Insider Selling: Veracyte (NASDAQ:VCYT) Director Sells $742,500.00 in Stock

Veracyte, Inc. (NASDAQ:VCYT) Director Karin Eastham sold 14,850 shares of the business’s stock in a transaction dated Tuesday, October 27th. The stock was sold at an average price of $50.00, for a total transaction of $742,500.00. Following the completion of the sale, the director owned 10,247 shares in the company, valued at approximately $512,350. This trade represents a 59.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Veracyte Trading Down 4.1%

Shares of NASDAQ VCYT opened at $50.01 on Friday. The firm’s 50-day moving average price is $44.42 and its 200-day moving average price is $42.92. The stock has a market capitalization of $4.02 billion, a price-to-earnings ratio of 34.32 and a beta of 1.95. Veracyte, Inc. has a 12-month low of $29.45 and a 12-month high of $60.91.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings results on Thursday, July 30th. The biotechnology company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.13. The firm had revenue of $150.32 million during the quarter, compared to the consensus estimate of $144.59 million. Veracyte had a net margin of 20.37% and a return on equity of 9.26%. The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.44 EPS. On average, equities analysts predict that Veracyte, Inc. will post 1.32 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Stephens lowered their price objective on Veracyte from $68.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. Piper Sandler cut their target price on Veracyte from $66.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 4th. Morgan Stanley decreased their price target on Veracyte from $47.00 to $44.00 and set an “underweight” rating on the stock in a 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 for the company in a research report on Monday, August 3rd. Finally, Wall Street Zen downgraded Veracyte from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 10th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.78.

Institutional Trading of Veracyte

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its position in Veracyte by 14.7% in the 1st quarter. Bank of America Corp DE now owns 1,448,897 shares of the biotechnology company’s stock valued at $46,669,000 after acquiring an additional 185,929 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Veracyte during the second quarter worth $1,583,000. Royal Bank of Canada lifted its position in shares of Veracyte by 66.4% during the first quarter. Royal Bank of Canada now owns 573,096 shares of the biotechnology company’s stock worth $18,459,000 after purchasing an additional 228,720 shares during the last quarter. Summit Creek Advisors LLC bought a new stake in shares of Veracyte during the second quarter worth $6,986,000. Finally, Great Lakes Advisors LLC purchased a new stake in shares of Veracyte during the second quarter valued at $3,851,000.

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.