Veracyte’s (VCYT) “Buy” Rating Reaffirmed at Piper Jaffray Companies

Piper Jaffray Companies reaffirmed their buy rating on shares of Veracyte, Inc. (NASDAQ:VCYT) in a report published on Tuesday morning.

VCYT has been the topic of a number of other reports. BidaskClub downgraded Veracyte from a sell rating to a strong sell rating in a research report on Wednesday, July 19th. BTIG Research reiterated a buy rating and issued a $13.00 price target on shares of Veracyte in a report on Thursday, August 31st. Zacks Investment Research upgraded Veracyte from a hold rating to a buy rating and set a $9.25 price target on the stock in a report on Friday, August 4th. Janney Montgomery Scott reiterated a buy rating and issued a $15.00 price target on shares of Veracyte in a report on Wednesday, June 28th. Finally, Cantor Fitzgerald set a $13.00 price target on Veracyte and gave the stock a buy rating in a report on Thursday, May 18th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. Veracyte presently has a consensus rating of Buy and a consensus price target of $12.45.

Veracyte (VCYT) opened at 8.20 on Tuesday. Veracyte has a 52 week low of $5.82 and a 52 week high of $9.71. The firm has a 50-day moving average price of $8.12 and a 200-day moving average price of $8.28. The stock’s market capitalization is $277.92 million.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings data on Monday, July 31st. The biotechnology company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.03. Veracyte had a negative return on equity of 53.58% and a negative net margin of 35.64%. The business had revenue of $18.40 million for the quarter, compared to the consensus estimate of $18.32 million. During the same period in the prior year, the business posted ($0.40) earnings per share. The company’s quarterly revenue was up 25.2% compared to the same quarter last year. Equities research analysts predict that Veracyte will post ($0.92) EPS for the current fiscal year.

TRADEMARK VIOLATION WARNING: This article was originally reported by Sports Perspectives and is the property of of Sports Perspectives. If you are viewing this article on another website, it was stolen and republished in violation of U.S. & international trademark and copyright laws. The correct version of this article can be accessed at https://sportsperspectives.com/2017/09/13/veracytes-vcyt-buy-rating-reaffirmed-at-piper-jaffray-companies.html.

In other news, Director Evan/ Fa Jones sold 20,000 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $7.92, for a total value of $158,400.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders sold 82,500 shares of company stock worth $649,325. Company insiders own 13.40% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of VCYT. SG Americas Securities LLC purchased a new stake in shares of Veracyte in the second quarter worth approximately $103,000. Nationwide Fund Advisors raised its holdings in shares of Veracyte by 31.9% in the first quarter. Nationwide Fund Advisors now owns 11,327 shares of the biotechnology company’s stock worth $104,000 after buying an additional 2,739 shares during the period. Eagle Global Advisors LLC purchased a new stake in shares of Veracyte in the first quarter worth approximately $119,000. William Marsh Rice University purchased a new stake in shares of Veracyte in the first quarter worth approximately $127,000. Finally, Bank of Montreal Can purchased a new stake in shares of Veracyte in the first quarter worth approximately $138,000. Hedge funds and other institutional investors own 65.67% of the company’s stock.

About Veracyte

Veracyte, Inc is a genomic diagnostics company. The Company uses genomic technology to resolve diagnostic ambiguity. It targets diseases in which patients undergo invasive diagnostic procedures. Its products combine genomic technology, clinical science and machine learning. The Company commercializes over three genomic tests, which are transforming the diagnosis of thyroid cancer, lung cancer and idiopathic pulmonary fibrosis.

Analyst Recommendations for Veracyte (NASDAQ:VCYT)

Receive News & Ratings for Veracyte Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veracyte Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply