Veracyte (NASDAQ:VCYT) Stock: Insider Muna Bhanji Sells 1,864 Shares

Key Points

• Director Muna Bhanji sold 1,864 Veracyte shares at an average price of $43.70, generating $81,456.80. The Rule 10b5-1 transaction reduced her direct ownership by 4.36% to 40,854 shares.
• Veracyte shares recently traded at $44.79, with a $3.60 billion market capitalization and a 52-week range of $29.45 to $60.91.
• The company exceeded quarterly expectations, reporting $0.54 in earnings per share 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 $55.78.

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) Director Muna Bhanji sold 1,864 shares of the company's stock in a transaction that occurred on Monday, October 19th. The shares were sold at an average price of $43.70, for a total value of $81,456.80. Following the sale, the director directly owned 40,854 shares of the company's stock, valued at approximately $1,785,319.80. This represents a 4.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Muna Bhanji also recently made the following trade(s):

• On Tuesday, September 1st, Muna Bhanji sold 1,864 shares of Veracyte stock. The shares were sold at an average price of $42.97, for a total value of $80,096.08.

Veracyte Price Performance

Shares of VCYT stock traded up $0.99 during midday trading on Tuesday, hitting $44.79. The company had a trading volume of 1,136,404 shares, compared to its average volume of 1,143,174. The stock has a market cap of $3.60 billion, a price-to-earnings ratio of 31.77 and a beta of 1.95. The company's 50 day simple moving average is $43.39 and its 200 day simple moving average is $45.25. 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 released its quarterly earnings results on Thursday, July 30th. The biotechnology company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.41 by $0.13. Veracyte had a return on equity of 9.26% and a net margin of 20.37%. The business had revenue of $150.32 million during the quarter, compared to analysts' expectations of $144.59 million. During the same quarter in the prior year, the business earned $0.44 earnings per share. The company's quarterly revenue was up 15.5% compared to the same quarter last year. Analysts anticipate that Veracyte, Inc. will post 1.32 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC acquired a new stake in Veracyte during the second quarter worth approximately $44,000. Allworth Financial LP acquired a new position in Veracyte in the 2nd quarter valued at $50,000. Meeder Asset Management Inc. purchased a new position in shares of Veracyte during the 1st quarter worth $62,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Veracyte during the 2nd quarter worth $62,000. Finally, GAMMA Investing LLC lifted its stake in shares of Veracyte by 21.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,121 shares of the biotechnology company's stock worth $66,000 after purchasing an additional 196 shares during the period.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Needham & Company LLC restated a "buy" rating on shares of Veracyte in a research note on Tuesday, September 15th. Weiss Ratings lowered shares of Veracyte from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, September 24th. Zacks Research lowered shares of Veracyte from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 2nd. Guggenheim increased their price target on shares of Veracyte from $45.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, June 29th. Finally, Piper Sandler reduced their price objective on shares of Veracyte from $66.00 to $54.00 and set an "overweight" rating for the company in a research report on Tuesday, August 4th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Veracyte presently has an average rating of "Moderate Buy" and an average price target 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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