Veracyte (NASDAQ:VCYT) Director Sells $375,000.00 in Stock

Key Points

• Veracyte director Jens Holstein sold 7,500 shares at an average price of $50, generating $375,000. The Rule 10b5-1 transaction reduced his direct holdings by 21.45% to 27,471 shares.
• Veracyte shares rose 0.1% to $50.31, while the company’s latest quarterly results exceeded expectations, with earnings of $0.54 per share and revenue of $150.32 million, up 15.5% year over year.
• Institutional ownership increased, including major new stakes from BlackRock and Congress Asset Management. Analysts maintain a “Moderate Buy” consensus with an average price target of $55.78, despite several recent rating or target-price reductions.

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) Director Jens Holstein sold 7,500 shares of the stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $50.00, for a total value of $375,000.00. Following the completion of the transaction, the director directly owned 27,471 shares of the company's stock, valued at $1,373,550. This represents a 21.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jens Holstein also recently made the following trade(s):

• On Thursday, September 24th, Jens Holstein sold 7,500 shares of Veracyte stock. The stock was sold at an average price of $47.00, for a total transaction of $352,500.00.
• On Monday, September 14th, Jens Holstein sold 5,000 shares of Veracyte stock. The shares were sold at an average price of $40.95, for a total value of $204,750.00.

Veracyte Stock Up 0.1%

Shares of NASDAQ VCYT traded up $0.03 during midday trading on Wednesday, hitting $50.31. The stock had a trading volume of 1,397,792 shares, compared to its average volume of 1,143,253. The business's 50 day moving average is $43.86 and its 200-day moving average is $42.80. The company has a market cap of $4.04 billion, a P/E ratio of 35.68 and a beta of 1.95. Veracyte, Inc. has a 52 week low of $29.45 and a 52 week high of $60.91.

Veracyte (NASDAQ:VCYT - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The biotechnology company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.13. The company had revenue of $150.32 million during the quarter, compared to the consensus estimate of $144.59 million. Veracyte had a net margin of 20.37% and a return on equity of 9.26%. The firm's quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.44 earnings per share. As a group, analysts expect that Veracyte, Inc. will post 1.32 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of Veracyte in the 2nd quarter worth $792,058,000. Dimensional Fund Advisors LP raised its holdings in Veracyte by 2.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,881,090 shares of the biotechnology company's stock worth $92,787,000 after purchasing an additional 80,614 shares during the period. First Trust Advisors LP lifted its position in Veracyte by 64.9% during the first quarter. First Trust Advisors LP now owns 2,117,046 shares of the biotechnology company's stock valued at $68,190,000 after purchasing an additional 833,543 shares in the last quarter. Congress Asset Management Co. purchased a new position in Veracyte during the third quarter valued at $89,971,000. Finally, Bank of America Corp DE lifted its position in Veracyte by 14.7% during the first quarter. Bank of America Corp DE now owns 1,448,897 shares of the biotechnology company's stock valued at $46,669,000 after purchasing an additional 185,929 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Zacks Research cut shares of Veracyte from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 2nd. Canaccord Genuity Group reduced their price target on shares of Veracyte from $60.00 to $50.00 and set a "hold" rating for the company in a research note on Monday, August 3rd. Weiss Ratings lowered shares of Veracyte from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, September 24th. Morgan Stanley decreased their price objective on shares of Veracyte from $47.00 to $44.00 and set an "underweight" rating for the company in a report on Tuesday, August 4th. Finally, Stephens lowered their price objective on shares of Veracyte from $68.00 to $55.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $55.78.

Veracyte Company Profile

Veracyte, Inc is a diagnostics company that develops genomic tests to help physicians diagnose cancer, assess disease risk and guide treatment decisions. Its tests are designed to provide additional molecular information from patient samples, often helping reduce uncertainty and support more personalized care.

The company's portfolio includes Afirma tests for thyroid nodules, Decipher tests for prostate cancer, Percepta tests for lung cancer and Envisio tests for breast cancer. Veracyte also develops and commercializes additional genomic assays intended for use across various cancer types and clinical settings.

Founded in 2008 and headquartered in South San Francisco, California, Veracyte primarily serves the U.S.

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