Veracyte, Inc. (NASDAQ:VCYT) Receives $43.38 Consensus Target Price from Brokerages

Veracyte, Inc. (NASDAQ:VCYT) has earned an average rating of “Moderate Buy” from the ten brokerages that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $43.3750.

VCYT has been the subject of a number of recent research reports. Wall Street Zen raised shares of Veracyte from a “buy” rating to a “strong-buy” rating in a research note on Sunday, November 16th. Canaccord Genuity Group increased their price objective on Veracyte from $40.00 to $43.00 and gave the company a “hold” rating in a research note on Wednesday, November 5th. Weiss Ratings restated a “hold (c)” rating on shares of Veracyte in a report on Tuesday. Guggenheim boosted their price objective on shares of Veracyte from $40.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Finally, UBS Group raised their target price on shares of Veracyte from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th.

Insider Buying and Selling at Veracyte

In related news, insider John Leite sold 2,808 shares of the stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $50.00, for a total value of $140,400.00. Following the transaction, the insider directly owned 86,291 shares of the company’s stock, valued at approximately $4,314,550. This trade represents a 3.15% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jens Holstein sold 10,000 shares of the company’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $42.36, for a total value of $423,600.00. Following the sale, the director owned 27,199 shares of the company’s stock, valued at $1,152,149.64. This represents a 26.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 98,549 shares of company stock worth $4,109,580. 1.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Veracyte

Institutional investors and hedge funds have recently made changes to their positions in the business. Arizona State Retirement System raised its holdings in Veracyte by 1.8% in the third quarter. Arizona State Retirement System now owns 23,158 shares of the biotechnology company’s stock valued at $795,000 after acquiring an additional 419 shares in the last quarter. Blair William & Co. IL grew its stake in Veracyte by 3.5% in the first quarter. Blair William & Co. IL now owns 16,092 shares of the biotechnology company’s stock worth $477,000 after purchasing an additional 550 shares in the last quarter. California State Teachers Retirement System increased its holdings in Veracyte by 0.8% in the second quarter. California State Teachers Retirement System now owns 71,095 shares of the biotechnology company’s stock valued at $1,922,000 after buying an additional 566 shares during the last quarter. Police & Firemen s Retirement System of New Jersey lifted its holdings in Veracyte by 4.6% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 17,991 shares of the biotechnology company’s stock worth $486,000 after buying an additional 790 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Veracyte by 4.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 22,732 shares of the biotechnology company’s stock worth $614,000 after purchasing an additional 865 shares during the last quarter.

Veracyte Price Performance

VCYT opened at $47.71 on Thursday. The stock’s 50 day simple moving average is $37.47 and its 200 day simple moving average is $31.14. The stock has a market cap of $3.77 billion, a P/E ratio of 144.58 and a beta of 2.16. Veracyte has a 1-year low of $22.61 and a 1-year high of $50.71.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $0.51 earnings per share for the quarter, beating 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 business had revenue of $131.87 million during the quarter, compared to analysts’ expectations of $124.62 million. During the same quarter last year, the business posted $0.33 earnings per share. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. Veracyte has set its FY 2025 guidance at EPS. Research analysts expect that Veracyte will post 0.68 EPS for the current fiscal year.

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.