Veracyte (VCYT) Cut to “Hold” at BidaskClub

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BidaskClub downgraded shares of Veracyte (NASDAQ:VCYT) from a buy rating to a hold rating in a research report report published on Thursday, September 20th.

Several other analysts also recently commented on VCYT. Zacks Investment Research upgraded Veracyte from a hold rating to a buy rating and set a $13.00 target price on the stock in a research note on Friday, July 27th. ValuEngine upgraded Veracyte from a hold rating to a buy rating in a research note on Wednesday, June 20th. Finally, Piper Jaffray Companies raised their price target on Veracyte to $11.00 and gave the stock a neutral rating in a research note on Tuesday, July 24th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $11.50.

Shares of Veracyte stock traded down $0.02 during midday trading on Thursday, hitting $10.18. The company had a trading volume of 431,033 shares, compared to its average volume of 217,533. The company has a quick ratio of 3.71, a current ratio of 4.01 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $329.79 million, a P/E ratio of -11.19 and a beta of 1.83. Veracyte has a 52-week low of $5.23 and a 52-week high of $12.86.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Monday, July 23rd. The biotechnology company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.09. Veracyte had a negative return on equity of 91.03% and a negative net margin of 38.69%. The company had revenue of $22.75 million for the quarter, compared to the consensus estimate of $20.67 million. As a group, equities 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 firm’s stock in a transaction dated Thursday, August 9th. The stock was sold at an average price of $12.00, for a total transaction of $240,000.00. Following the sale, the insider now directly owns 36,692 shares of the company’s stock, valued at $440,304. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Chairman Bonnie H. Anderson sold 6,000 shares of the firm’s stock in a transaction dated Monday, July 23rd. The shares were sold at an average price of $10.20, for a total value of $61,200.00. Following the sale, the chairman now directly owns 58,541 shares in the company, valued at $597,118.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 556,950 shares of company stock worth $6,070,125. 13.70% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of the company. Versant Venture Management LLC purchased a new position in shares of Veracyte during the third quarter valued at about $34,535,000. Millennium Management LLC grew its position in shares of Veracyte by 18.8% during the second quarter. Millennium Management LLC now owns 861,836 shares of the biotechnology company’s stock valued at $8,050,000 after purchasing an additional 136,096 shares in the last quarter. Quantum Capital Management grew its position in shares of Veracyte by 147.7% during the second quarter. Quantum Capital Management now owns 191,046 shares of the biotechnology company’s stock valued at $1,784,000 after purchasing an additional 113,930 shares in the last quarter. First Light Asset Management LLC grew its position in Veracyte by 3.8% in the second quarter. First Light Asset Management LLC now owns 881,983 shares of the biotechnology company’s stock worth $8,238,000 after acquiring an additional 32,417 shares in the last quarter. Finally, Highland Capital Management LP grew its position in Veracyte by 61.6% in the second quarter. Highland Capital Management LP now owns 40,400 shares of the biotechnology company’s stock worth $377,000 after acquiring an additional 15,400 shares in the last quarter. Hedge funds and other institutional investors own 71.54% 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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