Veracyte (NASDAQ:VCYT) Price Target Lowered to $42.00 at UBS Group

Veracyte (NASDAQ:VCYT) had its price target reduced by UBS Group from $49.00 to $42.00 in a research note released on Thursday,Benzinga reports. UBS Group currently has a buy rating on the biotechnology company’s stock.

A number of other research analysts also recently issued reports on VCYT. StockNews.com downgraded Veracyte from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Needham & Company LLC lowered their price objective on shares of Veracyte from $51.00 to $41.00 and set a “buy” rating on the stock in a research report on Thursday. Stephens restated an “overweight” rating and issued a $45.00 target price on shares of Veracyte in a report on Wednesday, March 26th. Craig Hallum initiated coverage on Veracyte in a report on Thursday, March 20th. They set a “buy” rating and a $45.00 price target on the stock. Finally, Guggenheim lowered their target price on Veracyte from $45.00 to $37.00 and set a “buy” rating on the stock in a report on Wednesday, April 9th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Veracyte currently has an average rating of “Moderate Buy” and a consensus price target of $40.90.

Veracyte Stock Performance

VCYT stock opened at $31.21 on Thursday. The firm has a 50 day moving average price of $31.14 and a 200-day moving average price of $37.11. Veracyte has a 52-week low of $19.73 and a 52-week high of $47.32. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of -208.07 and a beta of 2.14.

Veracyte (NASDAQ:VCYT) last released its earnings results on Monday, February 24th. The biotechnology company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.29 by $0.07. The business had revenue of $118.63 million for the quarter, compared to the consensus estimate of $110.73 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. During the same period in the previous 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 fiscal year.

Institutional Investors Weigh In On Veracyte

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Artisan Partners Limited Partnership increased its stake in shares of Veracyte by 31.4% in the fourth quarter. Artisan Partners Limited Partnership now owns 6,599,264 shares of the biotechnology company’s stock worth $261,331,000 after purchasing an additional 1,576,432 shares in the last quarter. Marshall Wace LLP boosted its holdings in Veracyte by 768.9% in the 4th quarter. Marshall Wace LLP now owns 956,577 shares of the biotechnology company’s stock worth $37,880,000 after buying an additional 846,487 shares during the period. Driehaus Capital Management LLC increased its stake in Veracyte by 226.8% in the 4th quarter. Driehaus Capital Management LLC now owns 1,183,766 shares of the biotechnology company’s stock worth $46,877,000 after buying an additional 821,554 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Veracyte in the fourth quarter valued at about $20,717,000. Finally, Vanguard Group Inc. boosted its stake in shares of Veracyte by 6.0% in the fourth quarter. Vanguard Group Inc. now owns 8,211,612 shares of the biotechnology company’s stock worth $325,180,000 after acquiring an additional 463,098 shares during the period.

About Veracyte

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.