Veracito (NASDAQ: VCYT – get rating) Morgan Stanley research analysts lowered their price target from $23.00 to $22.00 in a report released Friday, Benzinga reports. The company currently has an “underweight” rating on the biotech company’s shares. Morgan Stanley’s price target points to a potential drop of 10.46% from the company’s previous close.
VCYT has been the subject of a number of other investigative reports. SVB Leerink raised Veracyte’s share price target to $35.00 from $30.00 and gave the shares an “outperform” rating in a research note on Thursday. Raymond James cut Veracyte’s share price target from $31.00 to $27.00 and set an “outperform” rating on the stock in a research report on Friday. StockNews.com began coverage of Veracyte’s stock in an investigative report on Wednesday, October 12. They set a “sale” rating for the company. Ultimately, Needham & Company LLC raised its price target on Veracyte to $33.00 from $31.00 and gave the company a “buy” rating in a research note on Thursday. Two investment analysts rated the stock with a sell rating and six issued a buy rating on the company. According to MarketBeat.com, the company currently has an average “Moderate Buy” rating and an average price target of $38.57.
Veracyte Price Performance
NASDAQ VCYT traded as high as $0.34 during trading hours on Friday, reaching $24.57. The company’s shares had a trading volume of 26,286 shares, compared to its average volume of 893,214. The company has a fifty-day simple moving average of $18.25 and a 200-day simple moving average of $20.33. Veracyte has a 52-week minimum of $14.85 and a 52-week maximum of $54.13. The stock has a market capitalization of $1.76 billion, a P/E ratio of -41.38, and a beta of 1.28.
Veracito (NASDAQ: VCYT – get rating) last published its quarterly earnings results on Tuesday, August 2. The biotech company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.08. The company had revenue of $72.86 million during the quarter, compared to the consensus estimate of $67.37 million. Veracyte had a negative net margin of 18.13% and a negative return on equity of 4.05%. On average, research analysts expect Veracyte to post earnings per share of -0.8 for the current year.
Institutional investors weigh in on Veracyte
Institutional investors have recently made changes to their positions on the stock market. Strs Ohio increased its holding in Veracyte stock by 7.7% in the first quarter. Strs Ohio now owns 32,100 shares of the biotech company worth $884,000 after buying an additional 2,300 shares last quarter. Exchange Traded Concepts LLC increased its holdings in Veracyte by 14.0% in the first quarter. Exchange Traded Concepts LLC now owns 108,286 shares of the biotech company valued at $2,985,000 after purchasing an additional 13,328 shares during the period. EFG Asset Management North America Corp. increased its position in Veracyte shares by 11.0% during the first quarter. EFG Asset Management North America Corp. now owns 291,203 shares of the biotech company valued at $8,027,000 after buying an additional 28,823 shares last quarter. DekaBank Deutsche Girozentrale increased its position in Veracyte shares by 10.0% during the first quarter. DekaBank Deutsche Girozentrale now owns 24,200 shares of the biotech company valued at $696,000 after buying an additional 2,200 shares in the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc increased its holding in Veracyte shares by 5.1% in the first quarter. AEGON ASSET MANAGEMENT UK Plc now owns 470,811 shares of the biotech company worth $12,976,000 after purchasing an additional 22,700 shares during the period.
Veracyte, Inc operates as a diagnostic company throughout the world. The company offers the Afirma Genomic Sequencing Classifier and Xpression Atlas, which are used to determine whether patients with indeterminate results are benign to avoid unnecessary surgery; Decipher prostate biopsy and radical prostatectomy for the diagnosis of prostate cancer; Prosigna Breast Cancer Assay for the diagnosis of breast cancer; Percepta genomic sequencing classifier and Percepta nasal swab test for lung cancer diagnosis; Envisia Genomic Classifier for the diagnosis of interstitial lung disease, including idiopathic pulmonary fibrosis; and the Immunoscore colon cancer test for the diagnosis of colon cancer.
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