Analysts Set Veracyte, Inc. (NASDAQ:VCYT) PT at $43.40

Veracyte, Inc. (NASDAQ:VCYT) has been assigned an average rating of “Moderate Buy” from the ten research firms that are covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $42.60.

A number of analysts have commented on the company. Stephens restated an “overweight” rating and issued a $45.00 price target on shares of Veracyte in a research report on Wednesday, March 26th. StockNews.com lowered shares of Veracyte from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Guggenheim decreased their target price on shares of Veracyte from $45.00 to $37.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. Craig Hallum assumed coverage on shares of Veracyte in a research report on Thursday, March 20th. They issued a “buy” rating and a $45.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $51.00 price objective on shares of Veracyte in a research report on Tuesday, February 25th.

Hedge Funds Weigh In On Veracyte

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

Veracyte Stock Down 1.2 %

NASDAQ VCYT opened at $31.76 on Wednesday. The firm has a market capitalization of $2.48 billion, a P/E ratio of -211.73 and a beta of 2.03. The company has a 50-day moving average price of $33.76 and a 200-day moving average price of $37.42. Veracyte has a 52 week low of $18.61 and a 52 week high of $47.32.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.07. The business had revenue of $118.63 million for the quarter, compared to the consensus estimate of $110.73 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. During the same period last year, the firm earned ($0.39) earnings per share. As a group, equities research analysts anticipate that Veracyte will post 0.68 EPS 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.