BTIG Research set a $13.00 target price on Veracyte (NASDAQ:VCYT) in a research note issued to investors on Wednesday, May 2nd. The firm currently has a buy rating on the biotechnology company’s stock.
Several other equities research analysts also recently weighed in on VCYT. Zacks Investment Research downgraded shares of Veracyte from a hold rating to a sell rating in a research note on Tuesday, March 6th. Piper Jaffray reaffirmed a hold rating and issued a $5.40 price target on shares of Veracyte in a report on Thursday, March 1st. Finally, ValuEngine cut shares of Veracyte from a sell rating to a strong sell rating in a report on Friday, February 2nd. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $10.78.
Veracyte opened at $6.54 on Wednesday, MarketBeat reports. The stock has a market capitalization of $220.50 million, a P/E ratio of -7.19 and a beta of 1.61. Veracyte has a 1-year low of $6.31 and a 1-year high of $6.38. The company has a debt-to-equity ratio of 0.84, a quick ratio of 3.59 and a current ratio of 3.98.
Veracyte (NASDAQ:VCYT) last issued its earnings results on Tuesday, May 1st. The biotechnology company reported ($0.27) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.25) by ($0.02). Veracyte had a negative return on equity of 80.99% and a negative net margin of 42.30%. The company had revenue of $20.04 million for the quarter, compared to analysts’ expectations of $18.28 million. sell-side analysts expect that Veracyte will post -1 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Acuta Capital Partners LLC grew its position in shares of Veracyte by 0.7% in the first quarter. Acuta Capital Partners LLC now owns 3,318,000 shares of the biotechnology company’s stock valued at $18,448,000 after purchasing an additional 22,889 shares during the period. Cannell Capital LLC grew its position in shares of Veracyte by 7.7% in the first quarter. Cannell Capital LLC now owns 2,059,233 shares of the biotechnology company’s stock valued at $11,449,000 after purchasing an additional 146,606 shares during the period. BlackRock Inc. grew its position in shares of Veracyte by 46.3% in the fourth quarter. BlackRock Inc. now owns 1,842,981 shares of the biotechnology company’s stock valued at $12,034,000 after purchasing an additional 583,582 shares during the period. ARK Investment Management LLC grew its position in shares of Veracyte by 187.2% in the fourth quarter. ARK Investment Management LLC now owns 1,402,264 shares of the biotechnology company’s stock valued at $9,157,000 after purchasing an additional 913,926 shares during the period. Finally, Stonepine Capital Management LLC boosted its position in Veracyte by 274.3% during the fourth quarter. Stonepine Capital Management LLC now owns 1,235,147 shares of the biotechnology company’s stock worth $8,066,000 after acquiring an additional 905,147 shares during the last quarter. 69.99% of the stock is owned by institutional investors.
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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