Veracyte (NASDAQ:VCYT) Price Target Raised to $45.00

Veracyte (NASDAQ:VCYT) had its price target upped by Guggenheim from $40.00 to $45.00 in a report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the biotechnology company’s stock.

A number of other equities research analysts have also recently issued reports on the stock. Needham & Company LLC increased their target price on shares of Veracyte from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Wednesday. Canaccord Genuity Group raised their price objective on shares of Veracyte from $40.00 to $43.00 and gave the stock a “hold” rating in a report on Wednesday. Weiss Ratings reissued a “sell (d+)” rating on shares of Veracyte in a report on Wednesday, October 8th. UBS Group increased their price target on Veracyte from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Wall Street Zen raised Veracyte from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $42.78.

Veracyte Price Performance

Veracyte stock opened at $41.70 on Wednesday. The business has a 50 day simple moving average of $34.59 and a 200 day simple moving average of $30.10. The company has a market capitalization of $3.28 billion, a PE ratio of 126.37 and a beta of 2.16. Veracyte has a one year low of $22.61 and a one year high of $47.32.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.19. The firm had revenue of $131.87 million for the quarter, compared to analysts’ expectations of $124.62 million. Veracyte had a return on equity of 6.07% and a net margin of 5.50%.The business’s revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.33 earnings per share. Veracyte has set its FY 2025 guidance at EPS. Equities analysts anticipate that Veracyte will post 0.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Veracyte

In related news, insider Phillip G. Febbo sold 8,349 shares of the firm’s stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $36.02, for a total value of $300,730.98. Following the completion of the sale, the insider owned 92,441 shares of the company’s stock, valued at $3,329,724.82. This trade represents a 8.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Rebecca Chambers sold 7,000 shares of the company’s stock in a transaction on Wednesday, November 5th. The stock was sold at an average price of $41.00, for a total value of $287,000.00. Following the transaction, the chief financial officer directly owned 126,158 shares in the company, valued at approximately $5,172,478. This represents a 5.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 84,635 shares of company stock valued at $3,490,004 over the last three months. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Veracyte

Several hedge funds have recently added to or reduced their stakes in the company. First Horizon Corp acquired a new stake in Veracyte in the third quarter worth about $31,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Veracyte in the 2nd quarter valued at about $25,000. Osaic Holdings Inc. grew its position in shares of Veracyte by 289.9% during the 2nd quarter. Osaic Holdings Inc. now owns 1,201 shares of the biotechnology company’s stock worth $33,000 after buying an additional 893 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Veracyte during the 1st quarter worth approximately $48,000. Finally, Covestor Ltd raised its stake in shares of Veracyte by 23,936.4% during the first quarter. Covestor Ltd now owns 2,644 shares of the biotechnology company’s stock worth $78,000 after buying an additional 2,633 shares during 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.