Veracyte, Inc. (NASDAQ:VCYT) Given Average Rating of “Hold” by Brokerages

Posted by Defense World Staff on May 6th, 2023

Veracyte, Inc. (NASDAQ:VCYT – Get Rating) has been assigned a consensus recommendation of “Hold” from the seven brokerages that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $31.00.

A number of research firms have weighed in on VCYT. Raymond James downgraded Veracyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 18th. StockNews.com began coverage on Veracyte in a report on Thursday, March 16th. They set a “hold” rating on the stock. Finally, Needham & Company LLC lifted their price objective on Veracyte from $33.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, February 23rd.

Veracyte Stock Performance

NASDAQ VCYT opened at $23.28 on Friday. The firm has a 50-day simple moving average of $22.50 and a 200 day simple moving average of $24.02. Veracyte has a twelve month low of $14.85 and a twelve month high of $32.40. The stock has a market cap of $1.69 billion, a PE ratio of -46.56 and a beta of 1.40.

Veracyte (NASDAQ:VCYT – Get Rating) last released its quarterly earnings data on Thursday, May 4th. The biotechnology company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.03. The company had revenue of $82.40 million for the quarter, compared to the consensus estimate of $75.75 million. Veracyte had a negative return on equity of 3.42% and a negative net margin of 12.33%. The company’s quarterly revenue was up 21.5% on a year-over-year basis. During the same period in the previous year, the business earned ($0.20) earnings per share. Research analysts forecast that Veracyte will post -0.52 earnings per share for the current fiscal year.

Insider Transactions at Veracyte

In other news, Director Bonnie H. Anderson sold 34,000 shares of the business’s stock in a transaction that occurred on Friday, April 14th. The stock was sold at an average price of $22.04, for a total value of $749,360.00. Following the transaction, the director now directly owns 42,681 shares of the company’s stock, valued at approximately $940,689.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Credit Suisse AG boosted its stake in Veracyte by 0.6% in the 3rd quarter. Credit Suisse AG now owns 74,016 shares of the biotechnology company’s stock worth $1,229,000 after purchasing an additional 454 shares during the period. Arizona State Retirement System boosted its stake in Veracyte by 2.9% in the 1st quarter. Arizona State Retirement System now owns 20,790 shares of the biotechnology company’s stock worth $464,000 after purchasing an additional 593 shares during the period. EFG Asset Management Americas Corp. boosted its stake in Veracyte by 4.6% in the 1st quarter. EFG Asset Management Americas Corp. now owns 14,961 shares of the biotechnology company’s stock worth $334,000 after purchasing an additional 659 shares during the period. Assetmark Inc. boosted its stake in Veracyte by 13.0% in the 1st quarter. Assetmark Inc. now owns 6,065 shares of the biotechnology company’s stock worth $135,000 after purchasing an additional 699 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its stake in Veracyte by 1.0% in the 3rd quarter. UBS Asset Management Americas Inc. now owns 76,420 shares of the biotechnology company’s stock worth $1,269,000 after purchasing an additional 761 shares during the period.

Veracyte Company Profile

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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.