Veracyte initiated with Outperform, $33 target at Scotiabank

Scotiabank analyst Sung Ji Nam initiated coverage of Veracyte with an Outperform rating and $33 price target. The analyst started coverage on nine companies in the life science tools and diagnostics space with a positive view on the sector. Veracyte is a pioneer in the advanced diagnostics space, particularly with its thyroid cancer test, which launched over a decade ago, Ji Nam tells investors in a research note. The analyst expects Decipher’s prostate cancer test to be the key driver of Veracyte’s double-digit top-line growth over the next few years. Ji Nam says Veracyte is well positioned to maintain its double-digit revenue growth in the near term and to potentially further accelerate its growth longer term.