Veracyte (VCYT) Downgraded to Buy at BidaskClub

BidaskClub lowered shares of Veracyte (NASDAQ:VCYT) from a strong-buy rating to a buy rating in a research report released on Thursday morning, BidAskClub reports.

VCYT has been the subject of several other research reports. Zacks Investment Research cut shares of Veracyte from a buy rating to a hold rating in a research report on Tuesday, February 19th. BTIG Research upped their target price on shares of Veracyte to $17.00 and gave the stock a buy rating in a research report on Friday, January 4th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Veracyte presently has a consensus rating of Buy and an average price target of $15.83.

NASDAQ VCYT opened at $23.03 on Thursday. Veracyte has a 52 week low of $5.50 and a 52 week high of $26.75. The company has a quick ratio of 7.16, a current ratio of 7.42 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $946.74 million, a price-to-earnings ratio of -37.15 and a beta of 1.03.

In other news, Director Jesse I. Treu sold 427,151 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $20.21, for a total value of $8,632,721.71. Following the completion of the transaction, the director now directly owns 1,642 shares in the company, valued at $33,184.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Bonnie H. Anderson sold 8,000 shares of the stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $25.39, for a total transaction of $203,120.00. Following the completion of the transaction, the chairman now owns 103,292 shares of the company’s stock, valued at $2,622,583.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 956,151 shares of company stock valued at $19,865,410. 13.70% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of VCYT. Assenagon Asset Management S.A. bought a new position in shares of Veracyte in the fourth quarter valued at approximately $15,299,000. BlackRock Inc. boosted its holdings in shares of Veracyte by 43.6% in the third quarter. BlackRock Inc. now owns 2,998,763 shares of the biotechnology company’s stock valued at $28,638,000 after acquiring an additional 910,427 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Veracyte by 81.0% in the fourth quarter. Millennium Management LLC now owns 1,418,286 shares of the biotechnology company’s stock valued at $17,842,000 after acquiring an additional 634,597 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Veracyte by 86.1% in the third quarter. Renaissance Technologies LLC now owns 940,400 shares of the biotechnology company’s stock valued at $8,981,000 after acquiring an additional 435,000 shares in the last quarter. Finally, Vanguard Group Inc boosted its holdings in shares of Veracyte by 40.0% in the third quarter. Vanguard Group Inc now owns 1,434,497 shares of the biotechnology company’s stock valued at $13,700,000 after acquiring an additional 409,641 shares in the last quarter. Institutional investors and hedge funds own 89.89% of the company’s stock.

Veracyte Company Profile

Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.

Further Reading: Momentum Investing

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