Veracyte (NASDAQ:VCYT) Stock Price Crosses Below 200 Day Moving Average – Here’s Why

Veracyte, Inc. (NASDAQ:VCYT) shares crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $38.30 and traded as low as $32.45. Veracyte shares last traded at $32.67, with a volume of 826,015 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have commented on VCYT. Zacks Research downgraded shares of Veracyte from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 12th. Wall Street Zen raised shares of Veracyte from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 27th. Weiss Ratings reissued a “hold (c)” rating on shares of Veracyte in a report on Friday, March 27th. Needham & Company LLC reissued a “buy” rating and set a $48.00 price objective on shares of Veracyte in a report on Wednesday, April 1st. Finally, UBS Group reissued a “buy” rating on shares of Veracyte in a report on Monday, January 12th. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Veracyte presently has an average rating of “Hold” and a consensus price target of $44.20.

Veracyte Stock Performance

The stock’s fifty day moving average is $34.48 and its 200 day moving average is $38.30. The stock has a market cap of $2.60 billion, a P/E ratio of 39.36 and a beta of 1.96.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings results on Wednesday, February 25th. The biotechnology company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.12. Veracyte had a net margin of 12.83% and a return on equity of 8.05%. The firm had revenue of $140.64 million during the quarter, compared to the consensus estimate of $135.79 million. During the same quarter last year, the firm earned $0.06 EPS. The firm’s revenue for the quarter was up 18.5% compared to the same quarter last year. Equities research analysts predict that Veracyte, Inc. will post 0.68 EPS for the current year.

Insider Buying and Selling at Veracyte

In related news, CFO Rebecca Chambers sold 18,341 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $36.14, for a total value of $662,843.74. Following the completion of the transaction, the chief financial officer owned 131,196 shares of the company’s stock, valued at approximately $4,741,423.44. This trade represents a 12.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Marc Stapley sold 45,523 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $35.97, for a total transaction of $1,637,462.31. Following the completion of the sale, the chief executive officer directly owned 357,554 shares in the company, valued at $12,861,217.38. This trade represents a 11.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 75,782 shares of company stock worth $2,722,097 in the last 90 days. 1.40% of the stock is currently owned by insiders.

Institutional Trading of Veracyte

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in VCYT. Royal Bank of Canada raised its position in Veracyte by 23.3% in the 1st 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Veracyte by 12.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 195,793 shares of the biotechnology company’s stock worth $5,805,000 after purchasing an additional 21,330 shares during the period. Jane Street Group LLC raised its position in Veracyte by 94.7% in the 1st quarter. Jane Street Group LLC now owns 216,909 shares of the biotechnology company’s stock worth $6,431,000 after purchasing an additional 105,499 shares during the period. Intech Investment Management LLC raised its position in Veracyte by 54.1% in the 1st quarter. Intech Investment Management LLC now owns 42,762 shares of the biotechnology company’s stock worth $1,268,000 after purchasing an additional 15,017 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Veracyte by 259.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 336,978 shares of the biotechnology company’s stock worth $9,109,000 after purchasing an additional 243,111 shares during the period.

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.