Veracyte (NASDAQ:VCYT) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Veracyte (NASDAQ:VCYT) had its target price lifted by equities research analysts at Needham & Company LLC from $37.00 to $44.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s price objective points to a potential upside of 20.25% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. Guggenheim initiated coverage on shares of Veracyte in a report on Thursday, October 10th. They set a “buy” rating and a $40.00 price target for the company. UBS Group started coverage on shares of Veracyte in a report on Wednesday, October 16th. They set a “buy” rating and a $43.00 price target for the company. Morgan Stanley increased their target price on shares of Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a research note on Monday, August 12th. Finally, Leerink Partners increased their target price on shares of Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to MarketBeat, Veracyte has a consensus rating of “Moderate Buy” and a consensus target price of $36.83.

Veracyte Price Performance

VCYT stock opened at $36.59 on Thursday. Veracyte has a 52-week low of $18.61 and a 52-week high of $37.40. The company has a 50-day moving average of $33.06 and a two-hundred day moving average of $26.79. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of -48.79 and a beta of 1.67.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.10. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The company had revenue of $114.43 million during the quarter, compared to analysts’ expectations of $100.27 million. During the same period in the prior year, the company earned ($0.12) earnings per share. The business’s quarterly revenue was up 26.7% compared to the same quarter last year. Equities analysts expect that Veracyte will post 0.16 EPS for the current fiscal year.

Insider Activity

In related news, Director Evan/ Fa Jones sold 5,173 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 34,343 shares in the company, valued at $1,209,903.89. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Evan/ Fa Jones sold 5,173 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 34,343 shares in the company, valued at $1,209,903.89. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John Leite sold 5,479 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 76,174 shares of the company’s stock, valued at $2,268,461.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,141 shares of company stock worth $1,035,116. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. raised its position in Veracyte by 2,331.6% in the 2nd quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 1,329 shares during the last quarter. CWM LLC raised its position in shares of Veracyte by 168.3% during the 2nd quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock valued at $33,000 after acquiring an additional 951 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Veracyte during the 2nd quarter valued at $58,000. Signature Resources Capital Management LLC bought a new stake in shares of Veracyte during the 2nd quarter valued at $83,000. Finally, nVerses Capital LLC bought a new stake in shares of Veracyte during the 2nd quarter valued at $85,000.

Veracyte Company Profile

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.