Morgan Stanley analyst Tejas Savant raised the firm’s price target on Veracyte to $26 from $21 and keeps an Underweight rating on the shares. Veracyte reported a strong Q2 beat driven by continued momentum in Decipher and Afirma test growth and 2024 guidance was raised, but the recent run up in the stock price implies momentum that is already baked-in while meaningful upside from Nasal Swab, IVD and MRD will take time, the analyst tells investors in a research note.
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