Veracyte (NASDAQ:VCYT) Price Target Cut to $35.00 by Analysts at UBS Group

Veracyte (NASDAQ:VCYT) had its price objective cut by investment analysts at UBS Group from $65.00 to $35.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the biotechnology company’s stock. UBS Group‘s target price suggests a potential upside of 35.03% from the stock’s previous close.

Several other equities research analysts have also commented on VCYT. Needham & Company LLC dropped their price objective on shares of Veracyte from $69.00 to $46.00 and set a “buy” rating on the stock in a research note on Thursday. Canaccord Genuity Group decreased their target price on shares of Veracyte from $60.00 to $50.00 and set a “hold” rating for the company in a report on Monday, August 3rd. Piper Sandler dropped their target price on shares of Veracyte from $66.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 4th. Weiss Ratings downgraded Veracyte from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, September 24th. Finally, Wall Street Zen lowered shares of Veracyte from a “buy” rating to a “hold” rating in a research note on Saturday. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $48.40.

Veracyte Stock Up 7.3%

Shares of NASDAQ VCYT traded up $1.76 during trading hours on Monday, reaching $25.92. 5,061,822 shares of the stock traded hands, compared to its average volume of 1,246,710. Veracyte has a 52-week low of $21.91 and a 52-week high of $60.91. The company’s 50-day simple moving average is $44.07 and its two-hundred day simple moving average is $42.87. The company has a market capitalization of $2.08 billion, a P/E ratio of 16.72 and a beta of 1.98.

Veracyte (NASDAQ:VCYT) last issued its earnings results on Wednesday, November 4th. The biotechnology company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.10. The company had revenue of $151.75 million during the quarter, compared to analysts’ expectations of $147.13 million. Veracyte had a return on equity of 8.99% and a net margin of 21.80%. Veracyte’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.51 EPS. As a group, sell-side analysts forecast that Veracyte will post 1.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Veracyte

In other Veracyte news, Director Jens Holstein sold 7,500 shares of the stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $50.00, for a total transaction of $375,000.00. Following the completion of the sale, the director directly owned 27,471 shares of the company’s stock, valued at $1,373,550. This trade represents a 21.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karin Eastham sold 14,850 shares of Veracyte stock in a transaction dated Tuesday, October 27th. The stock was sold at an average price of $50.00, for a total value of $742,500.00. Following the completion of the sale, the director directly owned 10,247 shares in the company, valued at $512,350. This trade represents a 59.17% 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. Over the last 90 days, insiders sold 62,609 shares of company stock worth $2,858,904. Insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Bessemer Group Inc. raised its position in Veracyte by 19,391.1% in the 3rd quarter. Bessemer Group Inc. now owns 96,091 shares of the biotechnology company’s stock worth $4,423,000 after purchasing an additional 95,598 shares during the period. Virtus Advisers LLC grew its position in shares of Veracyte by 20.4% during the 3rd quarter. Virtus Advisers LLC now owns 45,231 shares of the biotechnology company’s stock worth $2,082,000 after buying an additional 7,657 shares in the last quarter. William Blair Investment Management LLC grew its holdings in Veracyte by 89.2% during the 3rd quarter. William Blair Investment Management LLC now owns 2,709,212 shares of the biotechnology company’s stock worth $124,732,000 after acquiring an additional 1,277,616 shares in the last quarter. Allworth Financial LP increased its holdings in Veracyte by 81.4% during the third quarter. Allworth Financial LP now owns 1,533 shares of the biotechnology company’s stock valued at $71,000 after buying an additional 688 shares during the period. Finally, Russell Investments Group Ltd. raised its position in shares of Veracyte by 7.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 97,813 shares of the biotechnology company’s stock worth $4,503,000 after acquiring an additional 7,088 shares in the last quarter.

Veracyte Company Profile

Veracyte, Inc is a genomic diagnostics company that develops tests to help clinicians diagnose disease and guide treatment decisions, with a focus on cancer and other complex conditions. Its tests analyze biological samples to provide information that can help distinguish between conditions and assess disease risk.

The company’s portfolio includes Afirma for thyroid nodule assessment, Decipher for prostate cancer, Prosigna for breast cancer, and Percepta for lung cancer. Veracyte also offers Envisia, a genomic test that supports the diagnosis of idiopathic pulmonary fibrosis and other forms of interstitial lung disease.

Founded in 2008 and headquartered in South San Francisco, California, Veracyte serves clinicians and patients in the United States and makes certain products available in international markets.