Veracyte (NASDAQ:VCYT) Shares Down 4.5% on Insider Selling

Veracyte, Inc. (NASDAQ:VCYT)’s stock price fell 4.5% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $45.81 and last traded at $45.2750. 61,820 shares traded hands during trading, a decline of 94% from the average session volume of 1,098,376 shares. The stock had previously closed at $47.41.

Specifically, insider John Leite sold 1,278 shares of the business’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $47.51, for a total transaction of $60,717.78. Following the transaction, the insider owned 82,113 shares in the company, valued at $3,901,188.63. The trade was a 1.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Marc Stapley sold 7,668 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $47.09, for a total transaction of $361,086.12. Following the completion of the transaction, the chief executive officer owned 318,603 shares in the company, valued at approximately $15,003,015.27. This represents a 2.35% decrease in their position. The disclosure for this sale is available in the SEC filing. In other news, CFO Rebecca Chambers sold 13,278 shares of the stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $46.84, for a total transaction of $621,941.52. Following the sale, the chief financial officer owned 109,496 shares in the company, valued at $5,128,792.64. This represents a 10.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on VCYT. Weiss Ratings restated a “hold (c)” rating on shares of Veracyte in a research note on Monday. Guggenheim increased their price objective on shares of Veracyte from $40.00 to $45.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Needham & Company LLC boosted their target price on Veracyte from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Morgan Stanley increased their price objective on shares of Veracyte from $40.00 to $48.00 and gave the company an “underweight” rating in a research report on Monday. Finally, UBS Group boosted their target price on Veracyte from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.43.

Veracyte Stock Performance

The stock has a fifty day moving average of $39.11 and a 200-day moving average of $31.88. The company has a market cap of $3.58 billion, a PE ratio of 119.45 and a beta of 1.83.

Veracyte (NASDAQ:VCYT) last released its earnings results on Tuesday, November 4th. The biotechnology company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.19. The business had revenue of $131.87 million during the quarter, compared to the consensus estimate of $124.62 million. Veracyte had a return on equity of 7.23% and a net margin of 6.12%.The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period last year, the company earned $0.33 earnings per share. As a group, equities analysts anticipate that Veracyte, Inc. will post 0.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Veracyte

Hedge funds have recently added to or reduced their stakes in the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of Veracyte during the second quarter worth approximately $25,000. First Horizon Corp bought a new position in Veracyte in the third quarter worth approximately $31,000. Osaic Holdings Inc. grew 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 worth $33,000 after purchasing an additional 893 shares in the last quarter. Headlands Technologies LLC purchased a new position in Veracyte during the 1st quarter worth $48,000. Finally, Neo Ivy Capital Management bought a new stake in Veracyte during the 3rd quarter valued at $56,000.

Veracyte Company Profile

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.