Rebecca Chambers Sells 7,000 Shares of Veracyte, Inc. (NASDAQ:VCYT) Stock

Veracyte, Inc. (NASDAQ:VCYT) CFO Rebecca Chambers sold 7,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.23, for a total value of $302,610.00. Following the completion of the sale, the chief financial officer now directly owns 114,037 shares of the company’s stock, valued at $4,929,819.51. The trade was a 5.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Veracyte Stock Down 2.8 %

NASDAQ:VCYT opened at $42.84 on Friday. The business’s 50-day moving average price is $36.50 and its 200 day moving average price is $29.56. Veracyte, Inc. has a 52-week low of $18.61 and a 52-week high of $44.50. The firm has a market cap of $3.32 billion, a P/E ratio of -285.60 and a beta of 1.69.

Veracyte (NASDAQ:VCYT) last released its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.03 by $0.16. The business had revenue of $115.86 million during the quarter, compared to analyst estimates of $109.81 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The business’s quarterly revenue was up 28.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) earnings per share. Sell-side analysts expect that Veracyte, Inc. will post 0.32 EPS for the current year.

Hedge Funds Weigh In On Veracyte

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD raised its holdings in Veracyte by 11.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 41,041 shares of the biotechnology company’s stock worth $910,000 after buying an additional 4,256 shares during the period. Harbor Capital Advisors Inc. raised its holdings in shares of Veracyte by 604.2% during the second quarter. Harbor Capital Advisors Inc. now owns 62,686 shares of the biotechnology company’s stock valued at $1,358,000 after acquiring an additional 53,784 shares during the period. CWM LLC raised its holdings in shares of Veracyte by 168.3% during the second quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock valued at $33,000 after acquiring an additional 951 shares during the period. QRG Capital Management Inc. lifted its position in shares of Veracyte by 3.2% in the 2nd quarter. QRG Capital Management Inc. now owns 129,416 shares of the biotechnology company’s stock valued at $2,804,000 after acquiring an additional 4,015 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in Veracyte by 37.4% in the 2nd quarter. SG Americas Securities LLC now owns 8,703 shares of the biotechnology company’s stock worth $189,000 after purchasing an additional 2,367 shares during the period.

Analysts Set New Price Targets

VCYT has been the subject of several analyst reports. The Goldman Sachs Group restated a “neutral” rating and issued a $37.00 target price (down from $38.00) on shares of Veracyte in a research note on Thursday. Wolfe Research initiated coverage on Veracyte in a report on Friday, November 15th. They issued an “outperform” rating and a $50.00 price target for the company. Morgan Stanley increased their price objective on shares of Veracyte from $26.00 to $28.00 and gave the stock an “underweight” rating in a research note on Monday, November 18th. UBS Group raised their target price on Veracyte from $43.00 to $46.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Scotiabank boosted their price objective on Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $41.13.

About Veracyte

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.