Guggenheim Forecasts Strong Price Appreciation for Veracyte (NASDAQ:VCYT) Stock

Veracyte (NASDAQ:VCYT) had its price objective hoisted by investment analysts at Guggenheim from $40.00 to $45.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Guggenheim’s target price indicates a potential upside of 1.91% from the company’s current price.

Several other research firms have also recently issued reports on VCYT. Needham & Company LLC increased their price target on Veracyte from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Wednesday. Canaccord Genuity Group reaffirmed a “hold” rating and set a $43.00 target price on shares of Veracyte in a report on Wednesday. Zacks Research raised shares of Veracyte from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Morgan Stanley set a $28.00 price target on shares of Veracyte and gave the company an “underweight” rating in a report on Friday, August 8th. Finally, Wall Street Zen upgraded shares of Veracyte from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $42.30.

Veracyte Trading Up 22.2%

VCYT traded up $8.04 during trading on Wednesday, reaching $44.16. 671,542 shares of the company were exchanged, compared to its average volume of 1,092,176. The stock has a market cap of $3.47 billion, a P/E ratio of 133.83 and a beta of 2.11. The firm has a 50 day moving average of $33.78 and a 200 day moving average of $29.83. Veracyte has a 52 week low of $22.61 and a 52 week high of $47.32.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.19. Veracyte had a return on equity of 6.07% and a net margin of 5.50%.The firm had revenue of $131.87 million during the quarter, compared to the consensus estimate of $124.62 million. During the same period in the prior year, the business earned $0.33 EPS. The firm’s revenue was up 13.8% on a year-over-year basis. Veracyte has set its FY 2025 guidance at EPS. As a group, analysts forecast that Veracyte will post 0.68 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Phillip G. Febbo sold 8,349 shares of the stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $36.02, for a total value of $300,730.98. Following the completion of the sale, the insider directly owned 92,441 shares of the company’s stock, valued at $3,329,724.82. This represents a 8.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Marc Stapley sold 7,667 shares of the firm’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $30.41, for a total transaction of $233,153.47. Following the sale, the chief executive officer owned 334,185 shares of the company’s stock, valued at approximately $10,162,565.85. This represents a 2.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 18,299 shares of company stock worth $610,799 in the last 90 days. Company insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Veracyte

Institutional investors have recently made changes to their positions in the company. First Horizon Corp bought a new stake in Veracyte in the third quarter worth approximately $31,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Veracyte during the second quarter worth $25,000. Osaic Holdings Inc. raised 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 acquiring an additional 893 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Veracyte in the 1st quarter valued at approximately $48,000. Finally, Covestor Ltd raised 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 acquiring an additional 2,633 shares in the last quarter.

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.