Veracyte, Inc (VCYT) In the Midst of a Sea of Catalysts, Needham Reiterates Buy

Needham & Company analyst Mike Matson reiterated a Buy rating and $54.00 price target on Veracyte, Inc (NASDAQ: VCYT) noting the company's recently announced two major acquisitions. Management completed the acquisition of Decipher Biosciences on 3/5/21 bringing a suite of tests for urological cancer that will be accretive to revenue growth. The acquisition of HalioDx was announced on 6/1/21 bringing European manufacturing facilities to support production of its nCounter platform and test kits and a suite of tests for colorectal cancer. Other catalysts include:

• The announcement of a new CEO and search for a new CFO.
• Strengthening clinical data presentations at recent conferences including the American Thoracic Society (ATS) and American Society of Clinical Oncology (ASCO).
• Tests launching later this year including Percepta Nasal Swab, Percepta Genomic Atlas, Decipher Bladder, and Envisia Classifier on nCounter
• Decipher Prostate data published in JAMA Oncology on 6/14
• Afirma Xpression Atlas data was presented at ASCO on 6/4

The analyst stated "We believe Veracyte has strong potential for meaningful long-term revenue growth associated with the commercialization of an expanding portfolio of advanced diagnostic tests that improve patient outcomes while also reducing diagnostic costs. We recognize the company as a leader in the rapidly growing market for next-generation diagnostic tests that utilize comprehensive genomic information to improve the diagnosis of specific conditions or assist with treatment decisions."

For an analyst ratings summary and ratings history on Veracyte, Inc click here. For more ratings news on Veracyte, Inc click here.

Shares of Veracyte, Inc closed at $40.60 yesterday.

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