Veracyte (NASDAQ:VCYT) Price Target Lowered to $27.00 at Needham & Company LLC

Veracyte (NASDAQ:VCYT - Free Report) had its price target lowered by Needham & Company LLC from $33.00 to $27.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the biotechnology company's stock.

Several other equities analysts have also weighed in on VCYT. Morgan Stanley cut their price objective on shares of Veracyte from $22.00 to $21.00 and set an underweight rating on the stock in a research report on Monday, February 26th. The Goldman Sachs Group reduced their price objective on shares of Veracyte from $32.00 to $28.00 and set a buy rating for the company in a research note on Monday, April 15th. Finally, William Blair reissued an outperform rating on shares of Veracyte in a research report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Veracyte currently has an average rating of Moderate Buy and a consensus price target of $27.50.

Veracyte Trading Down 4.3 %

NASDAQ VCYT traded down $0.91 during trading on Wednesday, reaching $20.12. 955,094 shares of the company's stock were exchanged, compared to its average volume of 639,656. Veracyte has a fifty-two week low of $18.61 and a fifty-two week high of $30.52. The company's fifty day simple moving average is $21.09 and its 200-day simple moving average is $23.84. The firm has a market capitalization of $1.54 billion, a PE ratio of -19.35 and a beta of 1.65.

Veracyte (NASDAQ:VCYT - Get Free Report) last issued its earnings results on Tuesday, May 7th. The biotechnology company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.19) by $0.17. The company had revenue of $96.84 million during the quarter, compared to analyst estimates of $93.35 million. Veracyte had a negative net margin of 20.61% and a negative return on equity of 2.02%. The company's revenue for the quarter was up 17.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.11) EPS. Equities analysts forecast that Veracyte will post -0.29 EPS for the current fiscal year.

Insider Activity at Veracyte

In related news, Director Karin Eastham sold 10,000 shares of the business's stock in a transaction on Monday, April 1st. The shares were sold at an average price of $21.65, for a total transaction of $216,500.00. Following the transaction, the director now owns 33,125 shares of the company's stock, valued at $717,156.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Veracyte

Several large investors have recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Veracyte by 96.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,862 shares of the biotechnology company's stock valued at $42,000 after acquiring an additional 913 shares during the period. SG Americas Securities LLC bought a new stake in Veracyte during the first quarter worth about $140,000. PNC Financial Services Group Inc. increased its holdings in shares of Veracyte by 27.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 7,323 shares of the biotechnology company's stock worth $201,000 after buying an additional 1,571 shares in the last quarter. OLD National Bancorp IN acquired a new position in shares of Veracyte in the 4th quarter worth approximately $205,000. Finally, Aigen Investment Management LP bought a new stake in Veracyte during the 4th quarter worth approximately $220,000.

About Veracyte

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.