Veracyte (NASDAQ:VCYT) Upgraded to "Strong-Buy" at Zacks Research

Key Points

• Veracyte has been upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating, indicating increased confidence among analysts.
• The stock is currently trading at $34.61, reflecting a 4.0% decrease on the day, and has a market cap of $2.72 billion.
• Despite the upgrade, one analyst has rated the stock as "strong buy," while others have given mixed ratings including "buy," "hold," and "sell."

Veracyte (NASDAQ:VCYT - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Monday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. Morgan Stanley set a $28.00 target price on Veracyte and gave the stock an "underweight" rating in a research note on Friday, August 8th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Veracyte in a research note on Saturday, September 27th. Finally, Wall Street Zen upgraded Veracyte from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Veracyte has an average rating of "Moderate Buy" and an average target price of $40.90.

Veracyte Stock Down 4.0%

VCYT opened at $34.61 on Monday. Veracyte has a 12-month low of $22.61 and a 12-month high of $47.32. The stock has a market cap of $2.72 billion, a price-to-earnings ratio of 104.88 and a beta of 2.11. The business has a 50 day moving average of $30.68 and a 200-day moving average of $29.19.

Insiders Place Their Bets

In other news, insider Phillip G. Febbo sold 8,349 shares of Veracyte stock in a transaction on Monday, October 6th. The stock was 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 trade represents a 8.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Annie Mcguire sold 2,283 shares of Veracyte stock in a transaction on Friday, September 19th. The shares were sold at an average price of $33.69, for a total value 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. The trade was a 2.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,299 shares of company stock worth $610,799 in the last 90 days. Company insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Veracyte

Hedge funds and other institutional investors have recently modified their holdings of the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Veracyte in the 2nd quarter valued at $25,000. Osaic Holdings Inc. increased its stake in shares of Veracyte by 289.9% in the 2nd quarter. Osaic Holdings Inc. now owns 1,201 shares of the biotechnology company's stock valued at $33,000 after purchasing an additional 893 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Veracyte in the 1st quarter valued at $48,000. Covestor Ltd increased its stake in shares of Veracyte by 23,936.4% in the 1st quarter. Covestor Ltd now owns 2,644 shares of the biotechnology company's stock valued at $78,000 after purchasing an additional 2,633 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new position in shares of Veracyte in the 1st quarter valued at $173,000.

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.

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