Key Points
- Insider transaction: John Leite sold 4,015 Veracyte shares at an average price of $40, generating $160,600. The sale was made under a pre-arranged Rule 10b5-1 trading plan, leaving him with 124,329 shares.
- Quarterly performance: Veracyte reported adjusted earnings of $0.54 per share, exceeding analysts’ $0.41 estimate, while revenue rose 15.5% year over year to $150.32 million.
- Analyst outlook: Veracyte has a consensus “Moderate Buy” rating and an average price target of $55.78, despite one analyst downgrade to “Hold.”
Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) insider John Leite sold 4,015 shares of the stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $40.00, for a total transaction of $160,600.00. Following the completion of the transaction, the insider owned 124,329 shares in the company, valued at $4,973,160. This represents a 3.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Veracyte Stock Performance
VCYT opened at $43.36 on Wednesday. The company has a fifty day moving average price of $46.70 and a two-hundred day moving average price of $43.61. The firm has a market capitalization of $3.49 billion, a PE ratio of 30.75 and a beta of 1.93. Veracyte, Inc. has a 52 week low of $29.45 and a 52 week high of $60.91.
Veracyte (NASDAQ:VCYT - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The biotechnology company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.13. Veracyte had a return on equity of 9.26% and a net margin of 20.37%.The company had revenue of $150.32 million for the quarter, compared to the consensus estimate of $144.59 million. During the same quarter in the prior year, the business posted $0.44 EPS. The firm's quarterly revenue was up 15.5% on a year-over-year basis. Equities analysts forecast that Veracyte, Inc. will post 1.32 EPS for the current year.
Analyst Ratings Changes
Several equities analysts have recently issued reports on VCYT shares. Canaccord Genuity Group decreased their target price on Veracyte from $60.00 to $50.00 and set a "hold" rating for the company in a research report on Monday, August 3rd. Weiss Ratings raised shares of Veracyte from a "hold (c)" rating to a "hold (c+)" rating in a research note on Wednesday, September 9th. Zacks Research upgraded shares of Veracyte from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 11th. Needham & Company LLC reissued a "buy" rating on shares of Veracyte in a research report on Tuesday, September 15th. Finally, Wolfe Research started coverage on shares of Veracyte in a report on Tuesday, June 2nd. They issued an "outperform" rating and a $55.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.78.
Check Out Our Latest Report on VCYT
Hedge Funds Weigh In On Veracyte
Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new stake in Veracyte during the 2nd quarter worth approximately $792,058,000. Dimensional Fund Advisors LP boosted its holdings in shares of Veracyte by 2.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,881,090 shares of the biotechnology company's stock valued at $92,787,000 after buying an additional 80,614 shares during the period. First Trust Advisors LP boosted its holdings in shares of Veracyte by 64.9% in the first quarter. First Trust Advisors LP now owns 2,117,046 shares of the biotechnology company's stock valued at $68,190,000 after buying an additional 833,543 shares during the period. Geode Capital Management LLC increased its position in shares of Veracyte by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 1,900,882 shares of the biotechnology company's stock worth $80,039,000 after acquiring an additional 9,429 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Veracyte by 14.7% during the first quarter. Bank of America Corp DE now owns 1,448,897 shares of the biotechnology company's stock worth $46,669,000 after acquiring an additional 185,929 shares during the period.
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
