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

Veracyte, Inc. (NASDAQ:VCYT) insider John Leite sold 13,975 shares of Veracyte stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $50.07, for a total transaction of $699,728.25. Following the transaction, the insider directly owned 132,305 shares of the company’s stock, valued at approximately $6,624,511.35. This trade represents a 9.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 Price Performance

VCYT stock traded up $1.25 during midday trading on Thursday, reaching $49.94. 1,644,973 shares of the company were exchanged, compared to its average volume of 1,133,651. The business has a 50-day moving average price of $37.48 and a two-hundred day moving average price of $39.01. Veracyte, Inc. has a one year low of $22.61 and a one year high of $50.71. The firm has a market capitalization of $3.98 billion, a price-to-earnings ratio of 45.82 and a beta of 1.98.

Veracyte (NASDAQ:VCYT) last released 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 during the quarter, compared to analysts’ expectations of $130.36 million. During the same period in the previous year, the business posted $0.31 earnings per share. The company’s revenue for the quarter was up 21.5% compared to the same quarter last year. As a group, analysts anticipate that Veracyte, Inc. will post 1.28 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on VCYT. Zacks Research cut shares of Veracyte from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 12th. Morgan Stanley reduced their price objective on shares of Veracyte from $48.00 to $37.00 and set an “underweight” rating for the company in a research report on Thursday, March 5th. Jefferies Financial Group started coverage on Veracyte in a report on Monday, April 13th. They set a “buy” rating and a $45.00 target price for the company. Needham & Company LLC lifted their target price on Veracyte from $48.00 to $57.00 and gave the stock a “buy” rating in a report on Monday. Finally, UBS Group lifted their target price on Veracyte from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Veracyte currently has an average rating of “Moderate Buy” and a consensus target price of $47.57.

Institutional Investors Weigh In On Veracyte

Hedge funds and other institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. lifted its holdings in shares of Veracyte by 289.9% during the second quarter. Osaic Holdings Inc. now owns 1,201 shares of the biotechnology company’s stock worth $33,000 after buying an additional 893 shares in the last quarter. Torren Management LLC acquired a new position in Veracyte in the fourth quarter valued at about $37,000. Empowered Funds LLC acquired a new position in Veracyte in the fourth quarter valued at about $42,000. Smartleaf Asset Management LLC raised its stake in Veracyte by 159.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,104 shares of the biotechnology company’s stock valued at $47,000 after purchasing an additional 679 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in Veracyte in the third quarter valued at about $56,000.

Key Stories Impacting 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.

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.