Other equities analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Veracyte from a hold rating to a buy rating and set a $27.00 price target for the company in a research report on Saturday, May 4th. Lake Street Capital began coverage on shares of Veracyte in a research report on Wednesday, July 31st. They issued a buy rating and a $35.00 price target for the company. Needham & Company LLC set a $34.00 price target on shares of Veracyte and gave the stock a buy rating in a research report on Wednesday, July 31st. Finally, ValuEngine lowered shares of Veracyte from a strong-buy rating to a buy rating in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $25.06.
Shares of NASDAQ VCYT opened at $23.87 on Friday. The firm’s 50 day simple moving average is $28.12. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -38.50 and a beta of 0.97. Veracyte has a 12-month low of $8.77 and a 12-month high of $31.18.
In other Veracyte news, Chairman Bonnie H. Anderson sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $28.79, for a total value of $230,320.00. Following the completion of the transaction, the chairman now directly owns 127,955 shares in the company, valued at $3,683,824.45. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 24,000 shares of company stock valued at $624,880. Company insiders own 8.30% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in VCYT. Gilder Gagnon Howe & Co. LLC purchased a new position in shares of Veracyte in the first quarter worth $86,400,000. Nikko Asset Management Americas Inc. lifted its holdings in shares of Veracyte by 252.7% in the second quarter. Nikko Asset Management Americas Inc. now owns 2,148,248 shares of the biotechnology company’s stock worth $61,247,000 after buying an additional 1,539,114 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Veracyte in the first quarter worth $14,934,000. William Blair Investment Management LLC purchased a new position in shares of Veracyte in the first quarter worth $11,887,000. Finally, Laurion Capital Management LP purchased a new position in shares of Veracyte in the first quarter worth $8,877,000. 97.01% of the stock is currently owned by hedge funds and other institutional investors.
Veracyte Company Profile
Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.
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