Needham & Company LLC Has Lowered Expectations for Veracyte (NASDAQ:VCYT) Stock Price

Veracyte (NASDAQ:VCYT) had its price target reduced by stock analysts at Needham & Company LLC from $51.00 to $41.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the biotechnology company’s stock. Needham & Company LLC’s price target indicates a potential upside of 39.60% from the stock’s current price.

Several other analysts have also recently commented on VCYT. Stephens reissued an “overweight” rating and set a $45.00 price target on shares of Veracyte in a research note on Wednesday, March 26th. Guggenheim cut their price target on Veracyte from $45.00 to $37.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. UBS Group increased their target price on Veracyte from $46.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Craig Hallum began coverage on Veracyte in a research note on Thursday, March 20th. They issued a “buy” rating and a $45.00 price target for the company. Finally, StockNews.com downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $40.90.

Veracyte Trading Down 5.9 %

VCYT stock opened at $29.37 on Thursday. The business’s 50 day moving average is $31.05 and its 200-day moving average is $37.09. The firm has a market cap of $2.30 billion, a P/E ratio of -195.80 and a beta of 2.14. Veracyte has a 1-year low of $19.73 and a 1-year high of $47.32.

Veracyte (NASDAQ:VCYT) last posted its earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $118.63 million for the quarter, compared to analyst estimates of $110.73 million. During the same quarter in the prior year, the firm earned ($0.39) EPS. Sell-side analysts forecast that Veracyte will post 0.68 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Veracyte by 0.6% during the first quarter. Vanguard Group Inc. now owns 8,263,643 shares of the biotechnology company’s stock worth $245,017,000 after acquiring an additional 52,031 shares during the period. Artisan Partners Limited Partnership lifted its holdings in shares of Veracyte by 31.4% during the 4th quarter. Artisan Partners Limited Partnership now owns 6,599,264 shares of the biotechnology company’s stock worth $261,331,000 after acquiring an additional 1,576,432 shares during the period. ArrowMark Colorado Holdings LLC increased its stake in Veracyte by 3.3% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 3,080,027 shares of the biotechnology company’s stock valued at $121,969,000 after acquiring an additional 97,824 shares during the last quarter. GW&K Investment Management LLC increased its stake in shares of Veracyte by 3.7% in the 1st quarter. GW&K Investment Management LLC now owns 1,256,893 shares of the biotechnology company’s stock valued at $37,267,000 after purchasing an additional 44,826 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its position in shares of Veracyte by 0.7% during the 4th quarter. Nuveen Asset Management LLC now owns 1,194,392 shares of the biotechnology company’s stock worth $47,298,000 after buying an additional 8,797 shares during the last quarter.

Veracyte Company Profile

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.