company in a research note on Thursday, March 5th.

Veracyte Stock Performance

Shares of Veracyte stock opened at $48.73 on Monday. The firm has a fifty day simple moving average of $37.80 and a 200-day simple moving average of $39.07. Veracyte has a 1-year low of $22.61 and a 1-year high of $50.71. The stock has a market capitalization of $3.89 billion, a price-to-earnings ratio of 44.71 and a beta of 1.98.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.18. Veracyte had a net margin of 16.25% and a return on equity of 9.07%. The business had revenue of $139.07 million during the quarter, compared to analysts’ expectations of $130.36 million. During the same period in the previous year, the company earned $0.31 earnings per share. Veracyte’s revenue for the quarter was up 21.5% on a year-over-year basis. As a group, research analysts predict that Veracyte will post 1.29 earnings per share for the current year.

More Veracyte News

Here are the key news stories impacting Veracyte this week:

• Positive Sentiment: Veracyte has stayed sharply higher since its latest earnings report, suggesting investors are still encouraged by the company’s recent beat on both earnings and revenue and its improved growth outlook. Why Is Veracyte (VCYT) Up 18.2% Since Last Earnings Report?
• Positive Sentiment: The company also highlighted ASCO findings from its OPTIMA and ENZAMET Phase III trials in breast and prostate cancer, which could support Veracyte’s precision-diagnostics growth story. Veracyte, Inc. (VCYT) Discusses ASCO Findings From OPTIMA and ENZAMET Phase III Trials in Breast and Prostate Cancer – Slideshow

Insider Activity

In related news, CEO Marc Stapley sold 138,051 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $50.12, for a total transaction of $6,919,116.12. Following the completion of the transaction, the chief executive officer directly owned 440,494 shares in the company, valued at $22,077,559.28. This represents a 23.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider John Leite sold 13,975 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $50.07, for a total transaction of $699,728.25. Following the transaction, the insider owned 132,305 shares of the company’s stock, valued at approximately $6,624,511.35. The trade was a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 202,967 shares of company stock worth $9,881,831. Corporate insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Veracyte

Several institutional investors and hedge funds have recently bought and sold shares of the business. Oregon Public Employees Retirement Fund increased its holdings in Veracyte by 2.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,100 shares of the biotechnology company’s stock valued at $762,000 after buying an additional 400 shares during the period. Arizona State Retirement System increased its holdings in Veracyte by 1.8% in the 3rd quarter. Arizona State Retirement System now owns 23,158 shares of the biotechnology company’s stock valued at $795,000 after buying an additional 419 shares during the period. State of Alaska Department of Revenue increased its holdings in Veracyte by 1.3% in the 4th quarter. State of Alaska Department of Revenue now owns 44,264 shares of the biotechnology company’s stock valued at $1,862,000 after buying an additional 552 shares during the period. California State Teachers Retirement System increased its holdings in Veracyte by 0.8% in the 2nd quarter. California State Teachers Retirement System now owns 71,095 shares of the biotechnology company’s stock valued at $1,922,000 after buying an additional 566 shares during the period. Finally, O Shaughnessy Asset Management LLC increased its holdings in Veracyte by 7.9% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 7,894 shares of the biotechnology company’s stock valued at $332,000 after buying an additional 576 shares during the period.

Veracyte Company Profile

Veracyte, Inc is a genomic diagnostics company focused on improving diagnostic accuracy and patient care through advanced molecular testing. Founded in 2008 and headquartered in South San Francisco, California, the company develops and commercializes minimally invasive genomic tests that aid in the diagnosis of thyroid, lung and other diseases. Veracyte’s proprietary platform analyzes gene expression patterns in clinical samples to help physicians make more informed treatment decisions, reducing unnecessary surgeries and improving patient outcomes.

The company’s flagship product, the Afirma Genomic Sequencing Classifier, is designed to assess thyroid nodules with indeterminate cytology, helping clinicians distinguish benign from suspicious nodules.