Marc Stapley Sells 45,523 Shares of Veracyte (NASDAQ:VCYT) Stock

Veracyte, Inc. (NASDAQ:VCYT) CEO Marc Stapley sold 45,523 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $35.97, for a total value of $1,637,462.31. Following the completion of the transaction, the chief executive officer directly owned 357,554 shares of the company’s stock, valued at approximately $12,861,217.38. The trade was a 11.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Veracyte Price Performance

Shares of Veracyte stock opened at $33.85 on Friday. The company has a market capitalization of $2.69 billion, a P/E ratio of 40.78 and a beta of 1.91. The business has a 50-day moving average of $39.08 and a two-hundred day moving average of $38.08. Veracyte, Inc. has a 1 year low of $22.61 and a 1 year high of $50.71.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Wednesday, February 25th. The biotechnology company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.12. Veracyte had a return on equity of 8.05% and a net margin of 12.83%.The business had revenue of $140.64 million for the quarter, compared to analysts’ expectations of $135.79 million. During the same quarter in the previous year, the business posted $0.06 EPS. Veracyte’s revenue for the quarter was up 18.5% on a year-over-year basis. On average, equities analysts anticipate that Veracyte, Inc. will post 0.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Veracyte

Several hedge funds have recently made changes to their positions in VCYT. Royal Bank of Canada lifted its position in shares of Veracyte by 23.3% in the first quarter. Royal Bank of Canada now owns 28,712 shares of the biotechnology company’s stock worth $852,000 after purchasing an additional 5,435 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Veracyte by 12.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 195,793 shares of the biotechnology company’s stock valued at $5,805,000 after purchasing an additional 21,330 shares in the last quarter. Jane Street Group LLC increased its stake in Veracyte by 94.7% in the 1st quarter. Jane Street Group LLC now owns 216,909 shares of the biotechnology company’s stock valued at $6,431,000 after buying an additional 105,499 shares during the last quarter. Intech Investment Management LLC increased its stake in Veracyte by 54.1% in the 1st quarter. Intech Investment Management LLC now owns 42,762 shares of the biotechnology company’s stock valued at $1,268,000 after buying an additional 15,017 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Veracyte during the 2nd quarter worth about $25,000.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Zacks Research upgraded shares of Veracyte from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Needham & Company LLC raised their price objective on shares of Veracyte from $44.00 to $48.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Morgan Stanley cut their price objective on shares of Veracyte from $48.00 to $37.00 and set an “underweight” rating on the stock in a research report on Thursday. Guggenheim upped their target price on shares of Veracyte from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, January 5th. Finally, Wall Street Zen upgraded Veracyte from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 27th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Veracyte presently has an average rating of “Moderate Buy” and a consensus price target of $45.14.

About Veracyte

Veracyte, Inc is a genomic diagnostics company focused on improving diagnostic accuracy and patient care through advanced molecular testing. Founded in 2008 and headquartered in South San Francisco, California, the company develops and commercializes minimally invasive genomic tests that aid in the diagnosis of thyroid, lung and other diseases. Veracyte’s proprietary platform analyzes gene expression patterns in clinical samples to help physicians make more informed treatment decisions, reducing unnecessary surgeries and improving patient outcomes.

The company’s flagship product, the Afirma Genomic Sequencing Classifier, is designed to assess thyroid nodules with indeterminate cytology, helping clinicians distinguish benign from suspicious nodules.