Key Points
- Director Jens Holstein sold 5,000 Veracyte shares at an average price of $40.95, generating $204,750. The Rule 10b5-1 transaction reduced his holdings by 15.4% to 27,471 shares.
- Veracyte reported strong quarterly results, with earnings of $0.54 per share and revenue of $150.32 million, beating estimates and increasing 15.5% year over year.
- Analyst sentiment remains favorable, with a “Moderate Buy” consensus rating and an average price target of $55.78, despite several firms recently lowering their targets.
Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) Director Jens Holstein sold 5,000 shares of the business's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $40.95, for a total transaction of $204,750.00. Following the completion of the transaction, the director owned 27,471 shares in the company, valued at $1,124,937.45. This trade represents a 15.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Veracyte Stock Performance
NASDAQ:VCYT opened at $38.50 on Thursday. Veracyte, Inc. has a 52 week low of $29.45 and a 52 week high of $60.91. The firm's fifty day moving average is $48.01 and its 200-day moving average is $43.46. The firm has a market cap of $3.10 billion, a P/E ratio of 27.31 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, beating analysts' consensus estimates of $0.41 by $0.13. Veracyte had a net margin of 20.37% and a return on equity of 9.26%. The business had revenue of $150.32 million for the quarter, compared to analysts' expectations of $144.59 million. During the same quarter in the prior year, the firm posted $0.44 earnings per share. The business's quarterly revenue was up 15.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Veracyte, Inc. will post 1.32 earnings per share for the current year.
Wall Street Analyst Weigh In
Several equities research analysts recently commented on VCYT shares. Piper Sandler decreased their target price on Veracyte from $66.00 to $54.00 and set an "overweight" rating for the company in a research note on Tuesday, August 4th. Guggenheim raised their price objective on shares of Veracyte from $45.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, June 29th. Zacks Research upgraded shares of Veracyte from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 11th. Wall Street Zen raised shares of Veracyte from a "buy" rating to a "strong-buy" rating in a research note on Sunday, July 12th. Finally, Stephens decreased their price target on shares of Veracyte from $68.00 to $55.00 and set an "overweight" rating for the company in a research note on Tuesday, August 4th. Two equities research 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 company. Based on data from MarketBeat, Veracyte presently has an average rating of "Moderate Buy" and a consensus price target of $55.78.
Check Out Our Latest Stock Report on VCYT
Hedge Funds Weigh In On Veracyte
Large investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC purchased a new position in Veracyte in the second quarter valued at approximately $44,000. Allworth Financial LP purchased a new stake in Veracyte in the second quarter worth $50,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Veracyte in the second quarter valued at $62,000. GAMMA Investing LLC lifted its position in shares of Veracyte by 21.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,121 shares of the biotechnology company's stock valued at $66,000 after buying an additional 196 shares during the last quarter. Finally, Leonteq Securities AG purchased a new position in shares of Veracyte during the 4th quarter valued at $61,000.
About Veracyte
(
Get Free Report)
Veracyte, Inc is a diagnostics company that develops and commercializes genomic tests designed to help physicians diagnose cancer, assess disease risk and guide treatment decisions. The company combines genomic data with bioinformatics and machine-learning technologies to provide clinically actionable information from patient tissue samples.
Veracyte's portfolio includes Afirma tests for evaluating thyroid nodules, Decipher tests for assessing the risk and biological characteristics of prostate cancer, and Prosigna for classifying and evaluating recurrence risk in certain breast cancers.
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