Veracyte (NASDAQ:VCYT) Price Target Raised to $37.00

Veracyte (NASDAQ:VCYT) had its target price boosted by investment analysts at Needham & Company LLC from $30.00 to $37.00 in a research report issued on Friday, BenzingaRatingsTable reports. The firm currently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 3.73% from the stock’s current price.

Several other brokerages have also recently weighed in on VCYT. BidaskClub upgraded shares of Veracyte from a “hold” rating to a “buy” rating in a research note on Thursday, July 9th. SVB Leerink boosted their price objective on shares of Veracyte from $32.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Zacks Investment Research upgraded Veracyte from a “sell” rating to a “hold” rating in a research note on Thursday, July 16th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $35.75.

NASDAQ VCYT opened at $35.67 on Friday. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of -56.62 and a beta of 0.84. Veracyte has a 1-year low of $13.90 and a 1-year high of $36.42. The business’s fifty day moving average price is $27.75 and its 200-day moving average price is $25.60.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Thursday, July 30th. The biotechnology company reported ($0.22) EPS for the quarter, meeting analysts’ consensus estimates of ($0.22). The company had revenue of $20.70 million during the quarter, compared to analysts’ expectations of $17.56 million. Veracyte had a negative return on equity of 13.24% and a negative net margin of 27.49%. As a group, analysts expect that Veracyte will post -0.67 EPS for the current fiscal year.

In related news, CEO Bonnie H. Anderson sold 11,365 shares of the company’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $32.24, for a total value of $366,407.60. Following the completion of the transaction, the chief executive officer now owns 283,572 shares of the company’s stock, valued at approximately $9,142,361.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Keith Kennedy sold 86,424 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $28.20, for a total value of $2,437,156.80. Following the completion of the sale, the chief financial officer now owns 158,398 shares of the company’s stock, valued at approximately $4,466,823.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 207,654 shares of company stock valued at $5,927,681. Company insiders own 8.30% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. ArrowMark Colorado Holdings LLC purchased a new position in Veracyte in the 1st quarter worth approximately $27,344,000. William Blair Investment Management LLC raised its position in shares of Veracyte by 24.9% during the first quarter. William Blair Investment Management LLC now owns 4,457,011 shares of the biotechnology company’s stock valued at $108,350,000 after buying an additional 887,610 shares during the last quarter. Loomis Sayles & Co. L P purchased a new position in shares of Veracyte in the first quarter worth $17,607,000. Nikko Asset Management Americas Inc. boosted its position in shares of Veracyte by 7.7% during the first quarter. Nikko Asset Management Americas Inc. now owns 3,287,467 shares of the biotechnology company’s stock worth $79,918,000 after acquiring an additional 234,216 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Veracyte by 7.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,287,467 shares of the biotechnology company’s stock valued at $79,918,000 after acquiring an additional 234,216 shares during the last quarter.

About Veracyte

Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.

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