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

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 trading hands.

Other research analysts also recently issued reports about the stock. StockNews.com downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Craig Hallum started coverage on Veracyte in a report on Thursday, March 20th. They issued a “buy” rating and a $45.00 target price on the stock. Stephens restated an “overweight” rating and issued a $45.00 price target on shares of Veracyte in a research report on Wednesday, March 26th. Needham & Company LLC reiterated a “buy” rating and set a $51.00 price objective on shares of Veracyte in a research report on Tuesday, February 25th. Finally, UBS Group boosted their target price on shares of Veracyte from $46.00 to $49.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $42.60.

Institutional Trading of Veracyte

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VCYT. Jones Financial Companies Lllp grew its stake in 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 acquiring an additional 237 shares during the period. Arizona State Retirement System grew its position in Veracyte by 1.2% in the 4th quarter. Arizona State Retirement System now owns 22,276 shares of the biotechnology company’s stock valued at $882,000 after purchasing an additional 264 shares during the period. Synovus Financial Corp increased its stake in Veracyte by 1.2% during the 4th quarter. Synovus Financial Corp now owns 23,132 shares of the biotechnology company’s stock valued at $916,000 after purchasing an additional 267 shares in the last quarter. HighTower Advisors LLC increased its stake in Veracyte by 1.9% during the 4th quarter. HighTower Advisors LLC now owns 16,630 shares of the biotechnology company’s stock valued at $659,000 after purchasing an additional 305 shares in the last quarter. Finally, Principal Securities Inc. raised its holdings in Veracyte by 34.1% during 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 during the last quarter.

Veracyte Stock Down 1.1 %

The stock 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 two-hundred day simple moving average is $37.53.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.07. The business had revenue of $118.63 million during the quarter, compared to the consensus estimate 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 in the previous year, the business earned ($0.39) EPS. Analysts predict that Veracyte, Inc. will post 0.68 earnings per share for the current year.

Veracyte Company Profile

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.