Veracyte, Inc. (NASDAQ:VCYT – Get Free Report) EVP Annie Mcguire sold 3,254 shares of the stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $43.09, for a total transaction of $140,214.86. Following the transaction, the executive vice president owned 131,160 shares in the company, valued at approximately $5,651,684.40. The trade was a 2.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Veracyte Stock Down 4.8%
Shares of VCYT traded down $2.14 during mid-day trading on Friday, hitting $42.53. The company had a trading volume of 992,031 shares, compared to its average volume of 1,225,232. The business’s 50-day simple moving average is $50.64 and its 200-day simple moving average is $43.12. Veracyte, Inc. has a 1-year low of $29.45 and a 1-year high of $60.91. The stock has a market cap of $3.42 billion, a PE ratio of 30.16 and a beta of 1.93.
Veracyte (NASDAQ:VCYT – Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The biotechnology company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.41 by $0.13. Veracyte had a net margin of 20.37% and a return on equity of 9.26%. The firm had revenue of $150.32 million during the quarter, compared to analyst estimates of $144.59 million. During the same quarter in the prior year, the business posted $0.44 earnings per share. Veracyte’s revenue for the quarter was up 15.5% compared to the same quarter last year. On average, sell-side analysts expect that Veracyte, Inc. will post 1.32 earnings per share for the current year.
Hedge Funds Weigh In On Veracyte
Analyst Ratings Changes
VCYT has been the subject of a number of research analyst reports. Guggenheim upped their price objective on Veracyte from $45.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, June 29th. Wall Street Zen upgraded Veracyte from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 12th. Wolfe Research assumed coverage on Veracyte in a research report on Tuesday, June 2nd. They set an “outperform” rating and a $55.00 price target for the company. Morgan Stanley dropped their price target on Veracyte from $47.00 to $44.00 and set an “underweight” rating for the company in a research note on Tuesday, August 4th. Finally, Canaccord Genuity Group cut their price objective on Veracyte from $60.00 to $50.00 and set a “hold” rating on the stock in a report on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Veracyte currently has a consensus rating of “Moderate Buy” and an average target price of $54.33.
Check Out Our Latest Stock Analysis on VCYT
About Veracyte
Veracyte, Inc is a genomic diagnostics company focused on improving diagnostic accuracy and patient care through advanced molecular testing. Founded in 2008 and headquartered in South San Francisco, California, the company develops and commercializes minimally invasive genomic tests that aid in the diagnosis of thyroid, lung and other diseases. Veracyte’s proprietary platform analyzes gene expression patterns in clinical samples to help physicians make more informed treatment decisions, reducing unnecessary surgeries and improving patient outcomes.
The company’s flagship product, the Afirma Genomic Sequencing Classifier, is designed to assess thyroid nodules with indeterminate cytology, helping clinicians distinguish benign from suspicious nodules.
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