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

Key Points

• Analysts maintain a moderately bullish view: Veracyte has a consensus “Moderate Buy” rating from 11 analysts, with an average 12-month price target of $55.78 versus a recent price of $45.23.
• Quarterly results exceeded expectations: Veracyte reported earnings of $0.54 per share, beating estimates of $0.41, while revenue reached $150.32 million and increased 15.5% year over year.
• Insiders have been net sellers: Company insiders sold 30,895 shares worth approximately $1.31 million over the past three months, with insiders owning 1.60% of the stock.

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the eleven analysts that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $55.78.

A number of analysts recently issued reports on VCYT shares. UBS Group boosted their price objective on Veracyte from $52.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, September 9th. Piper Sandler decreased their price target on Veracyte from $66.00 to $54.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 4th. Weiss Ratings cut shares of Veracyte from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, September 24th. Canaccord Genuity Group lowered their price target on Veracyte from $60.00 to $50.00 and set a "hold" rating for the company in a research report on Monday, August 3rd. Finally, Needham & Company LLC restated a "buy" rating on shares of Veracyte in a research report on Tuesday, September 15th.

Veracyte Stock Up 3.7%

Shares of NASDAQ:VCYT opened at $45.23 on Friday. Veracyte has a 12-month low of $29.45 and a 12-month high of $60.91. The firm has a market cap of $3.64 billion, a P/E ratio of 32.08 and a beta of 1.95. The business has a fifty day simple moving average of $43.69 and a 200 day simple moving average of $44.67.

Veracyte (NASDAQ:VCYT - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The biotechnology company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.13. The company had revenue of $150.32 million during the quarter, compared to analysts' expectations of $144.59 million. Veracyte had a net margin of 20.37% and a return on equity of 9.26%. Veracyte's revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.44 earnings per share. As a group, equities research analysts expect that Veracyte will post 1.32 EPS for the current year.

Insider Buying and Selling

In related news, insider Phillip G. Febbo sold 13,110 shares of the company's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $43.05, for a total transaction of $564,385.50. Following the completion of the sale, the insider owned 133,048 shares in the company, valued at approximately $5,727,716.40. This represents a 8.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider John Leite sold 4,015 shares of the stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $40.00, for a total value of $160,600.00. Following the completion of the transaction, the insider directly owned 124,329 shares in the company, valued at approximately $4,973,160. This represents a 3.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 30,895 shares of company stock worth $1,307,448 in the last three months. 1.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Veracyte

Several institutional investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC purchased a new stake in shares of Veracyte during the second quarter worth about $44,000. Allworth Financial LP purchased a new stake in Veracyte in the 2nd quarter worth about $50,000. Meeder Asset Management Inc. bought a new stake in shares of Veracyte during the 1st quarter worth approximately $62,000. Northwestern Mutual Wealth Management Co. purchased a new position in Veracyte in the 2nd quarter worth about $62,000. Finally, GAMMA Investing LLC increased its position in shares of Veracyte by 21.2% during the second quarter. GAMMA Investing LLC now owns 1,121 shares of the biotechnology company's stock worth $66,000 after acquiring an additional 196 shares during the period.

About Veracyte

Veracyte, Inc is a diagnostic company that develops and commercializes genomic tests designed to help physicians diagnose cancer, assess disease risk and guide treatment decisions. Its tests analyze genetic information from patient samples and are intended to provide more precise answers than traditional diagnostic methods alone.

The company's portfolio includes Afirma genomic tests for thyroid nodules, Decipher tests for prostate cancer, Percepta tests for lung cancer and Envisio tests that support the evaluation of certain lung nodules.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.