Phillip Febbo Sells 13,110 Shares of Veracyte (NASDAQ:VCYT) Stock

Key Points

• Veracyte insider Phillip Febbo sold 13,110 shares at an average price of $43.05, generating $564,385.50. The Rule 10b5-1 sale was intended to cover tax withholding on vested equity awards, leaving him with 133,048 shares.
• Veracyte shares closed at $42.53 after falling $2.14, with a market capitalization of approximately $3.42 billion. The stock has traded between $29.45 and $60.91 over the past year.
• The company recently beat quarterly expectations, reporting $0.54 in earnings per share versus the $0.41 consensus and $150.32 million in revenue, up 15.5% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $54.33.

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) insider Phillip Febbo sold 13,110 shares of the company's stock in a transaction on Friday, September 4th. The shares were sold at an average price of $43.05, for a total value of $564,385.50. Following the transaction, the insider directly owned 133,048 shares in the company, valued at approximately $5,727,716.40. The trade was a 8.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Veracyte Price Performance

Shares of Veracyte stock traded down $2.14 during trading on Friday, hitting $42.53. 992,031 shares of the company's stock traded hands, compared to its average volume of 1,225,232. Veracyte, Inc. has a 1 year low of $29.45 and a 1 year high of $60.91. The business has a 50-day simple moving average of $50.64 and a 200-day simple moving average of $43.12. The stock has a market capitalization of $3.42 billion, a P/E ratio of 30.16 and a beta of 1.93.

Veracyte (NASDAQ:VCYT - Get Free Report) last issued its earnings results on Thursday, July 30th. The biotechnology company reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.13. The business had revenue of $150.32 million during the quarter, compared to analyst estimates of $144.59 million. Veracyte had a return on equity of 9.26% and a net margin of 20.37%.Veracyte's revenue was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.44 EPS. On average, equities analysts predict that Veracyte, Inc. will post 1.32 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP bought a new stake in shares of Veracyte during the 2nd quarter valued at $50,000. Empowered Funds LLC bought a new position in Veracyte in the 4th quarter worth $42,000. Northwestern Mutual Wealth Management Co. bought a new position in Veracyte in the 2nd quarter worth $62,000. Smartleaf Asset Management LLC lifted its position in Veracyte by 159.8% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,104 shares of the biotechnology company's stock valued at $47,000 after purchasing an additional 679 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Veracyte by 21.2% during the second quarter. GAMMA Investing LLC now owns 1,121 shares of the biotechnology company's stock valued at $66,000 after purchasing an additional 196 shares in the last quarter.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Canaccord Genuity Group cut their target price on shares of Veracyte from $60.00 to $50.00 and set a "hold" rating for the company in a research report on Monday, August 3rd. Stephens dropped their price target on Veracyte from $68.00 to $55.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 4th. Weiss Ratings lowered Veracyte from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, August 24th. Morgan Stanley reduced their price objective on Veracyte from $47.00 to $44.00 and set an "underweight" rating for the company in a research report on Tuesday, August 4th. Finally, Guggenheim increased their target price on Veracyte from $45.00 to $65.00 and gave the company a "buy" rating in a report on Monday, June 29th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Veracyte presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.33.

Veracyte Company Profile

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.

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