Veracyte (NASDAQ:VCYT) Stock Price Down 4.3% – Here’s Why

Veracyte, Inc. (NASDAQ:VCYT)’s share price was down 4.3% during trading on Tuesday. The stock traded as low as $47.34 and last traded at $45.6250. Approximately 155,956 shares traded hands during trading, a decline of 86% from the average daily volume of 1,134,686 shares. The stock had previously closed at $47.67.

Analysts Set New Price Targets

A number of analysts have weighed in on VCYT shares. UBS Group boosted their price target on Veracyte from $52.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, September 9th. Guggenheim raised their price objective on Veracyte from $45.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, June 29th. 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 report on Tuesday, August 4th. Canaccord Genuity Group lowered their price target on Veracyte from $60.00 to $50.00 and set a “hold” rating on the stock in a report on Monday, August 3rd. Finally, Weiss Ratings lowered shares of Veracyte from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, September 24th. One equities research 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 stock. According to data from MarketBeat.com, Veracyte currently has an average rating of “Moderate Buy” and an average price target of $55.78.

Veracyte Price Performance

The firm has a market capitalization of $3.60 billion, a P/E ratio of 31.70 and a beta of 1.95. The business has a 50 day moving average price of $44.50 and a 200 day moving average price of $44.43.

Veracyte (NASDAQ:VCYT) last released its earnings results on Thursday, July 30th. The biotechnology company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.13. The firm had revenue of $150.32 million for the quarter, compared to analyst estimates of $144.59 million. Veracyte had a return on equity of 9.26% and a net margin of 20.37%.The company’s revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.44 EPS. As a group, equities analysts expect that Veracyte, Inc. will post 1.32 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Annie Mcguire sold 3,254 shares of the firm’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $43.09, for a total value of $140,214.86. Following the sale, the executive vice president owned 131,160 shares in the company, valued at approximately $5,651,684.40. This trade represents a 2.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Jens Holstein sold 5,000 shares of the company’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $40.95, for a total transaction of $204,750.00. Following the transaction, the director owned 27,471 shares of the company’s stock, valued at approximately $1,124,937.45. The trade was a 15.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 30,895 shares of company stock valued at $1,307,448 in the last 90 days. 1.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Veracyte

Hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC raised its holdings in Veracyte by 21.2% in the 2nd 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 in the last quarter. Allworth Financial LP grew its holdings in shares of Veracyte by 178.0% during the 2nd quarter. Allworth Financial LP now owns 845 shares of the biotechnology company’s stock worth $50,000 after purchasing an additional 541 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in shares of Veracyte during the 2nd quarter worth approximately $44,000. Assetmark Inc. increased its position in shares of Veracyte by 34.4% during the first quarter. Assetmark Inc. now owns 2,968 shares of the biotechnology company’s stock valued at $96,000 after purchasing an additional 760 shares during the period. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in shares of Veracyte in the second quarter valued at $62,000.

Veracyte Company Profile

Veracyte, Inc is a diagnostic company that develops and commercializes genomic tests designed to help physicians diagnose cancer, assess disease risk and guide treatment decisions. Its tests analyze genetic information from patient samples and are intended to provide more precise answers than traditional diagnostic methods alone.

The company’s portfolio includes Afirma genomic tests for thyroid nodules, Decipher tests for prostate cancer, Percepta tests for lung cancer and Envisio tests that support the evaluation of certain lung nodules.