Veracyte, Inc. (NASDAQ:VCYT) Given Average Recommendation of "Moderate Buy" by Analysts

Key Points

• Veracyte, Inc. has received an average rating of "Moderate Buy" from ten research firms, with eight analysts recommending a buy, one a sell, and one a hold.
• SVP Annie Mcguire and CEO Marc Stapley recently sold shares, with Mcguire selling 2,283 shares at $33.69 and Stapley selling 7,667 shares at $30.41.
• Institutional investor activity includes Vanguard Group increasing its stake by 0.6% and Bank of America raising its stake by 31.1% in the second quarter.

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) has earned an average rating of "Moderate Buy" from the ten research firms that are covering the firm, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating on the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $40.90.

A number of brokerages have recently commented on VCYT. Morgan Stanley set a $28.00 price target on shares of Veracyte and gave the stock an "underweight" rating in a report on Friday, August 8th. Wall Street Zen raised Veracyte from a "hold" rating to a "buy" rating in a report on Saturday, July 26th.

Insider Buying and Selling

In related news, SVP Annie Mcguire sold 2,283 shares of Veracyte stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $33.69, for a total value of $76,914.27. Following the transaction, the senior vice president directly owned 91,599 shares of the company's stock, valued at $3,085,970.31. The trade was a 2.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Marc Stapley sold 7,667 shares of the business's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $30.41, for a total transaction of $233,153.47. Following the completion of the transaction, the chief executive officer owned 334,185 shares in the company, valued at $10,162,565.85. This trade represents a 2.24% decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Veracyte

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Veracyte by 0.6% in the first quarter. Vanguard Group Inc. now owns 8,263,643 shares of the biotechnology company's stock valued at $245,017,000 after buying an additional 52,031 shares during the period. Artisan Partners Limited Partnership lifted its stake in shares of Veracyte by 20.7% in the 2nd quarter. Artisan Partners Limited Partnership now owns 6,321,775 shares of the biotechnology company's stock valued at $170,878,000 after purchasing an additional 1,082,064 shares during the period. State Street Corp lifted its stake in shares of Veracyte by 0.4% in the 2nd quarter. State Street Corp now owns 3,169,700 shares of the biotechnology company's stock valued at $85,677,000 after purchasing an additional 11,461 shares during the period. Bank of America Corp DE lifted its stake in shares of Veracyte by 31.1% in the 2nd quarter. Bank of America Corp DE now owns 1,519,710 shares of the biotechnology company's stock valued at $41,078,000 after purchasing an additional 360,947 shares during the period. Finally, Driehaus Capital Management LLC lifted its stake in Veracyte by 14.2% in the first quarter. Driehaus Capital Management LLC now owns 1,351,370 shares of the biotechnology company's stock valued at $40,068,000 after buying an additional 167,604 shares during the period.

Veracyte Price Performance

NASDAQ:VCYT opened at $34.33 on Wednesday. The firm's 50 day simple moving average is $29.56 and its 200 day simple moving average is $29.05. Veracyte has a one year low of $22.61 and a one year high of $47.32. The company has a market cap of $2.70 billion, a PE ratio of 104.03 and a beta of 2.07.

About Veracyte

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm's portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.

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