Veracyte (VCYT) Upgraded to “Buy” at Janney Montgomery Scott

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Janney Montgomery Scott upgraded shares of Veracyte (NASDAQ:VCYT) from a neutral rating to a buy rating in a research report released on Wednesday morning, MarketBeat reports.

A number of other brokerages have also recently issued reports on VCYT. ValuEngine raised shares of Veracyte from a buy rating to a strong-buy rating in a research note on Friday, August 3rd. BidaskClub cut shares of Veracyte from a strong-buy rating to a buy rating in a research note on Friday, September 7th. Zacks Investment Research raised shares of Veracyte from a hold rating to a buy rating and set a $13.00 price objective for the company in a research note on Friday, July 27th. Finally, Piper Jaffray Companies increased their price objective on shares of Veracyte to $11.00 and gave the stock a neutral rating in a research note on Tuesday, July 24th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $11.50.

Shares of NASDAQ VCYT traded down $1.77 during midday trading on Wednesday, reaching $13.08. The stock had a trading volume of 789,737 shares, compared to its average volume of 438,839. The company has a debt-to-equity ratio of 0.32, a current ratio of 9.14 and a quick ratio of 3.71. The stock has a market cap of $468.63 million, a PE ratio of -14.37 and a beta of 1.82. Veracyte has a 12-month low of $5.23 and a 12-month high of $15.19.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings data 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 firm 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%. On average, research analysts expect that Veracyte will post -0.9 EPS for the current year.

In other Veracyte news, insider Christopher M. Hall sold 20,000 shares of the stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $12.00, for a total transaction of $240,000.00. Following the completion of the transaction, the insider now owns 36,692 shares in the company, valued at $440,304. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Bonnie H. Anderson sold 6,000 shares of the stock in a transaction on Monday, August 27th. The shares were sold at an average price of $12.00, for a total transaction of $72,000.00. Following the transaction, the chairman now owns 58,541 shares of the company’s stock, valued at approximately $702,492. The disclosure for this sale can be found here. Company insiders own 13.70% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in VCYT. GSA Capital Partners LLP bought a new position in Veracyte during the second quarter valued at $171,000. Bank of Montreal Can purchased a new stake in shares of Veracyte during the second quarter worth $182,000. Sigma Planning Corp purchased a new stake in shares of Veracyte during the second quarter worth $217,000. Engineers Gate Manager LP purchased a new stake in shares of Veracyte during the second quarter worth $231,000. Finally, First Hawaiian Bank purchased a new stake in shares of Veracyte during the third quarter worth $295,000. Institutional investors and hedge funds own 82.39% of the company’s stock.

About Veracyte

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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