Key Points
- Veracyte director Karin Eastham sold 3,729 shares on June 18 at an average price of $52.89, for proceeds of about $197,227. The sale, disclosed in an SEC filing, reduced her direct holdings by 19.81% and was made under a pre-arranged Rule 10b5-1 plan.
- The company has recently shown strong operating momentum, reporting Q1 earnings of $0.52 per share versus $0.34 expected and revenue of $139.07 million, up 21.5% year over year. Veracyte also beat consensus revenue estimates and had a net margin of 16.25%.
- Wall Street remains cautiously bullish on Veracyte, with an average rating of “Moderate Buy” and an average target price of $47.57. Analyst views are mixed, though Needham recently raised its target to $57 and reiterated a buy rating.
Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) Director Karin Eastham sold 3,729 shares of Veracyte stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $52.89, for a total value of $197,226.81. Following the transaction, the director directly owned 15,097 shares in the company, valued at approximately $798,480.33. This trade represents a 19.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Veracyte Stock Performance
Veracyte stock opened at $53.19 on Tuesday. The firm's 50 day moving average price is $41.81 and its two-hundred day moving average price is $39.47. Veracyte, Inc. has a twelve month low of $22.61 and a twelve month high of $54.72. The firm has a market cap of $4.24 billion, a PE ratio of 48.80 and a beta of 1.98.
Veracyte (NASDAQ:VCYT - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.18. Veracyte had a return on equity of 9.07% and a net margin of 16.25%.The business had revenue of $139.07 million during the quarter, compared to analyst estimates of $130.36 million. During the same period last year, the company earned $0.31 earnings per share. Veracyte's quarterly revenue was up 21.5% compared to the same quarter last year. Equities analysts anticipate that Veracyte, Inc. will post 1.29 EPS for the current fiscal year.
Wall Street Analyst Weigh In
VCYT has been the topic of a number of analyst reports. Needham & Company LLC increased their price objective on Veracyte from $48.00 to $57.00 and gave the company a "buy" rating in a report on Monday, June 1st. Morgan Stanley cut their price objective on shares of Veracyte from $48.00 to $37.00 and set an "underweight" rating for the company in a research report on Thursday, March 5th. Guggenheim reduced their target price on Veracyte from $50.00 to $45.00 and set a "buy" rating for the company in a research report on Monday, March 30th. Zacks Research cut shares of Veracyte from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 12th. Finally, Canaccord Genuity Group lifted their price objective on Veracyte from $40.00 to $42.00 and gave the company a "hold" rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $47.57.
Check Out Our Latest Stock Analysis on Veracyte
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of VCYT. Osaic Holdings Inc. boosted its stake in Veracyte by 289.9% in the second quarter. Osaic Holdings Inc. now owns 1,201 shares of the biotechnology company's stock valued at $33,000 after acquiring an additional 893 shares during the last quarter. Torren Management LLC acquired a new position in shares of Veracyte in the 4th quarter valued at approximately $37,000. Empowered Funds LLC acquired a new position in shares of Veracyte in the fourth quarter valued at approximately $42,000. Smartleaf Asset Management LLC increased its holdings in Veracyte by 159.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,104 shares of the biotechnology company's stock worth $47,000 after purchasing an additional 679 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new position in shares of Veracyte during the third quarter worth about $56,000.
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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