Veracyte (NASDAQ:VCYT) Price Target Cut to $27.00

Veracyte (NASDAQ:VCYT) had its target price dropped by stock analysts at Needham & Company LLC from $33.00 to $27.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s price target points to a potential upside of 30.88% from the stock’s previous close.

VCYT has been the topic of a number of other research reports. The Goldman Sachs Group decreased their price target on shares of Veracyte from $32.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. William Blair reissued an “outperform” rating on shares of Veracyte in a research note on Friday, February 23rd. Finally, Morgan Stanley dropped their price target on shares of Veracyte from $22.00 to $21.00 and set an “underweight” rating for the company in a research report on Monday, February 26th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $27.50.

Veracyte Stock Performance

NASDAQ VCYT opened at $20.63 on Wednesday. Veracyte has a twelve month low of $18.61 and a twelve month high of $30.52. The stock has a market cap of $1.58 billion, a PE ratio of -21.95 and a beta of 1.65. The firm has a 50-day simple moving average of $20.95 and a 200 day simple moving average of $23.80.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings data on Tuesday, May 7th. The biotechnology company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.17. Veracyte had a negative return on equity of 2.02% and a negative net margin of 20.61%. The company had revenue of $96.84 million during the quarter, compared to the consensus estimate of $93.35 million. During the same quarter last year, the company earned ($0.11) EPS. The company’s quarterly revenue was up 17.5% on a year-over-year basis. Research analysts forecast that Veracyte will post -0.29 earnings per share for the current fiscal year.

Insider Transactions at Veracyte

In other Veracyte news, Director Karin Eastham sold 10,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $21.65, for a total value of $216,500.00. Following the transaction, the director now owns 33,125 shares of the company’s stock, valued at $717,156.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. ARK Investment Management LLC lifted its stake in shares of Veracyte by 0.8% in the 4th quarter. ARK Investment Management LLC now owns 7,655,603 shares of the biotechnology company’s stock valued at $210,606,000 after purchasing an additional 62,011 shares during the period. Vanguard Group Inc. lifted its stake in Veracyte by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 7,118,211 shares of the biotechnology company’s stock valued at $195,822,000 after buying an additional 52,699 shares during the period. Dimensional Fund Advisors LP lifted its stake in Veracyte by 5.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,372,703 shares of the biotechnology company’s stock valued at $92,787,000 after buying an additional 161,073 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Veracyte by 7.8% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,347,436 shares of the biotechnology company’s stock worth $74,179,000 after buying an additional 242,760 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. grew its position in shares of Veracyte by 7.8% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 3,347,436 shares of the biotechnology company’s stock worth $74,012,000 after buying an additional 242,760 shares during the period.

About Veracyte

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.