Veracyte, Inc. (NASDAQ:VCYT) Receives Consensus Rating of "Moderate Buy" from Analysts

Key Points

• Veracyte, Inc. has received a consensus rating of "Moderate Buy" from twelve analysts, with one strong buy, seven buy, two hold, and two sell ratings.
• The average one-year price target for Veracyte's stock is $40.90, and the stock recently traded at $36.73 with a significant 52-week high of $47.32.
• Recent insider activity includes the sale of shares by insiders, with Phillip G. Febbo selling 8,349 shares for approximately $300,730.

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the twelve ratings firms that are presently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have covered the stock in the last year is $40.90.

Several research firms have recently weighed in on VCYT. Wall Street Zen upgraded shares of Veracyte from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Zacks Research upgraded shares of Veracyte from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 6th. Canaccord Genuity Group began coverage on shares of Veracyte in a research note on Monday, October 20th. They set a "hold" rating and a $40.00 price objective on the stock. Morgan Stanley set a $28.00 price objective on shares of Veracyte and gave the stock an "underweight" rating in a research note on Friday, August 8th. Finally, Weiss Ratings reiterated a "sell (d+)" rating on shares of Veracyte in a research note on Friday.

Veracyte Price Performance

Shares of Veracyte stock opened at $36.73 on Friday. The company's fifty day moving average price is $32.92 and its two-hundred day moving average price is $29.65. Veracyte has a 52-week low of $22.61 and a 52-week high of $47.32. The firm has a market capitalization of $2.89 billion, a PE ratio of 111.31 and a beta of 2.11.

Insider Activity at Veracyte

In related news, insider Phillip G. Febbo sold 8,349 shares of the company's stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $36.02, for a total value of $300,730.98. Following the transaction, the insider owned 92,441 shares in the company, valued at approximately $3,329,724.82. This represents a 8.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Annie Mcguire sold 2,283 shares of the company's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $33.69, for a total transaction of $76,914.27. Following the completion of the transaction, the senior vice president owned 91,599 shares in the company, valued at approximately $3,085,970.31. This trade represents a 2.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,299 shares of company stock worth $610,799. Insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC lifted its holdings in shares of Veracyte by 54.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,538 shares of the biotechnology company's stock worth $400,000 after acquiring an additional 4,792 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Veracyte by 122.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 18,199 shares of the biotechnology company's stock worth $540,000 after acquiring an additional 10,022 shares during the period. Bank of New York Mellon Corp lifted its stake in Veracyte by 2.0% in the 1st quarter. Bank of New York Mellon Corp now owns 248,224 shares of the biotechnology company's stock valued at $7,360,000 after purchasing an additional 4,772 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Veracyte by 9.5% in the 1st quarter. Principal Financial Group Inc. now owns 35,663 shares of the biotechnology company's stock valued at $1,057,000 after purchasing an additional 3,103 shares during the last quarter. Finally, Strs Ohio bought a new position in Veracyte in the 1st quarter valued at approximately $848,000.

About Veracyte

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.

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