Veracyte's Rating Updated to 'Hold' by StockNews.com

Veracyte (NASDAQ:VCYT) saw its rating reduced by analysts at StockNews.com from a "buy" to a "hold" in a research note published on Wednesday.

Other research analysts also provided insights regarding Veracyte's stock. Needham & Company reaffirmed a "buy" rating and set a price target of $51.00 on Tuesday. Meanwhile, UBS Group increased its price target from $46.00 to $49.00 and maintained a "buy" rating on the same day. Guggenheim also confirmed a "buy" rating, setting a price target at $45.00. Conversely, Morgan Stanley downgraded their stance to "underweight" with a price target raised from $26.00 to $28.00, as reported on November 18th. Scotiabank raised its price target from $40.00 to $44.00 and rated the stock as "sector outperform" on November 8th. Overall, one research analyst has recommended selling the stock, two have given it a hold rating, and six have maintained buy ratings. Data from MarketBeat indicates that Veracyte has an average rating of "Moderate Buy" with a consensus price target set at $43.00.

Veracyte's Market Performance

On Wednesday, shares of NASDAQ VCYT experienced a midday increase of $2.07, reaching a price of $35.53. The trading volume was 1,619,408 shares, which is higher than its average volume of 869,673. The stock has a 50-day simple moving average of $41.71 and a 200-day simple moving average of $37.63. Veracyte has a market capitalization of $2.75 billion, an unusual price-to-earnings ratio of -236.87, and a beta of 1.71. Over the past year, the stock has hit a low of $18.61 and a high of $47.32.

Veracyte most recently released its quarterly earnings data on February 24th. The biotechnology company reported earnings of $0.36 per share, surpassing the consensus estimate of $0.29 by $0.07. Revenue for the quarter amounted to $118.63 million, exceeding analysts' expectations of $110.73 million. During this period, Veracyte recorded a negative net margin of 2.18% but managed a positive return on equity of 3.02%. In the same quarter last year, the company had earnings of ($0.39) per share. Analysts predict Veracyte will report earnings per share of 0.68 for the current fiscal year.

Insider Transactions at Veracyte

Notably, Director Karin Eastham sold 10,000 shares on January 2nd, fetching an average price of $40.30 and totaling $403,000. Following this transaction, she now owns 18,497 shares valued at approximately $745,429. This sale reflects a 35.09% decrease in her stake. The transaction was formally documented in a filing with the Securities & Exchange Commission, which is accessible publicly. Furthermore, Chief Accounting Officer Jonathan Wygant sold 956 shares at an average price of $43.36 on December 3rd, totaling $41,452.16. Post-sale, he holds 40,270 shares worth roughly $1,746,107. This transaction shows a 2.32% decrease in his holdings. In total, insiders have sold shares worth $815,584 in the last three months, with insiders owning 1.30% of the company’s shares.

Institutional Buying and Selling Activity

Several large investors have recently adjusted their positions in Veracyte. Creative Planning acquired a new stake worth approximately $396,000 in the third quarter. Blue Trust Inc. doubled its investment, raising its stake in Veracyte by 100.6% to now own 2,781 shares valued at $95,000 after purchasing 1,395 additional shares. Similarly, Assenagon Asset Management S.A. increased its stake by 127.6%, owning 29,455 shares valued at $1,003,000 after acquiring 16,512 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. also boosted its stake by 21.7%, increasing to 2,778 shares valued at $94,000. Lastly, China Universal Asset Management Co. Ltd. enhanced its holdings by 64.5%, owning 14,773 shares valued at $503,000 after buying 5,790 shares in the previous quarter.

About Veracyte

Veracyte, Inc. focuses on the research, development, and commercialization of diagnostic products. The company’s portfolio encompasses diagnostic solutions like Afirma, Percepta, and Envisia, aimed at addressing thyroid cancer, enhancing lung cancer screening, and clarifying diagnoses related to idiopathic pulmonary fibrosis. Founded by Bonnie H., the company is dedicated to advancing the field of diagnostics.

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