Insider Selling: Veracyte (NASDAQ:VCYT) Insider Sells $185,099.40 in Stock

Veracyte, Inc. (NASDAQ:VCYT) insider John Leite sold 5,260 shares of Veracyte stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $35.19, for a total value of $185,099.40. Following the completion of the sale, the insider directly owned 107,580 shares of the company’s stock, valued at approximately $3,785,740.20. This trade represents a 4.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Veracyte Stock Down 2.4%

NASDAQ VCYT opened at $33.85 on Monday. The company has a market cap of $2.69 billion, a PE ratio of 40.78 and a beta of 1.91. Veracyte, Inc. has a 52 week low of $22.61 and a 52 week high of $50.71. The firm’s 50-day simple moving average is $39.08 and its two-hundred day simple moving average is $38.14.

Veracyte (NASDAQ:VCYT) last posted its earnings results on Wednesday, February 25th. The biotechnology company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.12. Veracyte had a net margin of 12.83% and a return on equity of 8.05%. The firm had revenue of $140.64 million during the quarter, compared to the consensus estimate of $135.79 million. During the same quarter last year, the company earned $0.06 earnings per share. The company’s revenue was up 18.5% on a year-over-year basis. As a group, equities research analysts anticipate that Veracyte, Inc. will post 0.68 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Needham & Company LLC lifted their price objective on shares of Veracyte from $44.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Zacks Research upgraded Veracyte from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. Wall Street Zen raised Veracyte from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 27th. Guggenheim boosted their price objective on Veracyte from $45.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, January 5th. Finally, Morgan Stanley decreased their price objective on Veracyte from $48.00 to $37.00 and set an “underweight” rating on the stock in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, five have assigned 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, Veracyte presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.14.

Hedge Funds Weigh In On Veracyte

Several hedge funds have recently bought and sold shares of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Veracyte during the 2nd quarter worth approximately $25,000. First Horizon Corp bought a new position in Veracyte in the 3rd quarter valued at $31,000. Osaic Holdings Inc. grew its position in shares of Veracyte by 289.9% during the 2nd quarter. Osaic Holdings Inc. now owns 1,201 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 893 shares in the last quarter. Torren Management LLC purchased a new position in shares of Veracyte during the 4th quarter valued at $37,000. Finally, Empowered Funds LLC bought a new position in shares of Veracyte in the fourth quarter worth $42,000.

About Veracyte

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.