Insider Selling: Veracyte (NASDAQ:VCYT) Director Sells $1,946,411.76 in Stock

Veracyte, Inc. (NASDAQ:VCYT) Director Evan/ Fa Jones sold 43,196 shares of the stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $45.06, for a total transaction of $1,946,411.76. Following the sale, the director owned 30,468 shares in the company, valued at approximately $1,372,888.08. This trade represents a 58.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Veracyte Stock Up 0.0%

NASDAQ:VCYT opened at $41.70 on Monday. Veracyte, Inc. has a 52 week low of $22.61 and a 52 week high of $47.32. The company has a fifty day simple moving average of $34.59 and a two-hundred day simple moving average of $30.08. The company has a market cap of $3.30 billion, a price-to-earnings ratio of 126.37 and a beta of 2.16.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.19. The business had revenue of $131.87 million for the quarter, compared to analysts’ expectations of $124.62 million. Veracyte had a return on equity of 6.07% and a net margin of 5.50%.The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period last year, the firm earned $0.33 earnings per share. Veracyte has set its FY 2025 guidance at EPS. On average, analysts expect that Veracyte, Inc. will post 0.68 EPS for the current year.

Institutional Investors Weigh In On Veracyte

Institutional investors and hedge funds have recently bought and sold shares of the stock. Synovus Financial Corp grew its holdings in shares of Veracyte by 11.5% during the third quarter. Synovus Financial Corp now owns 26,667 shares of the biotechnology company’s stock worth $915,000 after purchasing an additional 2,744 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Veracyte by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 8,504,088 shares of the biotechnology company’s stock valued at $291,945,000 after purchasing an additional 403,737 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Veracyte by 54.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 518,850 shares of the biotechnology company’s stock valued at $17,812,000 after purchasing an additional 181,872 shares during the period. PNC Financial Services Group Inc. grew its stake in Veracyte by 13.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 25,860 shares of the biotechnology company’s stock worth $888,000 after buying an additional 3,128 shares during the last quarter. Finally, Public Sector Pension Investment Board acquired a new position in Veracyte during the third quarter worth approximately $10,536,000.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on VCYT shares. Morgan Stanley set a $28.00 price objective on Veracyte and gave the stock an “underweight” rating in a research report on Friday, August 8th. Weiss Ratings upgraded shares of Veracyte from a “sell (d+)” rating to a “hold (c)” rating in a report on Friday. Needham & Company LLC increased their price objective on shares of Veracyte from $41.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday. Canaccord Genuity Group lifted their price objective on shares of Veracyte from $40.00 to $43.00 and gave the stock a “hold” rating in a research report on Wednesday. Finally, Zacks Research upgraded shares of Veracyte from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Veracyte presently has an average rating of “Moderate Buy” and a consensus target price of $42.78.

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.