Shares of Veracyte, Inc. (NASDAQ:VCYT – Get Rating) saw strong trading volume on Wednesday . 160,362 shares changed hands during mid-day trading, a decline of 84% from the previous session's volume of 972,775 shares.The stock last traded at $17.08 and had previously closed at $16.95.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on the company. Raymond James increased their target price on Veracyte from $30.00 to $31.00 and gave the company an "outperform" rating in a research note on Thursday, August 4th. Needham & Company LLC increased their target price on Veracyte from $26.00 to $31.00 and gave the company a "buy" rating in a research note on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company. Based on data from MarketBeat, Veracyte presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.50.
Get Veracyte alerts:Veracyte Stock Up 1.8 %
The firm's 50-day simple moving average is $22.22 and its 200-day simple moving average is $22.03. The firm has a market capitalization of $1.23 billion, a PE ratio of -25.15 and a beta of 1.17.
Veracyte (NASDAQ:VCYT – Get Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.08. Veracyte had a negative net margin of 18.13% and a negative return on equity of 4.05%. The business had revenue of $72.86 million during the quarter, compared to analyst estimates of $67.37 million. On average, equities research analysts forecast that Veracyte, Inc. will post -0.8 earnings per share for the current year.Institutional Trading of Veracyte
A number of institutional investors have recently modified their holdings of VCYT. Point72 Hong Kong Ltd purchased a new stake in shares of Veracyte during the first quarter worth about $33,000. Assetmark Inc. boosted its holdings in shares of Veracyte by 90.3% during the second quarter. Assetmark Inc. now owns 2,596 shares of the biotechnology company's stock worth $52,000 after purchasing an additional 1,232 shares during the period. Captrust Financial Advisors boosted its holdings in shares of Veracyte by 712.9% during the second quarter. Captrust Financial Advisors now owns 3,219 shares of the biotechnology company's stock worth $64,000 after purchasing an additional 2,823 shares during the period. First Horizon Advisors Inc. boosted its holdings in shares of Veracyte by 16,813.6% during the second quarter. First Horizon Advisors Inc. now owns 3,721 shares of the biotechnology company's stock worth $73,000 after purchasing an additional 3,699 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in shares of Veracyte during the first quarter worth about $73,000.
Veracyte Company Profile
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Veracyte, Inc operates as a diagnostics company worldwide. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas, which are used to determine patients with indeterminate results are benign to avoid unnecessary surgery; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Genomic Sequencing Classifier and Percepta Nasal Swab Test for lung cancer diagnosis; Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis; and Immunoscore Colon Cancer test for colon cancer diagnosis.
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