Veracyte (NASDAQ:VCYT) Upgraded to “Strong-Buy” by BidaskClub

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BidaskClub upgraded shares of Veracyte (NASDAQ:VCYT) from a buy rating to a strong-buy rating in a research note issued to investors on Friday, BidAskClub reports.

VCYT has been the topic of a number of other research reports. Zacks Investment Research downgraded Zynex from a hold rating to a sell rating in a research report on Saturday, May 4th. Needham & Company LLC began coverage on Veracyte in a research report on Tuesday, July 2nd. They issued a buy rating and a $33.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $20.06.

NASDAQ:VCYT opened at $30.93 on Friday. The company has a current ratio of 6.32, a quick ratio of 6.06 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average of $27.62. The firm has a market capitalization of $1.24 billion, a P/E ratio of -49.89 and a beta of 1.02. Veracyte has a 52-week low of $8.77 and a 52-week high of $31.18.

Veracyte (NASDAQ:VCYT) last released its earnings results on Tuesday, April 30th. The biotechnology company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.05. The business had revenue of $29.53 million for the quarter, compared to the consensus estimate of $28.20 million. Veracyte had a negative return on equity of 23.43% and a negative net margin of 15.51%. Research analysts anticipate that Veracyte will post -0.28 EPS for the current year.

In other Veracyte news, Chairman Bonnie H. Anderson sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $26.33, for a total transaction of $210,640.00. Following the transaction, the chairman now owns 127,955 shares of the company’s stock, valued at $3,369,055.15. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Christopher M. Hall sold 115,000 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $25.26, for a total value of $2,904,900.00. Following the transaction, the insider now directly owns 71,462 shares in the company, valued at approximately $1,805,130.12. The disclosure for this sale can be found here. In the last three months, insiders have sold 139,000 shares of company stock worth $3,529,780. Company insiders own 8.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in VCYT. Prudential Financial Inc. raised its position in shares of Veracyte by 83.5% in the 4th quarter. Prudential Financial Inc. now owns 109,289 shares of the biotechnology company’s stock valued at $1,375,000 after purchasing an additional 49,719 shares in the last quarter. California Public Employees Retirement System raised its position in shares of Veracyte by 6.9% in the 4th quarter. California Public Employees Retirement System now owns 152,124 shares of the biotechnology company’s stock valued at $1,914,000 after purchasing an additional 9,824 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Veracyte by 78.2% in the 4th quarter. Bank of New York Mellon Corp now owns 163,035 shares of the biotechnology company’s stock valued at $2,051,000 after purchasing an additional 71,525 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Veracyte by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 391,137 shares of the biotechnology company’s stock valued at $4,919,000 after purchasing an additional 13,261 shares in the last quarter. Finally, Two Sigma Advisers LP raised its position in shares of Veracyte by 61.4% in the 4th quarter. Two Sigma Advisers LP now owns 119,600 shares of the biotechnology company’s stock valued at $1,505,000 after purchasing an additional 45,500 shares in the last quarter. 91.31% of the stock is currently owned by hedge funds and other institutional investors.

About Veracyte

Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.

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Analyst Recommendations for Veracyte (NASDAQ:VCYT)

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