Veracyte (NASDAQ:VCYT) Reaches New 1-Year High at $33.49

Veracyte, Inc. (NASDAQ:VCYT)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $33.49 and last traded at $32.89, with a volume of 101574 shares traded. The stock had previously closed at $32.92.

Analyst Upgrades and Downgrades

Several research firms have recently commented on VCYT. Needham & Company LLC lifted their target price on Veracyte from $31.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Morgan Stanley lifted their price objective on Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $31.25.

Veracyte Stock Performance

The firm’s 50-day simple moving average is $27.44 and its 200 day simple moving average is $23.47. The company has a market cap of $2.57 billion, a P/E ratio of -35.02 and a beta of 1.66.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.10. Veracyte had a positive return on equity of 1.52% and a negative net margin of 13.52%. The business had revenue of $114.43 million during the quarter, compared to analysts’ expectations of $100.27 million. During the same period in the previous year, the firm earned ($0.12) earnings per share. The firm’s quarterly revenue was up 26.7% compared to the same quarter last year. As a group, research analysts forecast that Veracyte, Inc. will post 0.16 earnings per share for the current year.

Insider Buying and Selling

In other Veracyte news, Director Evan/ Fa Jones sold 1,032 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $30.03, for a total value of $30,990.96. Following the completion of the transaction, the director now directly owns 46,413 shares of the company’s stock, valued at $1,393,782.39. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Veracyte news, Director Evan/ Fa Jones sold 1,032 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $30.03, for a total value of $30,990.96. Following the completion of the transaction, the director now directly owns 46,413 shares of the company’s stock, valued at $1,393,782.39. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John Leite sold 5,479 shares of the business’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total value of $163,164.62. Following the completion of the sale, the insider now owns 76,174 shares in the company, valued at $2,268,461.72. The disclosure for this sale can be found here. Insiders sold a total of 40,745 shares of company stock valued at $1,217,296 over the last three months. Company insiders own 1.30% of the company’s stock.

Institutional Trading of Veracyte

A number of institutional investors have recently modified their holdings of VCYT. Charles Schwab Investment Management Inc. lifted its holdings in shares of Veracyte by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 698,418 shares of the biotechnology company’s stock valued at $19,213,000 after purchasing an additional 14,066 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Veracyte by 5.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,372,703 shares of the biotechnology company’s stock worth $92,787,000 after acquiring an additional 161,073 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Veracyte by 14.7% during the fourth quarter. Principal Financial Group Inc. now owns 51,231 shares of the biotechnology company’s stock worth $1,409,000 after acquiring an additional 6,565 shares in the last quarter. Norges Bank bought a new stake in Veracyte during the fourth quarter worth about $11,190,000. Finally, Corient Private Wealth LLC raised its holdings in Veracyte by 6.2% during the fourth quarter. Corient Private Wealth LLC now owns 63,778 shares of the biotechnology company’s stock worth $1,755,000 after acquiring an additional 3,696 shares in the last quarter.

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.