Veracyte, Inc. (NASDAQ:VCYT) Short Interest Up 32.8% in March

Veracyte, Inc. (NASDAQ:VCYT) saw a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 3,640,000 shares, a growth of 32.8% from the March 15th total of 2,740,000 shares. Based on an average daily volume of 633,600 shares, the days-to-cover ratio is currently 5.7 days.

Veracyte Stock Performance

Shares of VCYT opened at $20.23 on Monday. The firm has a market cap of $1.52 billion, a PE ratio of -19.64 and a beta of 1.62. Veracyte has a 52-week low of $19.52 and a 52-week high of $30.52. The business’s 50 day moving average price is $22.73 and its two-hundred day moving average price is $24.05.

Veracyte (NASDAQ:VCYT) last released its earnings results on Thursday, February 22nd. The biotechnology company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $98.20 million for the quarter, compared to the consensus estimate of $95.49 million. Veracyte had a negative net margin of 20.61% and a negative return on equity of 2.02%. Research analysts predict that Veracyte will post -0.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on VCYT. Needham & Company LLC increased their target price on Veracyte from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. Morgan Stanley reduced their price objective on shares of Veracyte from $22.00 to $21.00 and set an “underweight” rating on the stock in a research note on Monday, February 26th. Finally, William Blair restated an “outperform” rating on shares of Veracyte in a research report on Friday, February 23rd. One 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.00.

Insider Activity

In other Veracyte news, Director Karin Eastham sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $21.65, for a total transaction of $216,500.00. Following the completion of the sale, the director now directly owns 33,125 shares in the company, valued at $717,156.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of VCYT. Credit Suisse AG grew its position in shares of Veracyte by 0.6% during the 3rd quarter. Credit Suisse AG now owns 74,016 shares of the biotechnology company’s stock valued at $1,229,000 after acquiring an additional 454 shares during the period. Ameritas Investment Partners Inc. raised its holdings in shares of Veracyte by 8.7% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,012 shares of the biotechnology company’s stock worth $153,000 after purchasing an additional 480 shares during the period. PNC Financial Services Group Inc. lifted its stake in Veracyte by 9.0% in the second quarter. PNC Financial Services Group Inc. now owns 6,567 shares of the biotechnology company’s stock valued at $167,000 after purchasing an additional 544 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Veracyte by 2.0% during the second quarter. The Manufacturers Life Insurance Company now owns 29,246 shares of the biotechnology company’s stock valued at $745,000 after purchasing an additional 562 shares during the period. Finally, Diversified Trust Co grew its holdings in Veracyte by 4.0% during the fourth quarter. Diversified Trust Co now owns 14,810 shares of the biotechnology company’s stock valued at $407,000 after purchasing an additional 575 shares during the period.

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.