Craig Hallum Initiates Coverage on Veracyte (NASDAQ:VCYT)

Equities research analysts at Craig Hallum initiated coverage on shares of Veracyte (NASDAQ:VCYT) in a research report issued to clients and investors on Thursday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $45.00 price target on the biotechnology company’s stock. Craig Hallum’s price target indicates a potential upside of 41.60% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $37.00 price target (down previously from $38.00) on shares of Veracyte in a report on Thursday, December 5th. UBS Group increased their price objective on shares of Veracyte from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Guggenheim reiterated a “buy” rating and issued a $45.00 price objective on shares of Veracyte in a research note on Tuesday, February 25th. Needham & Company LLC reiterated a “buy” rating and issued a $51.00 price objective on shares of Veracyte in a research note on Tuesday, February 25th. Finally, StockNews.com lowered shares of Veracyte from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $43.22.

Veracyte Trading Up 1.7 %

NASDAQ VCYT opened at $31.78 on Thursday. The company has a fifty day simple moving average of $38.96 and a two-hundred day simple moving average of $37.65. The stock has a market cap of $2.48 billion, a P/E ratio of -211.87 and a beta of 1.80. Veracyte has a 12-month low of $18.61 and a 12-month high of $47.32.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.07. The business had revenue of $118.63 million during the quarter, compared to analysts’ expectations of $110.73 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. During the same quarter last year, the company posted ($0.39) earnings per share. As a group, sell-side analysts forecast that Veracyte will post 0.68 earnings per share for the current year.

Insider Activity at Veracyte

In other Veracyte news, Director Karin Eastham sold 10,000 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $40.30, for a total transaction of $403,000.00. Following the transaction, the director now directly owns 18,497 shares of the company’s stock, valued at $745,429.10. This trade represents a 35.09 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veracyte

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp lifted its holdings in Veracyte by 49.7% during the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 237 shares in the last quarter. Arizona State Retirement System lifted its holdings in Veracyte by 1.2% during the fourth quarter. Arizona State Retirement System now owns 22,276 shares of the biotechnology company’s stock valued at $882,000 after purchasing an additional 264 shares in the last quarter. Synovus Financial Corp lifted its stake in shares of Veracyte by 1.2% in the fourth quarter. Synovus Financial Corp now owns 23,132 shares of the biotechnology company’s stock worth $916,000 after buying an additional 267 shares in the last quarter. HighTower Advisors LLC lifted its stake in shares of Veracyte by 1.9% in the fourth quarter. HighTower Advisors LLC now owns 16,630 shares of the biotechnology company’s stock worth $659,000 after buying an additional 305 shares in the last quarter. Finally, KBC Group NV lifted its stake in shares of Veracyte by 13.7% in the third quarter. KBC Group NV now owns 2,677 shares of the biotechnology company’s stock worth $91,000 after buying an additional 323 shares in the last quarter.

Veracyte Company Profile

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.