Veracyte price target lowered to $30 from $35 at Needham

Needham lowered the firm’s price target on Veracyte to $30 from $35 to reflect peer multiple contraction but keeps a Buy rating on the shares. The company’s Q3 revenue and earnings topped consensus with “strong” Decipher and Afirma volumes, the analyst tells investors in a research note. Veracyte management also announced a new multi-platform strategy for its IVD development on the nCounter system to include assay development for a next-generation sequencing and qPCR platforms, the firm added.