Veracyte Inc. (NASDAQ:VCYT) was upgraded by investment analysts at Janney Montgomery Scott from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, The Fly reports.
A number of other brokerages have also recently commented on VCYT. Zacks Investment Research upgraded shares of Veracyte from a “sell” rating to a “hold” rating in a research report on Thursday, October 27th. Leerink Swann reiterated a “buy” rating and issued a $12.00 target price on shares of Veracyte in a research report on Tuesday, November 22nd. William Blair reiterated an “outperform” rating on shares of Veracyte in a research 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 research report on Tuesday, November 22nd. Finally, Piper Jaffray Cos. restated an “overweight” rating and issued a $10.00 price objective (down previously from $12.00) on shares of Veracyte in a research report on Thursday, August 4th. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $10.55.
Shares of Veracyte (NASDAQ:VCYT) opened at 7.68 on Tuesday. Veracyte has a 12 month low of $4.21 and a 12 month high of $8.45. The company’s market cap is $214.66 million. The firm’s 50-day moving average is $7.44 and its 200-day moving average is $6.08.
Veracyte (NASDAQ:VCYT) last issued its earnings results on Thursday, November 3rd. The company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.16. The company had revenue of $18.60 million for the quarter, compared to analysts’ expectations of $15.76 million. Veracyte had a negative net margin of 57.45% and a negative return on equity of 88.36%. The firm’s revenue was up 50.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.32) EPS. On average, equities research analysts predict that Veracyte will post ($1.26) earnings per share for the current year.
Large investors have recently made changes to their positions in the stock. Cannell Capital LLC bought a new stake in shares of Veracyte during the third quarter worth $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 worth $1,347,000 after buying an additional 24,749 shares during 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 worth $226,000 after buying an additional 300 shares during 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 worth $1,073,000 after buying an additional 2,660 shares during 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 worth $100,000 after buying an additional 140 shares during the last quarter. 47.49% of the stock is currently owned by hedge funds and other institutional investors.
Veracyte Company Profile
Veracyte, Inc is a molecular diagnostics company. The Company is engaged in developing and delivering genomic solutions that resolve diagnostic ambiguity and enable physicians to make informed treatment decisions at an early-stage in patient care. The Company targets diseases in which various patients undergo diagnostic procedures that could be avoided with diagnosis from a cytology sample taken preoperatively.