Veracyte (NASDAQ:VCYT) Hits New 1-Year High – Here’s Why

Shares of Veracyte, Inc. (NASDAQ:VCYT) reached a new 52-week high on Tuesday . The company traded as high as $35.56 and last traded at $35.19, with a volume of 137715 shares trading hands. The stock had previously closed at $34.98.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Needham & Company LLC upped their price objective on Veracyte from $31.00 to $37.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Leerink Partners upped their price objective on shares of Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Morgan Stanley lifted their target price on Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a report on Monday, August 12th. Guggenheim began coverage on Veracyte in a report on Thursday, October 10th. They issued a “buy” rating and a $40.00 price target for the company. Finally, UBS Group started coverage on Veracyte in a research report on Wednesday, October 16th. They set a “buy” rating and a $43.00 price target on the stock. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.67.

Veracyte Stock Up 2.6 %

The company has a market capitalization of $2.76 billion, a P/E ratio of -47.44 and a beta of 1.67. The business has a fifty day moving average price of $32.88 and a 200 day moving average price of $26.60.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.10. The company had revenue of $114.43 million for the quarter, compared to the consensus estimate of $100.27 million. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The firm’s revenue was up 26.7% compared to the same quarter last year. During the same period last year, the company earned ($0.12) earnings per share. As a group, equities analysts forecast that Veracyte, Inc. will post 0.16 earnings per share for the current year.

Insider Transactions at Veracyte

In related news, insider John Leite sold 5,479 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total value of $163,164.62. Following the completion of the transaction, the insider now directly owns 76,174 shares of the company’s stock, valued at approximately $2,268,461.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider John Leite sold 5,479 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total value of $163,164.62. Following the completion of the sale, the insider now directly owns 76,174 shares of the company’s stock, valued at $2,268,461.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Evan/ Fa Jones sold 5,173 shares of the stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $35.23, for a total value of $182,244.79. Following the completion of the sale, the director now owns 34,343 shares in the company, valued at approximately $1,209,903.89. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,141 shares of company stock worth $1,180,116 in the last three months. Insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of VCYT. Inspire Investing LLC boosted its holdings in Veracyte by 2.1% in the 2nd quarter. Inspire Investing LLC now owns 16,462 shares of the biotechnology company’s stock valued at $357,000 after purchasing an additional 340 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Veracyte by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,778 shares of the biotechnology company’s stock worth $94,000 after acquiring an additional 496 shares during the period. CANADA LIFE ASSURANCE Co increased its stake in Veracyte by 6.9% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 8,198 shares of the biotechnology company’s stock worth $182,000 after acquiring an additional 530 shares during the period. Arizona State Retirement System lifted its position in shares of Veracyte by 3.7% during the 2nd quarter. Arizona State Retirement System now owns 20,806 shares of the biotechnology company’s stock valued at $451,000 after acquiring an additional 733 shares during the period. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Veracyte by 9.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 9,325 shares of the biotechnology company’s stock worth $207,000 after purchasing an additional 778 shares in the last quarter.

Veracyte Company Profile

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.