In a report released today, Michael Matson from Needham assigned a Buy rating to Veracyte (VCYT), with a price target of $54.00. The company’s shares closed last Tuesday at $36.14.
According to TipRanks.com, Matson is a 5-star analyst with an average return of 16.2% and a 68.0% success rate. Matson covers the Healthcare sector, focusing on stocks such as Axonics Modulation Technologies, Zimmer Biomet Holdings, and Cardiovascular Systems.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Veracyte with a $62.20 average price target, implying a 58.8% upside from current levels. In a report issued on May 18, Truist Financial also maintained a Buy rating on the stock with a $55.00 price target.
See today’s analyst top recommended stocks >>
Based on Veracyte’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $36.7 million and GAAP net loss of $41.87 million. In comparison, last year the company earned revenue of $31.12 million and had a GAAP net loss of $11.72 million.
Based on the recent corporate insider activity of 70 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of VCYT in relation to earlier this year. Last month, Bonnie Anderson, the Chairman & CEO of VCYT bought 14,065 shares for a total of $78,905.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Veracyte, Inc. engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H. Anderson and Y. Douglas Dolginow on August 15, 2006 and is headquartered in South San Francisco, CA.