Veracyte (NASDAQ:VCYT) Receives Buy Rating from Guggenheim

Guggenheim restated their buy rating on shares of Veracyte (NASDAQ:VCYT) in a research note released on Tuesday morning,Benzinga reports. They currently have a $45.00 price objective on the biotechnology company’s stock.

VCYT has been the subject of several other research reports. Wolfe Research assumed coverage on Veracyte in a report on Friday, November 15th. They issued an “outperform” rating and a $50.00 price target for the company. StockNews.com lowered shares of Veracyte from a “buy” rating to a “hold” rating in a research report on Tuesday, February 18th. UBS Group increased their price target on shares of Veracyte from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Tuesday. Needham & Company LLC reissued a “buy” rating and set a $51.00 price objective on shares of Veracyte in a research note on Tuesday. Finally, Scotiabank increased their target price on Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $43.00.

Veracyte Stock Performance

Shares of VCYT opened at $33.84 on Tuesday. Veracyte has a 1 year low of $18.61 and a 1 year high of $47.32. The company’s 50 day simple moving average is $41.63 and its 200 day simple moving average is $37.61. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of -225.60 and a beta of 1.71.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) 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 analysts’ expectations of $110.73 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. During the same quarter last year, the firm earned ($0.39) earnings per share. Equities analysts expect that Veracyte will post 0.68 EPS for the current fiscal year.

Insider Activity at Veracyte

In other news, insider John Leite sold 1,050 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.25, for a total value of $45,412.50. Following the completion of the sale, the insider now owns 73,810 shares in the company, valued at approximately $3,192,282.50. This trade represents a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jonathan Wygant sold 956 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $43.36, for a total value of $41,452.16. Following the transaction, the chief accounting officer now directly owns 40,270 shares in the company, valued at $1,746,107.20. This trade represents a 2.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,533 shares of company stock worth $815,584. 1.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Veracyte

Several large investors have recently bought and sold shares of the company. Jones Financial Companies Lllp boosted its stake in shares of Veracyte by 49.7% in the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock valued at $28,000 after purchasing an additional 237 shares during the period. GF Fund Management CO. LTD. acquired a new position in Veracyte in the 4th quarter worth $64,000. US Bancorp DE boosted 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 valued at $70,000 after buying an additional 647 shares during the last quarter. Principal Securities Inc. grew its stake in shares of Veracyte by 34.1% during the fourth quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock valued at $76,000 after acquiring an additional 485 shares in the last quarter. Finally, KBC Group NV increased its position in shares of Veracyte by 13.7% during the third quarter. KBC Group NV now owns 2,677 shares of the biotechnology company’s stock worth $91,000 after acquiring an additional 323 shares during the last quarter.

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.