Veracyte Shares Surge 9.9% After UBS Analyst Upgrade

Shares of Veracyte, Inc. (NASDAQ:VCYT) saw a significant rise of 9.9% during mid-day trading on Wednesday, following an upgrade from UBS Group. The financial services company increased its price target on Veracyte's stock from $46.00 to $49.00, maintaining a buy rating. The stock reached a high of $35.95 before settling at $36.77. Notably, 451,819 shares exchanged hands during this trading session, which is a 46% decline compared to the average volume of 835,314 shares. Prior to this increase, Veracyte’s shares closed at $33.46.

A variety of research analysts have expressed their opinions on Veracyte in recent reports. Scotiabank raised its price target from $40.00 to $44.00, giving the company a “sector outperform” rating on November 8. Meanwhile, StockNews.com changed its rating for Veracyte from “buy” to “hold” on February 18. Wolfe Research initiated coverage of the company on November 15, offering an “outperform” rating with a price target of $50.00. On November 18, Morgan Stanley revised its price target from $26.00 to $28.00, assigning an “underweight” rating. Lastly, Needham & Company LLC reaffirmed a “buy” rating with an even higher price objective of $51.00. Currently, one analyst rates the stock as a sell, two as hold, and six as buy. According to MarketBeat.com, Veracyte holds a consensus rating of “Moderate Buy” along with a consensus target price of $43.00.

Insider Trading Activity

In related insider activity, Director Karin Eastham sold 10,000 shares of the company on January 2 at an average price of $40.30, resulting in a sale worth $403,000. Following this transaction, she owns 18,497 shares, valued at approximately $745,429. Additionally, CFO Rebecca Chambers sold 7,000 shares on December 3 for an average price of $43.23, totaling $302,610. After this sale, she holds 114,037 shares worth about $4,929,820. Over the last quarter, insiders have sold a total of 19,533 shares of Veracyte, representing a value of $815,584. Insiders currently own 1.30% of the company’s stock.

Institutional Investment Trends

Recently, institutional investors have made adjustments to their positions in Veracyte. HighTower Advisors LLC acquired a new stake worth around $554,000 in the third quarter. Eventide Asset Management LLC increased its holdings by 20.2%, now owning 677,883 shares valued at $23.1 million after adding 113,883 shares. Erste Asset Management GmbH and Neo Ivy Capital Management also bought new stakes valued at $574,000 and $820,000, respectively. Intech Investment Management LLC joined the mix, investing about $723,000 in Veracyte during the same period.

Performance Overview

The stock's 50-day simple moving average stands at $41.63, while its 200-day simple moving average is $37.61. Veracyte holds a market capitalization of $2.62 billion, with a price-to-earnings ratio of -225.60 and a beta of 1.71. The company recently reported its quarterly earnings results on February 24, revealing earnings per share of $0.36, surpassing the consensus estimate of $0.29 by $0.07. Veracyte’s revenue for the quarter was $118.63 million, exceeding expectations of $110.73 million. In the same quarter last year, the firm reported an earnings per share of ($0.39). Analysts forecast that Veracyte will post an EPS of 0.68 for the current fiscal year.

About Veracyte

Veracyte, Inc. is involved in the research, development, and commercialization of diagnostic products. Their portfolio includes offerings like Afirma, Percepta, and Envisia, aimed primarily at addressing conditions such as thyroid cancer, lung cancer screening, and idiopathic pulmonary fibrosis diagnosis. The company was founded by Bonnie H.

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