Veracyte, Inc. (VCYT) Raised to Hold at Zacks Investment Research

Veracyte, Inc. (NASDAQ:VCYT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday, November 10th.

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. “

Other equities analysts also recently issued reports about the company. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Veracyte in a research report on Tuesday, September 12th. BidaskClub cut Veracyte from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 19th. BTIG Research reiterated a “buy” rating and issued a $13.00 price objective on shares of Veracyte in a research note on Thursday, August 31st. ValuEngine cut Veracyte from a “hold” rating to a “sell” rating in a research note on Tuesday, September 12th. Finally, Janney Montgomery Scott cut Veracyte from a “buy” rating to a “neutral” rating in a research note on Tuesday, November 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $11.85.

Shares of Veracyte (NASDAQ VCYT) traded up $0.22 during trading hours on Friday, hitting $6.40. The stock had a trading volume of 179,818 shares, compared to its average volume of 129,461. Veracyte has a 52-week low of $5.75 and a 52-week high of $9.80. The company has a debt-to-equity ratio of 0.59, a quick ratio of 4.86 and a current ratio of 5.19.

Veracyte (NASDAQ:VCYT) last issued its earnings results on Monday, November 6th. The biotechnology company reported ($0.21) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.21). The business had revenue of $17.50 million during the quarter, compared to the consensus estimate of $19.54 million. Veracyte had a negative return on equity of 62.37% and a negative net margin of 40.24%. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same period last year, the company earned ($0.20) EPS. sell-side analysts expect that Veracyte will post -0.87 EPS for the current fiscal year.

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In other news, insider Christopher M. Hall sold 20,000 shares of the company’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $9.00, for a total value of $180,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Bonnie H. Anderson sold 6,000 shares of the company’s stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $9.09, for a total value of $54,540.00. Following the completion of the sale, the chief executive officer now owns 16,000 shares in the company, valued at $145,440. The disclosure for this sale can be found here. Insiders have sold 130,500 shares of company stock worth $1,085,065 in the last ninety days. 13.40% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Stonepine Capital Management LLC increased its stake in Veracyte by 49.5% during the second quarter. Stonepine Capital Management LLC now owns 864,695 shares of the biotechnology company’s stock worth $7,203,000 after acquiring an additional 286,495 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Veracyte by 85.6% in the first quarter. Renaissance Technologies LLC now owns 402,600 shares of the biotechnology company’s stock valued at $3,696,000 after purchasing an additional 185,700 shares during the last quarter. Essex Investment Management Co. LLC purchased a new position in Veracyte in the third quarter valued at about $1,615,000. Axiom International Investors LLC DE lifted its holdings in Veracyte by 56.9% during the 3rd quarter. Axiom International Investors LLC DE now owns 388,328 shares of the biotechnology company’s stock worth $3,406,000 after buying an additional 140,783 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its holdings in Veracyte by 258.1% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 162,562 shares of the biotechnology company’s stock worth $1,426,000 after buying an additional 117,162 shares during the last quarter. Hedge funds and other institutional investors own 69.03% of the company’s stock.

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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