Veracyte (NASDAQ:VCYT) Shares Gap Down After Analyst Downgrade

Shares of Veracyte, Inc. (NASDAQ:VCYT) gapped down prior to trading on Wednesday after Guggenheim lowered their price target on the stock from $45.00 to $37.00. The stock had previously closed at $28.88, but opened at $27.22. Guggenheim currently has a buy rating on the stock. Veracyte shares last traded at $28.59, with a volume of 64,349 shares changing hands.

A number of other brokerages have also recently issued reports on VCYT. Needham & Company LLC restated a “buy” rating and issued a $51.00 price objective on shares of Veracyte in a research note on Tuesday, February 25th. Craig Hallum assumed coverage on Veracyte in a research note on Thursday, March 20th. They set a “buy” rating and a $45.00 price objective on the stock. Stephens restated an “overweight” rating and issued a $45.00 target price on shares of Veracyte in a research note on Wednesday, March 26th. StockNews.com cut Veracyte from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Finally, UBS Group raised their price objective on shares of Veracyte from $46.00 to $49.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.60.

Hedge Funds Weigh In On Veracyte

A number of hedge funds and other institutional investors have recently bought and sold shares of VCYT. Jones Financial Companies Lllp lifted its holdings in shares of Veracyte by 49.7% during the 4th quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock worth $28,000 after acquiring an additional 237 shares during the last quarter. Versant Capital Management Inc raised its position in Veracyte by 1,267.6% during the first quarter. Versant Capital Management Inc now owns 930 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 862 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in Veracyte during the fourth quarter worth about $64,000. US Bancorp DE lifted its position in Veracyte by 57.4% in the 4th quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock worth $70,000 after buying an additional 647 shares during the last quarter. Finally, Principal Securities Inc. boosted its stake in Veracyte by 34.1% in the fourth quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock worth $76,000 after buying an additional 485 shares in the last quarter.

Veracyte Stock Down 1.1 %

The firm has a market capitalization of $2.23 billion, a P/E ratio of -189.46 and a beta of 2.03. The business’s 50-day simple moving average is $35.32 and its 200 day simple moving average is $37.53.

Veracyte (NASDAQ:VCYT) last released its earnings results on Monday, February 24th. The biotechnology company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.29 by $0.07. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The company had revenue of $118.63 million for the quarter, compared to analyst estimates of $110.73 million. During the same quarter last year, the firm earned ($0.39) EPS. Sell-side analysts predict that Veracyte, Inc. will post 0.68 earnings per share for the current year.

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.