Veracyte (NASDAQ:VCYT) Price Target Raised to $60.00

Key Points

• Canaccord Genuity Group raised Veracyte’s price target from $42 to $60 while keeping a hold rating, implying modest upside from the prior close.
• Other analysts were mixed but generally constructive: Guggenheim lifted its target to $65 with a buy rating, while the broader consensus stands at Moderate Buy with an average target of $54.43.
• Veracyte recently beat earnings expectations, reporting $0.52 EPS on $139.07 million in revenue, with revenue up 21.5% year over year.

Veracyte (NASDAQ:VCYT - Get Free Report) had its price objective hoisted by Canaccord Genuity Group from $42.00 to $60.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a "hold" rating on the biotechnology company's stock. Canaccord Genuity Group's target price suggests a potential upside of 4.38% from the company's previous close.

A number of other brokerages have also issued reports on VCYT. Morgan Stanley lifted their target price on Veracyte from $37.00 to $47.00 and gave the stock an "underweight" rating in a research report on Thursday. Zacks Research raised Veracyte from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 7th. Wolfe Research began coverage on Veracyte in a research note on Tuesday, June 2nd. They set an "outperform" rating and a $55.00 price objective for the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Veracyte in a research report on Wednesday, June 24th. Finally, Guggenheim increased their target price on Veracyte from $45.00 to $65.00 and gave the company a "buy" rating in a research note on Monday, June 29th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $54.43.

Veracyte Stock Performance

Shares of NASDAQ:VCYT opened at $57.48 on Tuesday. The company has a market cap of $4.59 billion, a P/E ratio of 52.73 and a beta of 1.93. Veracyte has a one year low of $22.61 and a one year high of $60.91. The business's 50-day simple moving average is $49.16 and its 200 day simple moving average is $40.95.

Veracyte (NASDAQ:VCYT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.18. Veracyte had a net margin of 16.25% and a return on equity of 9.07%. The company had revenue of $139.07 million during the quarter, compared to the consensus estimate of $130.36 million. During the same quarter last year, the company earned $0.31 earnings per share. Veracyte's revenue for the quarter was up 21.5% on a year-over-year basis. Analysts predict that Veracyte will post 1.29 earnings per share for the current year.

Insider Transactions at Veracyte

In related news, EVP Annie Mcguire sold 3,176 shares of the company's stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $49.76, for a total transaction of $158,037.76. Following the sale, the executive vice president directly owned 137,240 shares of the company's stock, valued at approximately $6,829,062.40. This represents a 2.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 13,975 shares of the firm's stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $50.07, for a total value of $699,728.25. Following the transaction, the insider owned 132,305 shares in the company, valued at $6,624,511.35. This trade represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders sold 206,696 shares of company stock valued at $10,079,058 over the last 90 days. Corporate insiders own 1.60% of the company's stock.

Institutional Trading of Veracyte

A number of institutional investors and hedge funds have recently modified their holdings of the business. Fuller & Thaler Asset Management Inc. bought a new stake in shares of Veracyte during the 4th quarter valued at about $58,158,000. First Trust Advisors LP lifted its holdings in Veracyte by 64.9% in the first quarter. First Trust Advisors LP now owns 2,117,046 shares of the biotechnology company's stock worth $68,190,000 after acquiring an additional 833,543 shares during the last quarter. Squarepoint Ops LLC boosted its stake in Veracyte by 770.6% in the second quarter. Squarepoint Ops LLC now owns 897,387 shares of the biotechnology company's stock valued at $24,256,000 after acquiring an additional 794,307 shares during the period. Soleus Capital Management L.P. acquired a new position in Veracyte in the second quarter valued at approximately $19,338,000. Finally, Iron Triangle Partners LP grew its holdings in shares of Veracyte by 102.1% during the fourth quarter. Iron Triangle Partners LP now owns 980,391 shares of the biotechnology company's stock valued at $41,274,000 after purchasing an additional 495,391 shares during the last quarter.

About Veracyte

Veracyte, Inc is a genomic diagnostics company focused on improving diagnostic accuracy and patient care through advanced molecular testing. Founded in 2008 and headquartered in South San Francisco, California, the company develops and commercializes minimally invasive genomic tests that aid in the diagnosis of thyroid, lung and other diseases. Veracyte's proprietary platform analyzes gene expression patterns in clinical samples to help physicians make more informed treatment decisions, reducing unnecessary surgeries and improving patient outcomes.

The company's flagship product, the Afirma Genomic Sequencing Classifier, is designed to assess thyroid nodules with indeterminate cytology, helping clinicians distinguish benign from suspicious nodules.

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