Veracyte (NASDAQ:VCYT) Stock: Insider Muna Bhanji Sells 1,864 Shares

Veracyte, Inc. (NASDAQ:VCYT) Director Muna Bhanji sold 1,864 shares of the stock in a transaction dated Monday, October 19th. The shares were sold at an average price of $43.70, for a total value of $81,456.80. Following the completion of the transaction, the director owned 40,854 shares of the company’s stock, valued at $1,785,319.80. This represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Muna Bhanji also recently made the following trade(s):

• On Tuesday, September 1st, Muna Bhanji sold 1,864 shares of Veracyte stock. The shares were sold at an average price of $42.97, for a total value of $80,096.08.

Veracyte Trading Up 3.2%

Shares of VCYT stock opened at $46.22 on Thursday. The firm has a market capitalization of $3.72 billion, a price-to-earnings ratio of 29.47 and a beta of 1.95. The business’s 50-day moving average price is $43.38 and its 200-day moving average price is $45.44. Veracyte, Inc. has a 12 month low of $29.45 and a 12 month high of $60.91.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Thursday, July 30th. The biotechnology company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $144.59 million. During the same quarter in the prior year, the firm posted $0.44 earnings per share. The firm’s revenue was up 15.5% compared to the same quarter last year. On average, sell-side analysts predict that Veracyte, Inc. will post 1.32 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Veracyte

A number of hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC boosted its position in Veracyte by 21.2% during the second quarter. GAMMA Investing LLC now owns 1,121 shares of the biotechnology company’s stock valued at $66,000 after acquiring an additional 196 shares during the last quarter. Abel Hall LLC grew its holdings in Veracyte by 3.6% during the 3rd quarter. Abel Hall LLC now owns 6,511 shares of the biotechnology company’s stock worth $300,000 after acquiring an additional 229 shares during the period. Allworth Financial LP raised its position in shares of Veracyte by 178.0% in the 2nd quarter. Allworth Financial LP now owns 845 shares of the biotechnology company’s stock worth $50,000 after acquiring an additional 541 shares in the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of Veracyte in the 2nd quarter worth about $44,000. Finally, Assetmark Inc. raised its position in shares of Veracyte by 34.4% in the 1st quarter. Assetmark Inc. now owns 2,968 shares of the biotechnology company’s stock worth $96,000 after acquiring an additional 760 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Guggenheim raised their price target on shares of Veracyte from $45.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, June 29th. Piper Sandler cut their price target on shares of Veracyte from $66.00 to $54.00 and set an “overweight” rating on the stock in a report on Tuesday, August 4th. Needham & Company LLC reissued a “buy” rating on shares of Veracyte in a research note on Tuesday, September 15th. Canaccord Genuity Group reduced their price objective on shares of Veracyte from $60.00 to $50.00 and set a “hold” rating on the stock in a research note on Monday, August 3rd. Finally, UBS Group increased their price objective on Veracyte from $52.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 9th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Veracyte has an average rating of “Moderate Buy” and a consensus target price of $55.78.

About Veracyte

Veracyte, Inc is a diagnostics company that develops genomic tests to help physicians diagnose cancer, assess disease risk and guide treatment decisions. Its tests are designed to provide additional molecular information from patient samples, often helping reduce uncertainty and support more personalized care.

The company’s portfolio includes Afirma tests for thyroid nodules, Decipher tests for prostate cancer, Percepta tests for lung cancer and Envisio tests for breast cancer. Veracyte also develops and commercializes additional genomic assays intended for use across various cancer types and clinical settings.

Founded in 2008 and headquartered in South San Francisco, California, Veracyte primarily serves the U.S.