Veracyte (VCYT) Lowered to Buy at ValuEngine

ValuEngine downgraded shares of Veracyte (NASDAQ:VCYT) from a strong-buy rating to a buy rating in a research note released on Friday.

VCYT has been the topic of several other reports. BidaskClub raised shares of Veracyte from a hold rating to a buy rating in a research note on Tuesday, June 19th. Piper Jaffray Companies increased their price target on shares of Veracyte to $11.00 and gave the company a neutral rating in a research note on Tuesday, July 24th. Finally, Zacks Investment Research raised shares of Veracyte from a hold rating to a buy rating and set a $13.00 price target on the stock in a research note on Friday, July 27th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $11.50.

VCYT opened at $10.31 on Friday. Veracyte has a one year low of $5.23 and a one year high of $12.86. The company has a current ratio of 4.01, a quick ratio of 3.71 and a debt-to-equity ratio of 0.98. The company has a market cap of $346.37 million, a PE ratio of -11.33 and a beta of 1.79.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Monday, July 23rd. The biotechnology company reported ($0.18) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.09. Veracyte had a negative net margin of 38.69% and a negative return on equity of 91.03%. The business had revenue of $22.75 million for the quarter, compared to analysts’ expectations of $20.67 million. equities analysts anticipate that Veracyte will post -0.9 EPS for the current fiscal year.

In other Veracyte news, Chairman Bonnie H. Anderson sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $12.00, for a total value of $72,000.00. Following the transaction, the chairman now directly owns 58,541 shares of the company’s stock, valued at $702,492. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Bonnie H. Anderson sold 14,950 shares of the firm’s stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $11.50, for a total transaction of $171,925.00. Following the completion of the transaction, the chief executive officer now directly owns 67,491 shares in the company, valued at $776,146.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 606,950 shares of company stock worth $6,569,625. Insiders own 13.70% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. GSA Capital Partners LLP bought a new position in Veracyte in the second quarter valued at approximately $171,000. Bank of Montreal Can bought a new position in Veracyte in the second quarter valued at approximately $182,000. Sigma Planning Corp bought a new position in Veracyte in the second quarter valued at approximately $217,000. Engineers Gate Manager LP bought a new position in Veracyte in the second quarter valued at approximately $231,000. Finally, Highland Capital Management LP boosted its stake in Veracyte by 61.6% in the second quarter. Highland Capital Management LP now owns 40,400 shares of the biotechnology company’s stock valued at $377,000 after acquiring an additional 15,400 shares during the last quarter. 71.54% 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. The company uses genomic technology to resolve diagnostic uncertainty. It offers Afirma Thyroid FNA Analysis solution; cytopathology testing services; and the Afirma Malignancy Classifiers to manage thyroid nodule patients.

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