Veracyte (NASDAQ:VCYT) Receives “Neutral” Rating from The Goldman Sachs Group

Veracyte (NASDAQ:VCYT)‘s stock had its “neutral” rating reaffirmed by investment analysts at The Goldman Sachs Group in a research note issued on Thursday,Benzinga reports. They currently have a $37.00 target price on the biotechnology company’s stock, down from their prior target price of $38.00. The Goldman Sachs Group’s price objective would indicate a potential downside of 16.08% from the company’s current price.

A number of other equities analysts have also weighed in on the stock. Guggenheim assumed coverage on shares of Veracyte in a research report on Thursday, October 10th. They issued a “buy” rating and a $40.00 price objective on the stock. Scotiabank boosted their target price on shares of Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 8th. Leerink Partners boosted their target price 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. Needham & Company LLC boosted their target price on shares of Veracyte from $37.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, UBS Group boosted their target price on shares of Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $41.13.

Veracyte Price Performance

Shares of Veracyte stock opened at $44.09 on Thursday. The firm’s fifty day simple moving average is $36.31 and its 200-day simple moving average is $29.47. The stock has a market capitalization of $3.42 billion, a price-to-earnings ratio of -293.93 and a beta of 1.69. Veracyte has a 12 month low of $18.61 and a 12 month high of $44.50.

Veracyte (NASDAQ:VCYT) last announced its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.16. The business had revenue of $115.86 million for the quarter, compared to analysts’ expectations of $109.81 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The company’s quarterly revenue was up 28.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.03) EPS. Analysts anticipate that Veracyte will post 0.32 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Evan/ Fa Jones sold 5,173 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,209,903.89. The trade was a 13.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Rebecca Chambers sold 7,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $43.23, for a total transaction of $302,610.00. Following the completion of the transaction, the chief financial officer now directly owns 114,037 shares of the company’s stock, valued at $4,929,819.51. The trade was a 5.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,211 shares of company stock worth $787,542 in the last three months. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. KBC Group NV raised its stake in Veracyte by 13.7% in the 3rd quarter. KBC Group NV now owns 2,677 shares of the biotechnology company’s stock valued at $91,000 after purchasing an additional 323 shares during the last quarter. Inspire Investing LLC increased its stake in shares of Veracyte by 2.1% during the 2nd quarter. Inspire Investing LLC now owns 16,462 shares of the biotechnology company’s stock valued at $357,000 after acquiring an additional 340 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Veracyte by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,778 shares of the biotechnology company’s stock valued at $94,000 after acquiring an additional 496 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Veracyte by 3.7% during the 2nd quarter. Arizona State Retirement System now owns 20,806 shares of the biotechnology company’s stock valued at $451,000 after acquiring an additional 733 shares during the last quarter. Finally, CWM LLC increased its stake 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.

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.