Raymond James Starts Veracyte, Inc (VCYT) at Outperform

June 15, 2021 7:46 AM EDT
Get Alerts VCYT Hot Sheet
Price: $43.94 -1.39%

Rating Summary:
    11 Buy, 2 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 14 | New: 23
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Raymond James analyst Andrew Cooper initiates coverage on Veracyte, Inc (NASDAQ: VCYT) with a Outperform rating and a price target of $45.00.

The analyst commented, "We initiate coverage on shares of Veracyte with an Outperform rating. The company is positioned continue to drive growth in its base while adding optionality via M&A with Decipher Biosciences and HalioDx. We also believe the Percepta Nasal Swab (PNS) test fills a unique but fairly large (~$5.5B) niche in by classifying indeterminate lung nodules with a non-invasive solution. Fundamentally, we like the companies tack in general, which is to offer tools that confidently provide clinicians with the appropriate path forward when they sit at key clinical crossroads. These products address large markets already, including 8 of the top 10 cancers in the U.S. and ~$12B TAM, with a path to ~$50B in TAM. Despite a growing toolkit and signs of progress as diagnoses return to normal levels, the stock trades essentially at its pre-COVID-19 multiple once adjusted for an assumed ~$8 per share DCF value for the PNS."

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 $37.25 yesterday.

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