Veracyte (NASDAQ:VCYT) Stock Gets Price Target Reduction from Piper Sandler

Veracyte (NASDAQ:VCYT) had its price target cut by Piper Sandler from $54.00 to $30.00 in a report issued on Tuesday,Benzinga reports. They currently have an overweight rating on the biotechnology company’s stock.

Other research analysts have also issued research reports about the company. Canaccord Genuity Group decreased their target price on Veracyte from $60.00 to $50.00 and set a “hold” rating on the stock in a research report on Monday, August 3rd. Wolfe Research cut shares of Veracyte from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 6th. Stephens lowered their target price on shares of Veracyte from $68.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. Weiss Ratings cut Veracyte from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, September 24th. Finally, Zacks Research cut shares of Veracyte from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. Six research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $44.50.

Veracyte Stock Down 1.9%

Shares of NASDAQ:VCYT opened at $24.63 on Tuesday. The stock has a market capitalization of $1.99 billion, a P/E ratio of 16.52 and a beta of 1.98. The firm has a fifty day simple moving average of $42.57 and a two-hundred day simple moving average of $42.52. Veracyte has a 52 week low of $21.91 and a 52 week high of $60.91.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Wednesday, November 4th. The biotechnology company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.10. Veracyte had a net margin of 21.80% and a return on equity of 8.99%. The company had revenue of $151.75 million during the quarter, compared to analyst estimates of $147.13 million. During the same period in the prior year, the firm earned $0.51 earnings per share. The firm’s revenue for the quarter was up 15.1% compared to the same quarter last year. On average, analysts expect that Veracyte will post 1.32 earnings per share for the current year.

Insider Transactions at Veracyte

In related news, insider John Leite sold 4,015 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The stock was sold at an average price of $40.00, for a total transaction of $160,600.00. Following the sale, the insider directly owned 124,329 shares of the company’s stock, valued at approximately $4,973,160. This represents a 3.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Karin Eastham sold 14,850 shares of Veracyte stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $50.00, for a total value of $742,500.00. Following the completion of the transaction, the director owned 10,247 shares of the company’s stock, valued at approximately $512,350. The trade was a 59.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 62,609 shares of company stock valued at $2,858,904 in the last ninety days. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Veracyte

Institutional investors have recently modified their holdings of the company. Group One Trading LLC acquired a new stake in Veracyte during the 3rd quarter worth about $26,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Veracyte during the 3rd quarter worth about $34,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Veracyte in the second quarter valued at $44,000. Allworth Financial LP acquired a new position in Veracyte during the 2nd quarter worth $50,000. Finally, Northwestern Mutual Wealth Management Co. bought a new stake in shares of Veracyte during the 2nd quarter valued at $62,000.

Veracyte Company Profile

Veracyte, Inc. is a genomic diagnostics company that develops tests to help clinicians diagnose disease and guide treatment decisions, with a focus on cancer and other complex conditions. Its tests analyze biological samples to provide information that can help distinguish between conditions and assess disease risk. The company’s portfolio includes Afirma for thyroid nodule assessment, Decipher for prostate cancer, Prosigna for breast cancer, and Percepta for lung cancer. Veracyte also offers Envisia, a genomic test that supports the diagnosis of idiopathic pulmonary fibrosis and other forms of interstitial lung disease.