Veracyte's (VCYT) Sell (D+) Rating Reaffirmed at Weiss Ratings

Key Points

• Veracyte's stock (VCYT) received a "sell (D+)" rating from Weiss Ratings, maintaining a negative outlook as other analysts assign mixed ratings ranging from "Strong Buy" to "Underweight."
• The company's stock has a consensus rating of "Moderate Buy" with an average price target of $40.90, indicating potential upside despite current evaluations.
• Insider trading activity shows that CEO Marc Stapley sold 7,667 shares, reflecting a 2.24% decrease in his ownership, while other insiders also sold shares recently, totaling $610,799 in the last 90 days.

Veracyte (NASDAQ:VCYT - Get Free Report)'s stock had its "sell (d+)" rating reiterated by investment analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

A number of other research analysts have also commented on the company. Morgan Stanley set a $28.00 price objective on Veracyte and gave the company an "underweight" rating in a research report on Friday, August 8th. Zacks Research raised Veracyte from a "hold" rating to a "strong-buy" rating in a research note on Monday. Finally, Wall Street Zen upgraded Veracyte from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $40.90.

Veracyte Stock Performance

VCYT traded up $0.49 during mid-day trading on Wednesday, reaching $35.10. The stock had a trading volume of 852,129 shares, compared to its average volume of 925,752. The stock has a market capitalization of $2.76 billion, a P/E ratio of 106.37 and a beta of 2.11. The firm's fifty day simple moving average is $30.90 and its two-hundred day simple moving average is $29.23. Veracyte has a 52 week low of $22.61 and a 52 week high of $47.32.

Insider Buying and Selling

In related news, CEO Marc Stapley sold 7,667 shares of Veracyte stock in a transaction dated 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 approximately $10,162,565.85. This trade represents a 2.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Phillip G. Febbo sold 8,349 shares of Veracyte stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $36.02, for a total value of $300,730.98. Following the transaction, the insider owned 92,441 shares of the company's stock, valued at $3,329,724.82. The trade was a 8.28% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,299 shares of company stock worth $610,799. Company insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Veracyte

Hedge funds and other institutional investors have recently bought and sold shares of the business. Xponance Inc. boosted its holdings in shares of Veracyte by 5.7% during the first quarter. Xponance Inc. now owns 6,860 shares of the biotechnology company's stock worth $203,000 after acquiring an additional 370 shares during the period. Blair William & Co. IL boosted its holdings in shares of Veracyte by 3.5% during the first quarter. Blair William & Co. IL now owns 16,092 shares of the biotechnology company's stock worth $477,000 after acquiring an additional 550 shares during the period. California State Teachers Retirement System boosted its holdings in shares of Veracyte by 0.8% during the second quarter. California State Teachers Retirement System now owns 71,095 shares of the biotechnology company's stock worth $1,922,000 after acquiring an additional 566 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its holdings in shares of Veracyte by 4.6% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 17,991 shares of the biotechnology company's stock worth $486,000 after acquiring an additional 790 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Veracyte by 4.0% during the second quarter. PNC Financial Services Group Inc. now owns 22,732 shares of the biotechnology company's stock worth $614,000 after acquiring an additional 865 shares during the period.

Veracyte Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.