Needham & Company LLC Has Lowered Expectations for Veracyte (NASDAQ:VCYT) Stock Price

Veracyte (NASDAQ:VCYT - Get Free Report) had its price objective decreased by equities research analysts at Needham & Company LLC from $51.00 to $41.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the biotechnology company's stock. Needham & Company LLC's price objective indicates a potential upside of 39.60% from the stock's previous close.

Other equities research analysts have also issued research reports about the stock. Stephens restated an "overweight" rating and issued a $45.00 target price on shares of Veracyte in a report on Wednesday, March 26th. Craig Hallum assumed coverage on Veracyte in a report on Thursday, March 20th. They issued a "buy" rating and a $45.00 target price on the stock. StockNews.com downgraded Veracyte from a "buy" rating to a "hold" rating in a report on Wednesday, February 26th. UBS Group raised their price objective on Veracyte from $46.00 to $49.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Finally, Guggenheim reduced their target price on shares of Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Veracyte presently has an average rating of "Moderate Buy" and a consensus target price of $40.90.

Veracyte Trading Down 5.9 %

Veracyte stock traded down $1.84 during midday trading on Thursday, reaching $29.37. The stock had a trading volume of 1,498,608 shares, compared to its average volume of 884,792. The company has a fifty day moving average price of $31.05 and a two-hundred day moving average price of $37.12. Veracyte has a 12 month low of $19.73 and a 12 month high of $47.32. The company has a market capitalization of $2.30 billion, a P/E ratio of -195.80 and a beta of 2.14.

Veracyte (NASDAQ:VCYT - Get Free Report) last released its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.29 by $0.07. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The firm had revenue of $118.63 million during the quarter, compared to the consensus estimate of $110.73 million. During the same quarter in the previous year, the company posted ($0.39) earnings per share. On average, equities research analysts predict that Veracyte will post 0.68 earnings per share for the current fiscal year.

Institutional Trading of Veracyte

Large investors have recently bought and sold shares of the company. Jones Financial Companies Lllp grew its stake in shares of Veracyte by 49.7% during the 4th quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company's stock worth $28,000 after acquiring an additional 237 shares during the period. Arizona State Retirement System boosted its position in Veracyte by 1.2% during the fourth quarter. Arizona State Retirement System now owns 22,276 shares of the biotechnology company's stock worth $882,000 after purchasing an additional 264 shares during the period. Synovus Financial Corp increased its stake in shares of Veracyte by 1.2% in the fourth quarter. Synovus Financial Corp now owns 23,132 shares of the biotechnology company's stock worth $916,000 after purchasing an additional 267 shares in the last quarter. HighTower Advisors LLC raised its position in shares of Veracyte by 1.9% in the fourth quarter. HighTower Advisors LLC now owns 16,630 shares of the biotechnology company's stock valued at $659,000 after purchasing an additional 305 shares during the period. Finally, Xponance Inc. lifted its stake in shares of Veracyte by 5.7% during the 1st quarter. Xponance Inc. now owns 6,860 shares of the biotechnology company's stock valued at $203,000 after buying an additional 370 shares in the last quarter.

Veracyte Company Profile

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.