Veracyte (VCYT) Lowered to “Hold” at Zacks Investment Research

Veracyte (NASDAQ:VCYT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

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. “

A number of other analysts have also weighed in on VCYT. ValuEngine lowered shares of Veracyte from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 21st. BidaskClub lowered shares of Veracyte from a “hold” rating to a “sell” rating in a research note on Tuesday, October 2nd. Janney Montgomery Scott upgraded shares of Veracyte from a “neutral” rating to a “buy” rating in a research note on Wednesday, October 31st. William Blair reiterated an “outperform” rating on shares of Veracyte in a research note on Tuesday, October 30th. Finally, BTIG Research raised their price target on shares of Veracyte to $17.00 and gave the company a “buy” rating in a research report on Friday, January 4th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Veracyte currently has an average rating of “Buy” and an average target price of $13.83.

Shares of NASDAQ VCYT traded up $0.93 during midday trading on Friday, reaching $17.28. The company had a trading volume of 603,445 shares, compared to its average volume of 366,413. The stock has a market cap of $662.81 million, a P/E ratio of -18.99 and a beta of 0.53. Veracyte has a 1 year low of $5.23 and a 1 year high of $17.33. The company has a current ratio of 9.14, a quick ratio of 8.81 and a debt-to-equity ratio of 0.32.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Monday, October 29th. The biotechnology company reported ($0.12) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.25) by $0.13. The business had revenue of $23.47 million during the quarter, compared to analysts’ expectations of $21.52 million. Veracyte had a negative net margin of 33.00% and a negative return on equity of 65.73%. As a group, sell-side analysts forecast that Veracyte will post -0.69 earnings per share for the current year.

In other news, insider Christopher M. Hall sold 40,000 shares of Veracyte stock in a transaction dated Wednesday, October 31st. The shares were sold at an average price of $13.51, for a total value of $540,400.00. Following the sale, the insider now owns 35,955 shares in the company, valued at $485,752.05. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Chairman Bonnie H. Anderson sold 8,000 shares of Veracyte stock in a transaction dated Monday, December 10th. The shares were sold at an average price of $12.13, for a total transaction of $97,040.00. Following the completion of the sale, the chairman now owns 59,236 shares in the company, valued at approximately $718,532.68. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 96,805 shares of company stock worth $1,340,088. 13.70% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC lifted its stake in shares of Veracyte by 562.5% in the third quarter. Tower Research Capital LLC TRC now owns 12,640 shares of the biotechnology company’s stock worth $121,000 after buying an additional 10,732 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Veracyte during the third quarter valued at about $127,000. Trexquant Investment LP acquired a new stake in shares of Veracyte during the third quarter valued at about $149,000. Meeder Asset Management Inc. increased its position in shares of Veracyte by 79.8% during the third quarter. Meeder Asset Management Inc. now owns 16,178 shares of the biotechnology company’s stock valued at $154,000 after acquiring an additional 7,182 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in shares of Veracyte during the second quarter valued at about $171,000. Institutional investors and hedge funds own 86.73% of the company’s stock.

Veracyte Company Profile

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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