Zacks Investment Research downgraded shares of Veracyte, Inc. (NASDAQ:VCYT) from a hold rating to a sell rating in a report issued on Thursday.
According to Zacks, “Veracyte, Inc. is a diagnostics company. It is focused on discovering, developing and commercializing molecular cytology solutions. The Company provides Afirma Thyroid FNA Analysis, which helps physicians in reducing unnecessary diagnostic surgeries for patients with thyroid nodules. Veracyte is also developing Afirma Malignant GEC test. It serves endocrinologists, radiologists, and head and neck specialists. Veracyte, Inc. is headquartered in South San Francisco, California. “
Several other equities analysts have also recently issued reports on VCYT. Janney Montgomery Scott reaffirmed a buy rating and issued a $15.00 price objective on shares of Veracyte in a research report on Wednesday, June 28th. BidaskClub cut Veracyte from a sell rating to a strong sell rating in a research report on Wednesday, July 19th. BTIG Research reaffirmed a buy rating and issued a $13.00 price objective on shares of Veracyte in a research report on Thursday, August 31st. Piper Jaffray Companies reaffirmed a buy rating on shares of Veracyte in a research report on Tuesday, September 12th. Finally, ValuEngine cut Veracyte from a hold rating to a sell rating in a research report on Tuesday, September 12th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. Veracyte presently has an average rating of Hold and an average price target of $12.45.
Shares of Veracyte (VCYT) opened at 8.80 on Thursday. The company’s 50 day moving average price is $8.49 and its 200-day moving average price is $8.23. Veracyte has a 12 month low of $5.82 and a 12 month high of $9.71. The stock’s market capitalization is $298.26 million.
Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Monday, July 31st. The biotechnology company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.03. The business had revenue of $18.40 million for the quarter, compared to analysts’ expectations of $18.32 million. Veracyte had a negative return on equity of 53.58% and a negative net margin of 35.64%. The firm’s quarterly revenue was up 25.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.40) EPS. Equities analysts predict that Veracyte will post ($0.92) earnings per share for the current year.
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In other news, Chairman Bonnie H. Anderson sold 6,000 shares of the stock in a transaction on Monday, September 25th. The stock was sold at an average price of $8.44, for a total transaction of $50,640.00. Following the transaction, the chairman now directly owns 16,000 shares of the company’s stock, valued at approximately $135,040. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Christopher M. Hall sold 20,000 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $9.00, for a total value of $180,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 108,500 shares of company stock worth $879,965 over the last three months. Insiders own 13.40% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System lifted its holdings in shares of Veracyte by 26.1% during the 2nd quarter. California State Teachers Retirement System now owns 41,987 shares of the biotechnology company’s stock valued at $350,000 after buying an additional 8,700 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Veracyte by 52.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,961 shares of the biotechnology company’s stock valued at $191,000 after buying an additional 7,867 shares during the period. State Street Corp lifted its holdings in shares of Veracyte by 6.9% during the 2nd quarter. State Street Corp now owns 256,978 shares of the biotechnology company’s stock valued at $2,139,000 after buying an additional 16,637 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Veracyte by 221.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 43,567 shares of the biotechnology company’s stock valued at $363,000 after buying an additional 29,997 shares during the period. Finally, First Light Asset Management LLC lifted its holdings in shares of Veracyte by 4.7% during the 2nd quarter. First Light Asset Management LLC now owns 754,560 shares of the biotechnology company’s stock valued at $6,285,000 after buying an additional 33,682 shares during the period. 65.67% of the stock is currently owned by hedge funds and other institutional investors.
Veracyte Company Profile
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.
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