Veracyte (NASDAQ:VCYT) Upgraded at Zacks Research

Zacks Research upgraded shares of Veracyte (NASDAQ:VCYT) from a hold rating to a strong-buy rating in a research report report published on Wednesday,Zacks.com reports.

Several other analysts have also recently weighed in on the stock. Wall Street Zen upgraded shares of Veracyte from a “buy” rating to a “strong-buy” rating in a research note on Saturday, December 27th. Morgan Stanley raised their target price on shares of Veracyte from $40.00 to $48.00 and gave the stock an “underweight” rating in a report on Monday, December 1st. UBS Group reiterated a “buy” rating on shares of Veracyte in a research report on Monday, January 12th. Guggenheim increased their price target on Veracyte from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Monday, January 5th. Finally, Canaccord Genuity Group raised their price objective on Veracyte from $40.00 to $43.00 and gave the stock a “hold” rating in a research note on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Veracyte has an average rating of “Moderate Buy” and a consensus price target of $46.14.

Veracyte Price Performance

VCYT opened at $35.77 on Wednesday. The business has a fifty day simple moving average of $41.20 and a 200 day simple moving average of $37.07. Veracyte has a 1 year low of $22.61 and a 1 year high of $50.71. The company has a market capitalization of $2.83 billion, a PE ratio of 94.13 and a beta of 1.91.

Insider Buying and Selling

In related news, Director Jens Holstein sold 10,000 shares of the firm’s stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $42.36, for a total value of $423,600.00. Following the sale, the director directly owned 27,199 shares of the company’s stock, valued at $1,152,149.64. This trade represents a 26.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Karin Eastham sold 20,000 shares of Veracyte stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $45.45, for a total value of $909,000.00. Following the completion of the transaction, the director owned 13,554 shares in the company, valued at approximately $616,029.30. This represents a 59.61% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 68,299 shares of company stock worth $3,102,756. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Veracyte

Hedge funds have recently modified their holdings of the company. Kestra Advisory Services LLC acquired a new position in Veracyte in the 4th quarter worth about $110,000. Segall Bryant & Hamill LLC grew its holdings in shares of Veracyte by 11.8% during the fourth quarter. Segall Bryant & Hamill LLC now owns 596,305 shares of the biotechnology company’s stock worth $25,104,000 after purchasing an additional 62,873 shares during the last quarter. Walleye Capital LLC increased its stake in shares of Veracyte by 422.2% in the fourth quarter. Walleye Capital LLC now owns 165,583 shares of the biotechnology company’s stock valued at $6,971,000 after buying an additional 133,874 shares during the period. Bridgewater Associates LP bought a new position in Veracyte in the 4th quarter valued at approximately $1,195,000. Finally, Neuberger Berman Group LLC acquired a new stake in Veracyte during the 4th quarter worth approximately $213,000.

Veracyte Company Profile

Veracyte, Inc is a genomic diagnostics company focused on improving diagnostic accuracy and patient care through advanced molecular testing. Founded in 2008 and headquartered in South San Francisco, California, the company develops and commercializes minimally invasive genomic tests that aid in the diagnosis of thyroid, lung and other diseases. Veracyte’s proprietary platform analyzes gene expression patterns in clinical samples to help physicians make more informed treatment decisions, reducing unnecessary surgeries and improving patient outcomes.

The company’s flagship product, the Afirma Genomic Sequencing Classifier, is designed to assess thyroid nodules with indeterminate cytology, helping clinicians distinguish benign from suspicious nodules.