Leerink Swann reissued their buy rating on shares of Veracyte Inc. (NASDAQ:VCYT) in a research note released on Tuesday. The brokerage currently has a $12.00 price target on the stock.
“We reiterate our OP rating and maintain our PT of $12. Commercial Payers Still Key to Driving Adoption Ramp and Sales Longer-term. VCYT has successfully driven the Afirma adoption ramp by gaining multi-year commercial payer contracts on the back of solid clinical evidence — as 80% of Afirma volumes still comes from private payers. Afirma currently has 185M lives covered and $155M contracted with 25M of those lives in Blue Cross Blue Shield. Beyond that, for Afirma GEC, VCYT’s key priorities include securing a positive coverage decision for the largest Blues payer: Anthem (ANTM, OP) with its 40M covered lives, and converting other Blues payers to in-network contracts. Medicare accounts for only 20% of Afirma test samples and thus the eliminated impact was only ~$1.6M. Plus, with the new data that was released at the ATA meeting recently highlighting 70%-80% of specificity of the enhanced Afirma test, we believe VCYT should be able to get Anthem as well.”,” the firm’s analyst commented.
VCYT has been the subject of several other research reports. Zacks Investment Research cut shares of Veracyte from a hold rating to a sell rating in a research report on Thursday, October 6th. William Blair restated an outperform rating on shares of Veracyte in a report on Tuesday, October 18th. Cantor Fitzgerald set a $13.00 price objective on shares of Veracyte and gave the company a buy rating in a report on Thursday, September 8th. Finally, Piper Jaffray Cos. restated an overweight rating and issued a $10.00 price objective (down from $12.00) on shares of Veracyte in a report on Thursday, August 4th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $10.55.
Shares of Veracyte (NASDAQ:VCYT) opened at 7.75 on Tuesday. Veracyte has a 12-month low of $4.21 and a 12-month high of $8.45. The firm has a 50-day moving average of $7.44 and a 200 day moving average of $6.05. The stock’s market capitalization is $216.61 million.
Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Thursday, November 3rd. The company reported ($0.20) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.36) by $0.16. Veracyte had a negative net margin of 57.45% and a negative return on equity of 88.36%. The company earned $18.60 million during the quarter, compared to analysts’ expectations of $15.76 million. During the same quarter last year, the company posted ($0.32) EPS. The firm’s revenue was up 50.7% compared to the same quarter last year. Equities analysts forecast that Veracyte will post ($1.26) earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the company. Cannell Capital LLC bought a new stake in shares of Veracyte during the third quarter valued at approximately $2,897,000. Northern Trust Corp raised its stake in shares of Veracyte by 16.3% in the third quarter. Northern Trust Corp now owns 176,959 shares of the company’s stock valued at $1,347,000 after buying an additional 24,749 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of Veracyte by 1.0% in the third quarter. California State Teachers Retirement System now owns 29,687 shares of the company’s stock valued at $226,000 after buying an additional 300 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Veracyte by 1.9% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 140,935 shares of the company’s stock valued at $1,073,000 after buying an additional 2,660 shares in the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Veracyte by 1.1% in the third quarter. Rhumbline Advisers now owns 13,143 shares of the company’s stock valued at $100,000 after buying an additional 140 shares in the last quarter. Hedge funds and other institutional investors own 47.49% of the company’s stock.
Veracyte Company Profile