Veracyte Inc. (NASDAQ:VCYT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.
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. “
Other equities analysts have also issued reports about the company. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $10.00 price objective (down from $12.00) on shares of Veracyte in a research note on Thursday, August 4th. BTIG Research reiterated a “buy” rating and issued a $10.00 price objective on shares of Veracyte in a research note on Monday, June 13th. Cantor Fitzgerald reiterated a “buy” rating on shares of Veracyte in a research note on Monday, June 13th. Finally, Leerink Swann reiterated a “buy” rating on shares of Veracyte in a research note on Thursday, June 23rd. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. Veracyte presently has an average rating of “Buy” and an average price target of $9.42.
Shares of Veracyte (NASDAQ:VCYT) opened at 7.69 on Thursday. The company has a 50-day moving average price of $6.40 and a 200 day moving average price of $5.53. The firm’s market capitalization is $214.27 million. Veracyte has a 52-week low of $4.21 and a 52-week high of $8.15.
Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.40) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by $0.07. The business earned $14.68 million during the quarter, compared to the consensus estimate of $14.80 million. Veracyte had a negative return on equity of 82.26% and a negative net margin of 70.10%. The company’s revenue for the quarter was up 23.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.35) earnings per share. Analysts expect that Veracyte will post ($1.47) EPS for the current fiscal year.
A number of institutional investors have recently modified their holdings of the stock. Grandeur Peak Global Advisors LLC raised its position in shares of Veracyte by 28.6% in the second quarter. Grandeur Peak Global Advisors LLC now owns 566,636 shares of the company’s stock valued at $2,850,000 after buying an additional 126,125 shares in the last quarter. Kopp Investment Advisors LLC increased its stake in Veracyte by 55.7% in the second quarter. Kopp Investment Advisors LLC now owns 21,975 shares of the company’s stock worth $111,000 after buying an additional 7,860 shares during the last quarter. State Street Corp increased its stake in Veracyte by 3.6% in the second quarter. State Street Corp now owns 146,503 shares of the company’s stock worth $741,000 after buying an additional 5,109 shares during the last quarter. Spark Investment Management LLC increased its stake in Veracyte by 1.5% in the second quarter. Spark Investment Management LLC now owns 59,100 shares of the company’s stock worth $297,000 after buying an additional 900 shares during the last quarter. Finally, BlackRock Fund Advisors increased its stake in Veracyte by 1.9% in the second quarter. BlackRock Fund Advisors now owns 361,743 shares of the company’s stock worth $1,820,000 after buying an additional 6,891 shares during the last quarter. Hedge funds and other institutional investors own 55.31% of the company’s stock.
Veracyte Company Profile
Veracyte, Inc is a molecular diagnostics company. The Company is engaged in developing and delivering genomic solutions that resolve diagnostic ambiguity and enable physicians to make informed treatment decisions at an early-stage in patient care. The Company targets diseases in which various patients undergo diagnostic procedures that could be avoided with diagnosis from a cytology sample taken preoperatively.
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