Veracyte (NASDAQ:VCYT) Insider John Leite Sells 13,975 Shares

Key Points

• Veracyte insider John Leite sold 13,975 shares on June 4 at an average price of $50.07, totaling about $699,728. The sale was made under a pre-arranged 10b5-1 plan to cover tax withholding tied to equity vesting.
• The stock rose 2.6% to $49.94 during trading, near its 52-week high of $50.71. Volume also ran above average, with 1.64 million shares traded.
• Veracyte recently beat quarterly expectations, reporting EPS of $0.52 versus the $0.34 consensus and revenue of $139.07 million, up 21.5% year over year. Analyst sentiment remains mixed, but several firms have recently upgraded or reiterated positive views.

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) insider John Leite sold 13,975 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $50.07, for a total transaction of $699,728.25. Following the sale, the insider directly owned 132,305 shares in the company, valued at approximately $6,624,511.35. This represents a 9.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 Stock Up 2.6%

NASDAQ:VCYT traded up $1.25 during mid-day trading on Thursday, reaching $49.94. 1,644,973 shares of the company were exchanged, compared to its average volume of 1,133,651. Veracyte, Inc. has a 12 month low of $22.61 and a 12 month high of $50.71. The company has a fifty day moving average of $37.48 and a 200 day moving average of $39.01. The stock has a market cap of $3.98 billion, a PE ratio of 45.82 and a beta of 1.98.

Veracyte (NASDAQ:VCYT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.52 EPS for the quarter, topping analysts' consensus estimates of $0.34 by $0.18. Veracyte had a net margin of 16.25% and a return on equity of 9.07%. The firm had revenue of $139.07 million for the quarter, compared to analyst estimates of $130.36 million. During the same quarter in the prior year, the firm earned $0.31 EPS. The company's revenue was up 21.5% on a year-over-year basis. On average, equities research analysts anticipate that Veracyte, Inc. will post 1.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Veracyte

Several hedge funds have recently made changes to their positions in VCYT. Royal Bank of Canada grew its stake in shares of Veracyte by 23.3% during the 1st quarter. Royal Bank of Canada now owns 28,712 shares of the biotechnology company's stock worth $852,000 after acquiring an additional 5,435 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Veracyte by 12.2% during 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 acquiring an additional 21,330 shares in the last quarter. Jane Street Group LLC grew its stake in shares of Veracyte by 94.7% during the 1st quarter. Jane Street Group LLC now owns 216,909 shares of the biotechnology company's stock worth $6,431,000 after acquiring an additional 105,499 shares in the last quarter. Intech Investment Management LLC grew its stake in shares of Veracyte by 54.1% in the first quarter. Intech Investment Management LLC now owns 42,762 shares of the biotechnology company's stock valued at $1,268,000 after buying an additional 15,017 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its stake in shares of Veracyte by 32.2% in the second quarter. Russell Investments Group Ltd. now owns 48,786 shares of the biotechnology company's stock valued at $1,319,000 after buying an additional 11,889 shares in the last quarter.

Trending Headlines about Veracyte

Here are the key news stories impacting Veracyte this week:

• Positive Sentiment: Wolfe Research upgraded Veracyte to “strong-buy,” a fresh bullish signal that can attract momentum and analyst-following investors.
• Positive Sentiment: Veracyte has remained strong since its last earnings report, with the stock up materially over the past month as investors continue to reward its better-than-expected results and growth outlook. Why Is Veracyte (VCYT) Up 18.2% Since Last Earnings Report?
• Positive Sentiment: Recent presentations and ASCO-related updates on OPTIMA and ENZAMET may be supporting confidence in Veracyte’s oncology pipeline and longer-term growth story.
• Neutral Sentiment: Canaccord Genuity reiterated a hold rating, which does not materially change the outlook but suggests some analysts remain cautious. Canaccord Genuity Reaffirms Their Hold Rating on Veracyte (VCYT)
• Neutral Sentiment: Several insiders, including the CEO, CFO, and another executive, sold shares under pre-arranged 10b5-1 plans to cover tax withholding tied to equity vesting. While large in dollar value, these sales are typically viewed as routine and not necessarily a sign of deteriorating fundamentals.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Jefferies Financial Group assumed coverage on shares of Veracyte in a report on Monday, April 13th. They set a "buy" rating and a $45.00 price objective on the stock. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Veracyte in a research note on Friday, March 27th. Morgan Stanley reduced their target price on shares of Veracyte from $48.00 to $37.00 and set an "underweight" rating on the stock in a research note on Thursday, March 5th. Needham & Company LLC raised their target price on shares of Veracyte from $48.00 to $57.00 and gave the company a "buy" rating in a research note on Monday. Finally, Wolfe Research began coverage on shares of Veracyte in a research report on Tuesday. They issued an "outperform" rating and a $55.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Veracyte has an average rating of "Moderate Buy" and a consensus price target of $47.57.

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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