Leerink Swann Assigned a Buy Rating to Veracyte

By Austin Angelo

In a report released today, Dan Leonard from Leerink Swann assigned a Buy rating to Veracyte (NASDAQ: VCYT), with a price target of $12. The company’s shares closed last Friday at $7.

According to TipRanks.com, Leonard is a 2-star analyst with an average return of -0.5% and a 47.4% success rate. Leonard covers the Healthcare sector, focusing on stocks such as HTG Molecular Diagnostics, Bio-Rad Laboratories, and Foundation Medicine.

Currently, the analyst consensus on Veracyte is Strong Buy and the average price target is $10, representing a 42.9% upside.

In a report issued on November 4, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $13 price target.

Based on Veracyte’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $18.6 million and GAAP net loss of $5.64 million. In comparison, last year the company earned revenue of $12.34 million and had a GAAP net loss of $8.95 million.

Veracyte, Inc. is a molecular diagnostics company which uses novel genomics to resolve the critical healthcare problem of diagnostic ambiguity. The company discovers, develops and commercializes molecular diagnostic solutions that enable physicians to make more informed treatment decisions early. Veracyte was founded by Bonnie H. Anderson and Y. Douglas Dolginow on August 15, 2006 and is headquartered in South San Francisco, CA.