Insider Selling: Veracyte (NASDAQ:VCYT) Director Sells $375,000.00 in Stock

Veracyte, Inc. (NASDAQ:VCYT) Director Jens Holstein sold 7,500 shares of the business’s stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $50.00, for a total value of $375,000.00. Following the sale, the director owned 27,471 shares of the company’s stock, valued at approximately $1,373,550. This represents a 21.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jens Holstein also recently made the following trade(s):

• On Thursday, September 24th, Jens Holstein sold 7,500 shares of Veracyte stock. The stock was sold at an average price of $47.00, for a total transaction of $352,500.00.
• On Monday, September 14th, Jens Holstein sold 5,000 shares of Veracyte stock. The stock was sold at an average price of $40.95, for a total transaction of $204,750.00.

Veracyte Trading Down 4.1%

Shares of NASDAQ VCYT opened at $50.01 on Friday. The firm has a 50 day moving average of $44.42 and a 200 day moving average of $42.92. The firm 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 released its quarterly earnings results on Thursday, July 30th. The biotechnology company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.13. Veracyte had a net margin of 20.37% and a return on equity of 9.26%. The business had revenue of $150.32 million for the quarter, compared to the consensus estimate of $144.59 million. During the same period last year, the firm earned $0.44 earnings per share. The company’s quarterly revenue was up 15.5% on a year-over-year basis. Sell-side analysts predict that Veracyte, Inc. will post 1.32 EPS for the current year.

Institutional Investors Weigh In On Veracyte

Several hedge funds have recently modified their holdings of the business. Provenance Wealth Advisors LLC bought a new position in Veracyte in the third quarter worth approximately $292,000. Bank Julius Baer & Co. Ltd Zurich lifted its holdings in Veracyte by 4.7% during the third quarter. Bank Julius Baer & Co. Ltd Zurich now owns 19,764 shares of the biotechnology company’s stock worth $910,000 after buying an additional 890 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Veracyte by 2.0% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 784,483 shares of the biotechnology company’s stock worth $36,118,000 after buying an additional 15,534 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Veracyte during the 3rd quarter valued at $189,000. Finally, Profund Advisors LLC boosted its position in Veracyte by 53.4% during the 3rd quarter. Profund Advisors LLC now owns 37,882 shares of the biotechnology company’s stock valued at $1,744,000 after acquiring an additional 13,188 shares in the last quarter.

Analysts Set New Price Targets

Several research analysts have recently commented on VCYT shares. Piper Sandler decreased their price objective on Veracyte from $66.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 4th. Stephens decreased their price objective on Veracyte from $68.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 4th. Morgan Stanley reduced their target price on Veracyte from $47.00 to $44.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 4th. Needham & Company LLC reiterated a “buy” rating on shares of Veracyte in a report on Tuesday, September 15th. Finally, Wall Street Zen downgraded Veracyte from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 10th. One investment 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 assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.78.

Veracyte Company Profile

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.