Veracyte (NASDAQ:VCYT) Rating Downgraded to "Hold"

Veracyte (NASDAQ:VCYT) has had its rating downgraded by analysts at StockNews.com from a "buy" to a "hold." This change was noted in a research note published on Wednesday.

Other analysts have also provided their insights regarding Veracyte. Needham & Company reaffirmed their "buy" rating and set a price target of $51.00 for the company's shares in a note released on Tuesday. UBS Group increased their target price for Veracyte shares from $46.00 to $49.00, also giving the company a "buy" rating the same day. Guggenheim reiterated a "buy" rating and established a target price of $45.00 for Veracyte. Meanwhile, Morgan Stanley adjusted their price target from $26.00 to $28.00, assigning the stock an "underweight" rating in a report published on November 18. Scotiabank also increased their price target for Veracyte from $40.00 to $44.00 and provided a "sector outperform" rating in a report on November 8. Overall, one equity research analyst has issued a sell rating, two analysts have given a hold rating, and six have recommended buying the stock. According to data from MarketBeat, Veracyte currently holds an average rating of "Moderate Buy" with a consensus price target of $43.00.

Veracyte's Stock Performance

During midday trading on Wednesday, shares of Veracyte were up by $2.07, reaching a price of $35.53. Approximately 1,619,408 shares were traded, which is above the average volume of 869,673. The company has a market capitalization of $2.75 billion and a price-to-earnings ratio of -236.87. Veracyte's stock has experienced a low of $18.61 and a high of $47.32 in the past 12 months. The 50-day simple moving average for the stock is $41.71, while the two-hundred day moving average stands at $37.63.

Veracyte last announced its quarterly earnings on February 24. The biotechnology company reported earnings per share (EPS) of $0.36 for the quarter, surpassing the consensus estimate of $0.29 by $0.07. The company generated $118.63 million in revenue, exceeding analyst expectations of $110.73 million. Veracyte's net margin was negative at 2.18%, but it achieved a positive return on equity of 3.02%. A year earlier, the company had reported an EPS of ($0.39). Analysts are projecting an EPS of 0.68 for the current fiscal year.

Insider Transactions at Veracyte

In recent news, Director Karin Eastham announced the sale of 10,000 shares of Veracyte stock on January 2, receiving an average price of $40.30 per share, resulting in a total transaction of $403,000. Following this sale, Eastham now holds 18,497 shares valued at approximately $745,429. This transaction represents a 35.09% decrease in her ownership of the stock. Furthermore, Chief Accounting Officer Jonathan Wygant sold 956 shares on December 3 at an average price of $43.36, raising $41,452.16 from the transaction. He now owns 40,270 shares with a total value of about $1,746,107. This sale indicates a 2.32% decrease in his ownership. In total, insiders have sold 19,533 shares valued at $815,584 over the past three months, and company insiders currently hold 1.30% of the stock.

Institutional Investment Activity

Recent quarterly activity has seen several large investors adjust their positions in Veracyte. Creative Planning acquired a new stake in the company worth approximately $396,000 during the third quarter. Blue Trust Inc. doubled its investment in Veracyte by 100.6%, increasing its holdings to 2,781 shares valued at $95,000 after purchasing an additional 1,395 shares. Furthermore, Assenagon Asset Management S.A. raised its position in Veracyte by 127.6%, acquiring an additional 16,512 shares, bringing its total to 29,455 shares worth $1,003,000. Mirae Asset Global Investments Co. Ltd. increased its stake by 21.7%, now owning 2,778 shares valued at $94,000 after adding 496 shares. Lastly, China Universal Asset Management Co. Ltd. raised its Veracyte holdings by 64.5%, owning 14,773 shares worth $503,000 after acquiring an additional 5,790 shares.

Veracyte Company Overview

Veracyte, Inc. focuses on the research, development, and commercialization of diagnostic products. Its product portfolio includes items like Afirma, Percepta, and Envisia, which target thyroid cancer, improve lung cancer screening, and enhance the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.

Veracyte, Stocks, Hold