Veracyte (NASDAQ:VCYT - Get Free Report) had its target price raised by Scotiabank from $40.00 to $44.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "sector outperform" rating on the biotechnology company's stock. Scotiabank's price objective indicates a potential upside of 17.77% from the stock's previous close.
Several other brokerages have also recently weighed in on VCYT. Morgan Stanley boosted their target price on Veracyte from $21.00 to $26.00 and gave the stock an "underweight" rating in a report on Monday, August 12th. Guggenheim began coverage on shares of Veracyte in a research report on Thursday, October 10th. They set a "buy" rating and a $40.00 price target for the company. UBS Group increased their price objective on shares of Veracyte from $43.00 to $46.00 and gave the stock a "buy" rating in a research report on Thursday. The Goldman Sachs Group boosted their price objective on Veracyte from $34.00 to $38.00 and gave the company a "buy" rating in a report on Thursday. Finally, Leerink Partners increased their price target on shares of Veracyte from $35.00 to $40.00 and gave the stock an "outperform" rating in a research report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. According to MarketBeat, Veracyte currently has an average rating of "Moderate Buy" and an average price target of $39.71.
Read Our Latest Stock Report on Veracyte
Shares of NASDAQ:VCYT traded up $0.02 during midday trading on Friday, reaching $37.36. 50,642 shares of the company's stock traded hands, compared to its average volume of 759,682. The company has a market cap of $2.87 billion, a P/E ratio of -248.93 and a beta of 1.67. The company has a fifty day simple moving average of $33.17 and a two-hundred day simple moving average of $26.86. Veracyte has a 1 year low of $18.61 and a 1 year high of $41.43.
Veracyte (NASDAQ:VCYT - Get Free Report) last released its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.17. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.07%. The business had revenue of $115.86 million during the quarter, compared to analysts' expectations of $109.81 million. During the same quarter in the previous year, the company earned ($0.03) earnings per share. The company's quarterly revenue was up 28.6% on a year-over-year basis. As a group, research analysts forecast that Veracyte will post 0.16 EPS for the current fiscal year.
In other Veracyte news, insider John Leite sold 5,479 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total value of $163,164.62. Following the transaction, the insider now directly owns 76,174 shares in the company, valued at $2,268,461.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Evan/ Fa Jones sold 5,173 shares of the company's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $35.23, for a total value of $182,244.79. Following the completion of the sale, the director now owns 34,343 shares in the company, valued at $1,209,903.89. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Leite sold 5,479 shares of the firm's stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total transaction of $163,164.62. Following the transaction, the insider now directly owns 76,174 shares in the company, valued at $2,268,461.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 31,109 shares of company stock worth $1,004,125. 1.30% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. raised its stake in shares of Veracyte by 2,331.6% during the 2nd quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company's stock worth $31,000 after buying an additional 1,329 shares in the last quarter. CWM LLC grew its position in shares of Veracyte by 168.3% in the second quarter. CWM LLC now owns 1,516 shares of the biotechnology company's stock valued at $33,000 after purchasing an additional 951 shares during the last quarter. Castleview Partners LLC purchased a new stake in Veracyte in the 3rd quarter valued at approximately $87,000. Values First Advisors Inc. acquired a new stake in Veracyte during the 3rd quarter valued at $91,000. Finally, KBC Group NV raised its holdings 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 acquiring an additional 323 shares during the last quarter.
Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.
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