Veracyte (NASDAQ:VCYT) Shares Down 4.5% on Insider Selling

Veracyte, Inc. (NASDAQ:VCYT)’s stock price was down 4.5% during mid-day trading on Friday following insider selling activity. The company traded as low as $45.81 and last traded at $45.2750. Approximately 61,820 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 1,098,376 shares. The stock had previously closed at $47.41.

Specifically, insider John Leite sold 1,278 shares of the company’s stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $47.51, for a total transaction of $60,717.78. Following the transaction, the insider directly owned 82,113 shares of the company’s stock, valued at $3,901,188.63. This represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Marc Stapley sold 7,668 shares of the company’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $47.09, for a total value of $361,086.12. Following the sale, the chief executive officer owned 318,603 shares of the company’s stock, valued at approximately $15,003,015.27. This trade represents a 2.35% decrease in their position. The SEC filing for this sale provides additional information. In related news, CFO Rebecca Chambers sold 13,278 shares of the firm’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $46.84, for a total value of $621,941.52. Following the transaction, the chief financial officer owned 109,496 shares of the company’s stock, valued at approximately $5,128,792.64. This trade represents a 10.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Wall Street Analyst Weigh In

Several research firms recently issued reports on VCYT. Needham & Company LLC increased their target price on shares of Veracyte from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Wall Street Zen upgraded shares of Veracyte from a “buy” rating to a “strong-buy” rating in a research report on Sunday, November 16th. Canaccord Genuity Group raised their price objective on shares of Veracyte from $40.00 to $43.00 and gave the company a “hold” rating in a research report on Wednesday, November 5th. Guggenheim lifted their target price on shares of Veracyte from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Finally, UBS Group increased their price target on Veracyte from $42.00 to $48.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $45.43.

Veracyte Stock Down 5.9%

The business has a 50 day moving average of $39.33 and a 200 day moving average of $32.01. The company has a market capitalization of $3.53 billion, a P/E ratio of 117.40 and a beta of 1.83.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Tuesday, November 4th. The biotechnology company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.19. The firm had revenue of $131.87 million for the quarter, compared to the consensus estimate of $124.62 million. Veracyte had a net margin of 6.12% and a return on equity of 7.23%. The company’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same period last year, the firm posted $0.33 earnings per share. On average, research analysts anticipate that Veracyte, Inc. will post 0.68 EPS for the current year.

Institutional Trading of Veracyte

A number of large investors have recently modified their holdings of the stock. First Horizon Corp acquired a new position in Veracyte during the 3rd quarter worth approximately $31,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Veracyte during the 2nd quarter worth $25,000. Osaic Holdings Inc. grew its stake in shares of Veracyte by 289.9% during the second quarter. Osaic Holdings Inc. now owns 1,201 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 893 shares in the last quarter. Headlands Technologies LLC purchased a new position in Veracyte in the first quarter valued at $48,000. Finally, Neo Ivy Capital Management purchased a new position in Veracyte in the third quarter valued at $56,000.

About Veracyte

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.