Veracyte (NASDAQ:VCYT) Downgraded by StockNews.com to “Sell”

Veracyte (NASDAQ:VCYT – Get Rating) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.

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Other equities analysts have also recently issued reports about the company. Raymond James cut Veracyte from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Scotiabank initiated coverage on Veracyte in a research note on Wednesday, January 4th. They set a “sector outperform” rating and a $33.00 price objective for the company. William Blair reissued an “outperform” rating on shares of Veracyte in a research note on Wednesday, November 2nd. Morgan Stanley dropped their price objective on Veracyte from $23.00 to $22.00 and set an “underweight” rating for the company in a research note on Friday, November 4th. Finally, SVB Leerink lifted their price objective on Veracyte from $30.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, November 3rd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $34.86.

Veracyte Stock Performance

Shares of NASDAQ VCYT opened at $23.94 on Friday. The stock has a market cap of $1.72 billion, a PE ratio of -39.90 and a beta of 1.43. Veracyte has a fifty-two week low of $14.85 and a fifty-two week high of $33.23. The stock has a fifty day moving average of $26.18 and a 200-day moving average of $23.04.

Veracyte (NASDAQ:VCYT – Get Rating) last announced its quarterly earnings results on Wednesday, November 2nd. The biotechnology company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.12. The company had revenue of $75.59 million during the quarter, compared to analysts’ expectations of $67.00 million. Veracyte had a negative return on equity of 4.03% and a negative net margin of 15.25%. On average, sell-side analysts predict that Veracyte will post -0.61 EPS for the current year.

Insiders Place Their Bets

In other Veracyte news, insider Bonnie H. Anderson sold 80,000 shares of Veracyte stock in a transaction dated Thursday, December 1st. The stock was sold at an average price of $28.26, for a total transaction of $2,260,800.00. Following the completion of the sale, the insider now owns 65,003 shares of the company’s stock, valued at $1,836,984.78. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Giulia C. Kennedy sold 1,023 shares of the business’s stock in a transaction dated Friday, November 4th. The stock was sold at an average price of $25.00, for a total value of $25,575.00. Following the completion of the sale, the insider now owns 68,001 shares of the company’s stock, valued at approximately $1,700,025. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Bonnie H. Anderson sold 80,000 shares of the business’s stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $28.26, for a total value of $2,260,800.00. Following the completion of the sale, the insider now directly owns 65,003 shares of the company’s stock, valued at approximately $1,836,984.78. The disclosure for this sale can be found here. Insiders sold a total of 186,962 shares of company stock valued at $5,031,956 over the last 90 days. Insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Credit Suisse AG increased its holdings in Veracyte by 0.6% during the 3rd quarter. Credit Suisse AG now owns 74,016 shares of the biotechnology company’s stock valued at $1,229,000 after purchasing an additional 454 shares during the period. Synovus Financial Corp increased its holdings in Veracyte by 3.2% during the 2nd quarter. Synovus Financial Corp now owns 19,417 shares of the biotechnology company’s stock valued at $382,000 after purchasing an additional 611 shares during the period. UBS Asset Management Americas Inc. increased its holdings in Veracyte by 1.0% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 76,420 shares of the biotechnology company’s stock valued at $1,269,000 after purchasing an additional 761 shares during the period. EFG Asset Management Americas Corp. increased its holdings in Veracyte by 6.1% during the 3rd quarter. EFG Asset Management Americas Corp. now owns 15,154 shares of the biotechnology company’s stock valued at $252,000 after purchasing an additional 872 shares during the period. Finally, Strs Ohio increased its holdings in Veracyte by 2.0% during the 3rd quarter. Strs Ohio now owns 45,600 shares of the biotechnology company’s stock valued at $756,000 after purchasing an additional 900 shares during the period.

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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