Key Points
- Veracyte CAO Jonathan Wygant sold 24,000 shares on May 22 at an average price of $45.40, for total proceeds of about $1.09 million. After the sale, he still held 45,434 shares, reducing his ownership by 34.57%.
- Veracyte reported stronger-than-expected quarterly results, posting EPS of $0.52 versus the $0.34 consensus and revenue of $139.07 million versus estimates of $130.36 million. Revenue rose 21.5% year over year.
- Analysts remain mixed on the stock, with an average rating of “Hold” and an average price target of $44.83. Recent notes included both price target cuts and a range of Buy, Hold, and Sell ratings.
Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) CAO Jonathan Wygant sold 24,000 shares of the firm's stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $45.40, for a total transaction of $1,089,600.00. Following the completion of the sale, the chief accounting officer owned 45,434 shares of the company's stock, valued at approximately $2,062,703.60. This trade represents a 34.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Veracyte Stock Up 0.6%
Shares of VCYT opened at $44.49 on Thursday. The company has a market cap of $3.55 billion, a price-to-earnings ratio of 40.82 and a beta of 1.89. Veracyte, Inc. has a twelve month low of $22.61 and a twelve month high of $50.71. The company has a 50 day moving average of $35.66 and a two-hundred day moving average of $38.72.
Veracyte (NASDAQ:VCYT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.34 by $0.18. The firm had revenue of $139.07 million during the quarter, compared to analyst estimates of $130.36 million. Veracyte had a net margin of 16.25% and a return on equity of 9.07%. Veracyte's revenue was up 21.5% on a year-over-year basis. During the same period last year, the firm posted $0.31 EPS. On average, sell-side analysts expect that Veracyte, Inc. will post 1.28 EPS for the current year.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on VCYT shares. Weiss Ratings reissued a "hold (c)" rating on shares of Veracyte in a report on Friday, March 27th. Guggenheim dropped their price objective on shares of Veracyte from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Monday, March 30th. Zacks Research lowered shares of Veracyte from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 12th. Needham & Company LLC reissued a "buy" rating and set a $48.00 price objective on shares of Veracyte in a report on Wednesday, April 1st. Finally, Morgan Stanley dropped their price objective on shares of Veracyte from $48.00 to $37.00 and set an "underweight" rating on the stock in a report on Thursday, March 5th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $44.83.
View Our Latest Analysis on VCYT
Institutional Investors Weigh In On Veracyte
A number of large investors have recently made changes to their positions in VCYT. Principal Financial Group Inc. lifted its position in Veracyte by 667.9% during the third quarter. Principal Financial Group Inc. now owns 435,761 shares of the biotechnology company's stock valued at $14,960,000 after purchasing an additional 379,014 shares during the period. Artisan Partners Limited Partnership lifted its position in Veracyte by 16.6% during the third quarter. Artisan Partners Limited Partnership now owns 7,370,467 shares of the biotechnology company's stock valued at $253,028,000 after purchasing an additional 1,048,692 shares during the period. First Trust Advisors LP lifted its position in Veracyte by 23.6% during the third quarter. First Trust Advisors LP now owns 1,324,965 shares of the biotechnology company's stock valued at $45,486,000 after purchasing an additional 253,033 shares during the period. Westview Management dba Westview Investment Advisors acquired a new position in Veracyte during the fourth quarter valued at $1,376,000. Finally, Illinois Municipal Retirement Fund acquired a new position in Veracyte during the third quarter valued at $1,384,000.
Veracyte Company Profile
(
Get Free Report)
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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