Key Points
- Veracyte director Muna Bhanji sold 1,864 shares for approximately $80,096 under a pre-arranged Rule 10b5-1 trading plan, reducing her stake by 4.18% to 42,718 shares.
- Veracyte reported quarterly EPS of $0.54, exceeding the $0.41 analyst consensus, while revenue reached $150.32 million, up 15.5% year over year and above expectations.
- Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $54.33, although individual targets range from $44 to $69.
Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) Director Muna Bhanji sold 1,864 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $42.97, for a total transaction of $80,096.08. Following the transaction, the director owned 42,718 shares in the company, valued at approximately $1,835,592.46. This trade represents a 4.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Veracyte Price Performance
Shares of Veracyte stock opened at $44.67 on Friday. The firm's fifty day simple moving average is $51.00 and its 200-day simple moving average is $43.13. The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of 31.68 and a beta of 1.93. Veracyte, Inc. has a 12 month low of $29.45 and a 12 month high of $60.91.
Veracyte (NASDAQ:VCYT - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The biotechnology company reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.13. The firm had revenue of $150.32 million during the quarter, compared to analysts' expectations of $144.59 million. Veracyte had a net margin of 20.37% and a return on equity of 9.26%. Veracyte's quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.44 EPS. Analysts anticipate that Veracyte, Inc. will post 1.32 earnings per share for the current year.
Institutional Trading of Veracyte
Several hedge funds have recently made changes to their positions in the company. Bank of America Corp DE boosted its holdings in shares of Veracyte by 14.7% in the first quarter. Bank of America Corp DE now owns 1,448,897 shares of the biotechnology company's stock valued at $46,669,000 after acquiring an additional 185,929 shares in the last quarter. Summit Creek Advisors LLC purchased a new position in Veracyte during the second quarter worth about $6,986,000. William Blair Investment Management LLC raised its holdings in Veracyte by 16.6% during the fourth quarter. William Blair Investment Management LLC now owns 790,425 shares of the biotechnology company's stock worth $33,277,000 after purchasing an additional 112,516 shares in the last quarter. Royal Bank of Canada lifted its position in Veracyte by 66.4% in the first quarter. Royal Bank of Canada now owns 573,096 shares of the biotechnology company's stock valued at $18,459,000 after purchasing an additional 228,720 shares during the period. Finally, Deutsche Bank AG acquired a new stake in Veracyte in the second quarter valued at about $5,913,000.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on VCYT shares. Morgan Stanley decreased their target price on shares of Veracyte from $47.00 to $44.00 and set an "underweight" rating for the company in a research note on Tuesday, August 4th. Wolfe Research began coverage on Veracyte in a research note on Tuesday, June 2nd. They set an "outperform" rating and a $55.00 price objective for the company. Needham & Company LLC increased their price objective on Veracyte from $57.00 to $69.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Guggenheim lifted their target price on Veracyte from $45.00 to $65.00 and gave the company a "buy" rating in a research note on Monday, June 29th. Finally, Canaccord Genuity Group dropped their target price 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 assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Veracyte currently has a consensus rating of "Moderate Buy" and an average price target of $54.33.
Check Out Our Latest Analysis on Veracyte
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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