Veracyte, Inc. (NASDAQ:VCYT) Short Interest Update

Veracyte, Inc. (NASDAQ:VCYT) saw a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 4,170,000 shares, an increase of 26.4% from the March 15th total of 3,300,000 shares. Based on an average daily volume of 972,000 shares, the short-interest ratio is presently 4.3 days. Currently, 5.5% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on VCYT shares. Craig Hallum initiated coverage on Veracyte in a research report on Thursday, March 20th. They set a “buy” rating and a $45.00 target price on the stock. Stephens reiterated an “overweight” rating and issued a $45.00 price objective on shares of Veracyte in a report on Wednesday, March 26th. UBS Group raised their price target on shares of Veracyte from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. StockNews.com downgraded Veracyte from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $51.00 price target on shares of Veracyte in a research note on Tuesday, February 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.60.

Veracyte Stock Down 1.7 %

Shares of Veracyte stock opened at $30.60 on Tuesday. Veracyte has a twelve month low of $19.09 and a twelve month high of $47.32. The firm has a market cap of $2.39 billion, a PE ratio of -204.00 and a beta of 2.03. The business has a 50-day moving average price of $32.95 and a 200 day moving average price of $37.39.

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

Institutional Trading of Veracyte

Large investors have recently bought and sold shares of the company. HighTower Advisors LLC acquired a new position in Veracyte in the third quarter valued at $554,000. Barclays PLC grew its stake in shares of Veracyte by 138.6% during the third quarter. Barclays PLC now owns 146,402 shares of the biotechnology company’s stock valued at $4,983,000 after acquiring an additional 85,033 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Veracyte by 1.0% during the third quarter. Geode Capital Management LLC now owns 1,844,713 shares of the biotechnology company’s stock worth $62,806,000 after acquiring an additional 17,921 shares during the last quarter. Synovus Financial Corp lifted its stake in shares of Veracyte by 16.2% in the third quarter. Synovus Financial Corp now owns 22,865 shares of the biotechnology company’s stock worth $778,000 after acquiring an additional 3,195 shares in the last quarter. Finally, Lord Abbett & CO. LLC purchased a new position in Veracyte in the third quarter valued at about $9,498,000.

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.