Veracyte, Inc. (NASDAQ:VCYT) Stock Has Average Price Target of $55.78 According to Brokerages

Key Points

• Analyst sentiment is moderately positive: Eleven brokerages give Veracyte an average “Moderate Buy” rating, with a consensus 12-month price target of $55.78.
• Quarterly results topped estimates: Veracyte reported EPS of $0.51 versus $0.41 expected and revenue of $151.75 million versus $147.13 million expected; revenue rose 15.1% year over year.
• Insiders have been selling shares: Company insiders sold 62,609 shares worth about $2.86 million over the past 90 days; the sales were made under pre-arranged Rule 10b5-1 plans.

Shares of Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) have received an average rating of "Moderate Buy" from the eleven brokerages that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $55.78.

VCYT has been the subject of a number of research reports. Weiss Ratings downgraded shares of Veracyte from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, September 24th. Wall Street Zen cut shares of Veracyte from a "strong-buy" rating to a "buy" rating in a report on Saturday, October 10th. UBS Group lifted their price target on shares of Veracyte from $52.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, September 9th. Morgan Stanley dropped their price objective on Veracyte from $47.00 to $44.00 and set an "underweight" rating on the stock in a research note on Tuesday, August 4th. Finally, Piper Sandler dropped their price objective on Veracyte from $66.00 to $54.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 4th.

Veracyte Stock Performance

Shares of NASDAQ:VCYT opened at $52.52 on Thursday. The company has a market capitalization of $4.22 billion, a P/E ratio of 37.25 and a beta of 1.98. The company's 50-day moving average is $44.90 and its 200 day moving average is $43.04. Veracyte has a fifty-two week low of $29.45 and a fifty-two week high of $60.91.

Veracyte (NASDAQ:VCYT - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The biotechnology company reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.10. The business had revenue of $151.75 million during the quarter, compared to the consensus estimate of $147.13 million. Veracyte had a net margin of 20.37% and a return on equity of 9.26%. The firm's quarterly revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.51 earnings per share. As a group, research analysts predict that Veracyte will post 1.32 earnings per share for the current year.

Insiders Place Their Bets

In other Veracyte news, Director Jens Holstein sold 7,500 shares of the business's stock in a transaction on Tuesday, October 27th. The stock was sold at an average price of $50.00, for a total value of $375,000.00. Following the sale, the director directly owned 27,471 shares in the company, valued at $1,373,550. The trade was a 21.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Muna Bhanji sold 1,864 shares of the company's stock in a transaction on Monday, October 19th. The shares were sold at an average price of $43.70, for a total value of $81,456.80. Following the transaction, the director directly owned 40,854 shares in the company, valued at $1,785,319.80. This represents a 4.36% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 62,609 shares of company stock valued at $2,858,904. Company insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On Veracyte

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in shares of Veracyte by 21.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,121 shares of the biotechnology company's stock valued at $66,000 after purchasing an additional 196 shares in the last quarter. Abel Hall LLC increased its holdings in shares of Veracyte by 3.6% in the third quarter. Abel Hall LLC now owns 6,511 shares of the biotechnology company's stock worth $300,000 after purchasing an additional 229 shares during the period. Allworth Financial LP increased its holdings in shares of Veracyte by 178.0% in the second quarter. Allworth Financial LP now owns 845 shares of the biotechnology company's stock worth $50,000 after purchasing an additional 541 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Veracyte in the second quarter worth $44,000. Finally, Assetmark Inc. raised its position in shares of Veracyte by 34.4% in the first quarter. Assetmark Inc. now owns 2,968 shares of the biotechnology company's stock worth $96,000 after buying an additional 760 shares in the last quarter.

About Veracyte

Veracyte, Inc is a diagnostics company that develops genomic tests to help physicians diagnose cancer, assess disease risk and guide treatment decisions. Its tests are designed to provide additional molecular information from patient samples, often helping reduce uncertainty and support more personalized care.

The company's portfolio includes Afirma tests for thyroid nodules, Decipher tests for prostate cancer, Percepta tests for lung cancer and Envisio tests for breast cancer. Veracyte also develops and commercializes additional genomic assays intended for use across various cancer types and clinical settings.

Founded in 2008 and headquartered in South San Francisco, California, Veracyte primarily serves the U.S.

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