Veracyte (NASDAQ:VCYT) was upgraded by equities research analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Friday.
Several other brokerages also recently commented on VCYT. ValuEngine upgraded Veracyte from a “hold” rating to a “buy” rating in a research note on Wednesday, June 20th. Zacks Investment Research upgraded Veracyte from a “sell” rating to a “hold” rating in a research note on Thursday, May 24th. Finally, BTIG Research set a $13.00 target price on Veracyte and gave the company a “buy” rating in a research note on Wednesday, May 2nd. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $9.16.
Get Veracyte alerts:Shares of VCYT opened at $9.96 on Friday. The company has a debt-to-equity ratio of 0.84, a current ratio of 3.98 and a quick ratio of 3.59. The stock has a market capitalization of $341.40 million, a PE ratio of -10.95 and a beta of 1.67. Veracyte has a one year low of $5.23 and a one year high of $9.98.
Veracyte (NASDAQ:VCYT) last issued its earnings results on Tuesday, May 1st. The biotechnology company reported ($0.27) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by ($0.02). The firm had revenue of $20.04 million during the quarter, compared to analyst estimates of $18.28 million. Veracyte had a negative net margin of 42.30% and a negative return on equity of 80.99%. sell-side analysts forecast that Veracyte will post -1 earnings per share for the current fiscal year.
In other Veracyte news, Chairman Bonnie H. Anderson sold 12,000 shares of Veracyte stock in a transaction dated Tuesday, June 12th. The stock was sold at an average price of $8.00, for a total transaction of $96,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher M. Hall sold 20,000 shares of Veracyte stock in a transaction dated Tuesday, June 19th. The shares were sold at an average price of $9.02, for a total value of $180,400.00. Following the transaction, the insider now owns 42,964 shares of the company’s stock, valued at approximately $387,535.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,509 shares of company stock valued at $426,541. 13.70% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Acuta Capital Partners LLC boosted its stake in Veracyte by 0.7% during the 1st quarter. Acuta Capital Partners LLC now owns 3,318,000 shares of the biotechnology company’s stock valued at $18,448,000 after purchasing an additional 22,889 shares during the last quarter. Cannell Capital LLC boosted its stake in Veracyte by 7.7% during the 1st quarter. Cannell Capital LLC now owns 2,059,233 shares of the biotechnology company’s stock valued at $11,449,000 after purchasing an additional 146,606 shares during the last quarter. BlackRock Inc. boosted its stake in Veracyte by 46.3% during the 4th quarter. BlackRock Inc. now owns 1,842,981 shares of the biotechnology company’s stock valued at $12,034,000 after purchasing an additional 583,582 shares during the last quarter. First Light Asset Management LLC boosted its stake in Veracyte by 7.4% during the 1st quarter. First Light Asset Management LLC now owns 849,566 shares of the biotechnology company’s stock valued at $4,724,000 after purchasing an additional 58,229 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in Veracyte by 3.0% during the 4th quarter. Millennium Management LLC now owns 780,770 shares of the biotechnology company’s stock valued at $5,098,000 after purchasing an additional 23,089 shares during the last quarter. Institutional investors and hedge funds own 71.52% of the company’s stock.
About Veracyte
Veracyte, Inc operates as a genomic diagnostics company in the United States. The company uses genomic technology to resolve diagnostic uncertainty. It offers Afirma Thyroid FNA Analysis solution; cytopathology testing services; and the Afirma Malignancy Classifiers to manage thyroid nodule patients.
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