Veracyte (NASDAQ:VCYT) Price Target Raised to $40.00

Veracyte (NASDAQ:VCYT) had its price objective hoisted by Morgan Stanley from $28.00 to $40.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an underweight rating on the biotechnology company’s stock.

Other research analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Veracyte from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 8th. Needham & Company LLC lifted their price objective on Veracyte from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Canaccord Genuity Group boosted their target price on Veracyte from $40.00 to $43.00 and gave the stock a “hold” rating in a research report on Wednesday, November 5th. Guggenheim upped their target price on Veracyte from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. Finally, UBS Group raised their price target on Veracyte from $42.00 to $48.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $44.11.

Veracyte Trading Down 5.7%

Shares of Veracyte stock opened at $39.87 on Tuesday. Veracyte has a 12-month low of $22.61 and a 12-month high of $47.32. The company has a market cap of $3.15 billion, a price-to-earnings ratio of 120.82 and a beta of 2.16. The company’s 50-day moving average price is $35.48 and its 200-day moving average price is $30.38.

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

Insider Buying and Selling

In other Veracyte news, CFO Rebecca Chambers sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $41.00, for a total transaction of $287,000.00. Following the sale, the chief financial officer owned 126,158 shares in the company, valued at $5,172,478. This trade represents a 5.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Marc Stapley sold 7,667 shares of the company’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $30.41, for a total value of $233,153.47. Following the completion of the transaction, the chief executive officer owned 334,185 shares of the company’s stock, valued at $10,162,565.85. The trade was a 2.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 84,635 shares of company stock valued at $3,490,004 in the last three months. 1.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its position in Veracyte by 2.0% in the first 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. increased its stake in shares of Veracyte by 9.5% in the first quarter. Principal Financial Group Inc. now owns 35,663 shares of the biotechnology company’s stock worth $1,057,000 after buying an additional 3,103 shares during the period. AlphaQuest LLC increased its stake in shares of Veracyte by 1,279.9% in the second quarter. AlphaQuest LLC now owns 8,031 shares of the biotechnology company’s stock worth $217,000 after buying an additional 7,449 shares during the period. Strs Ohio bought a new stake in Veracyte during the 1st quarter valued at $848,000. Finally, Victory Capital Management Inc. boosted its position in Veracyte by 73.0% during the 1st quarter. Victory Capital Management Inc. now owns 97,786 shares of the biotechnology company’s stock valued at $2,899,000 after buying an additional 41,248 shares during the period.

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.