Key Points
- CEO Marc Stapley sold 138,051 Veracyte shares on June 4 at an average price of $50.12, for proceeds of about $6.9 million. The sale was made under a pre-arranged 10b5-1 plan to cover tax withholding tied to equity vesting.
- Veracyte reported strong quarterly results, posting EPS of $0.52 versus estimates of $0.34 and revenue of $139.07 million, up 21.5% year over year. The company also beat analyst revenue expectations and has guided toward full-year EPS of 1.28.
- Analysts remain mostly constructive, with recent target increases from Wolfe Research, UBS, and Needham. The stock currently carries a consensus rating of “Moderate Buy” and an average price target of $47.57.
Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) EVP Annie Mcguire sold 3,176 shares of the stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $49.76, for a total transaction of $158,037.76. Following the transaction, the executive vice president directly owned 137,240 shares of the company's stock, valued at $6,829,062.40. This represents a 2.26% decrease in their ownership of the stock. The transaction 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.
Annie Mcguire also recently made the following trade(s):
- On Wednesday, May 6th, Annie Mcguire sold 10,204 shares of Veracyte stock. The shares were sold at an average price of $39.02, for a total transaction of $398,160.08.
Veracyte Trading Up 2.6%
VCYT opened at $49.94 on Friday. The company has a 50 day moving average of $37.48 and a 200 day moving average of $39.01. The company has a market cap of $3.98 billion, a PE ratio of 45.82 and a beta of 1.98. Veracyte, Inc. has a 12 month low of $22.61 and a 12 month high of $50.71.
Veracyte (NASDAQ:VCYT - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.34 by $0.18. The company had revenue of $139.07 million during the quarter, compared to the consensus estimate of $130.36 million. Veracyte had a net margin of 16.25% and a return on equity of 9.07%. Veracyte's revenue for the quarter was up 21.5% on a year-over-year basis. During the same period last year, the firm earned $0.31 EPS. Research analysts forecast that Veracyte, Inc. will post 1.28 earnings per share for the current fiscal year.
Trending Headlines about Veracyte
Here are the key news stories impacting Veracyte this week:
- Positive Sentiment: Veracyte has remained up sharply since its last earnings report, reflecting continued investor confidence in the company’s recent results and outlook. Why Is Veracyte (VCYT) Up 18.2% Since Last Earnings Report?
- Positive Sentiment: The company also highlighted ASCO findings from its OPTIMA and ENZAMET Phase III breast and prostate cancer trials, which could help reinforce Veracyte’s growth narrative in precision diagnostics. Veracyte, Inc. (VCYT) Discusses ASCO Findings From OPTIMA and ENZAMET Phase III Trials in Breast and Prostate Cancer - Slideshow
- Neutral Sentiment: Canaccord Genuity reiterated a Hold rating on Veracyte, suggesting analysts remain cautious despite the recent rally. Canaccord Genuity Reaffirms Their Hold Rating on Veracyte (VCYT)
- Neutral Sentiment: Veracyte presented at the William Blair Growth Stock Conference, a routine investor-relations event that may help maintain visibility but is unlikely to move the stock on its own. Veracyte, Inc. (VCYT) Presents at 46th Annual William Blair Growth Stock Conference - Slideshow
- Negative Sentiment: Several executives sold shares on June 4, including CEO Marc Stapley, CFO Rebecca Chambers, EVP Annie McGuire, and insider John Leite. The sales were made under pre-arranged 10b5-1 plans and tied to tax withholding from equity vesting, which limits the bearish signal, but the size of the CEO sale could still pressure sentiment. Marc Stapley insider trade
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the company. Torren Management LLC bought a new position in Veracyte in the 4th quarter valued at $37,000. Empowered Funds LLC bought a new position in Veracyte in the 4th quarter valued at $42,000. Smartleaf Asset Management LLC boosted its holdings in Veracyte by 159.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,104 shares of the biotechnology company's stock valued at $47,000 after purchasing an additional 679 shares during the period. Osaic Holdings Inc. boosted its holdings in Veracyte by 289.9% in the 2nd quarter. Osaic Holdings Inc. now owns 1,201 shares of the biotechnology company's stock valued at $33,000 after purchasing an additional 893 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Veracyte by 146.4% in the 4th quarter. GAMMA Investing LLC now owns 1,454 shares of the biotechnology company's stock valued at $61,000 after purchasing an additional 864 shares during the period.
Analysts Set New Price Targets
Several research firms recently commented on VCYT. Canaccord Genuity Group raised their price objective on shares of Veracyte from $40.00 to $42.00 and gave the stock a "hold" rating in a report on Wednesday, May 6th. Zacks Research downgraded shares of Veracyte from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 12th. Guggenheim cut their price objective on shares of Veracyte from $50.00 to $45.00 and set a "buy" rating for the company in a report on Monday, March 30th. Jefferies Financial Group began coverage on shares of Veracyte in a report on Monday, April 13th. They issued a "buy" rating and a $45.00 price objective for the company. Finally, Wolfe Research began coverage on shares of Veracyte in a report on Tuesday. They issued an "outperform" rating and a $55.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $47.57.
Get Our Latest Analysis on Veracyte
About Veracyte
(
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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