Guggenheim Has Lowered Expectations for Veracyte (NASDAQ:VCYT) Stock Price

Veracyte (NASDAQ:VCYT) had its price target reduced by equities researchers at Guggenheim from $45.00 to $37.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the biotechnology company’s stock. Guggenheim’s price target indicates a potential upside of 22.31% from the stock’s previous close.

VCYT has been the topic of several other reports. Needham & Company LLC restated a “buy” rating and set a $51.00 price target on shares of Veracyte in a report on Tuesday, February 25th. Craig Hallum started coverage on Veracyte in a report on Thursday, March 20th. They issued a “buy” rating and a $45.00 target price on the stock. StockNews.com lowered shares of Veracyte from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Stephens restated an “overweight” rating and issued a $45.00 price target on shares of Veracyte in a research report on Wednesday, March 26th. Finally, UBS Group increased their price objective on shares of Veracyte from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $42.60.

Veracyte Stock Down 7.3 %

VCYT stock opened at $30.25 on Wednesday. The company’s 50-day moving average price is $34.50 and its two-hundred day moving average price is $37.46. The firm has a market cap of $2.36 billion, a P/E ratio of -201.67 and a beta of 2.03. Veracyte has a 12 month low of $18.61 and a 12 month high of $47.32.

Veracyte (NASDAQ:VCYT) last released its earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.07. The firm had revenue of $118.63 million for the quarter, compared to analysts’ expectations of $110.73 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. During the same quarter in the previous year, the business posted ($0.39) earnings per share. Equities analysts predict that Veracyte will post 0.68 EPS for the current year.

Institutional Trading of Veracyte

Several hedge funds have recently bought and sold shares of the business. Jones Financial Companies Lllp lifted its stake in shares of Veracyte by 49.7% in the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 237 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Veracyte by 1,267.6% in the 1st quarter. Versant Capital Management Inc now owns 930 shares of the biotechnology company’s stock worth $28,000 after acquiring an additional 862 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in Veracyte in the 4th quarter valued at about $64,000. US Bancorp DE boosted its stake in Veracyte by 57.4% during the 4th quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock valued at $70,000 after purchasing an additional 647 shares during the last quarter. Finally, Principal Securities Inc. increased its holdings in Veracyte by 34.1% during the 4th quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 485 shares in the last quarter.

About Veracyte

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.