Leerink Partners Resumes Veracyte, Inc (VCYT) at Outperform
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Leerink Partners resumes coverage on Veracyte, Inc (NASDAQ: VCYT) with a Outperform rating and a price target of $12.00.
Analyst Puneet Souda commented, "We are resuming coverage of Veracyte with an Outperform rating & $12 price target. Veracyte is addressing a ~$2B diagnostic market via its negative classifier tests that help reduce ambiguity in diagnosis for a sizable subset of thyroid and lung cancer patients while also reducing unnecessary surgeries overall. We believe that poses significant value for providers and payers in the value driven healthcare system. VCYT has multiple shots on goal while proving its technology as a model that can address other inconclusive biopsies longer term. It's proprietary 142-gene expression test Afirma, identifies benign thyroid nodules in an indeterminate traditional cytology helping physicians and patients confidently forgo unnecessary thyroid surgery. Afirma is already on the path to becoming standard of care given that more than 100,000 of the 525,000 thyroid FNAs (Fine Needle Aspiration) found to be indeterminate each year are suitable for the test. VCYT has driven ~26% penetration in this $500M U.S. market and expects to reach ~60% longer term on well established clinical evidence. We believe adoption of VCYT’s gene expression test for cancerous thyroid nodules and lung bronchi should increase, and forthcoming data and further reimbursement updates on its pipeline offer additional catalysts; helping what we see as 32% sales CAGR between 2016-2019."
Shares of Veracyte, Inc closed at $7.00 yesterday.
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