Veracyte (NASDAQ:VCYT) Trading 7.9% Higher

Veracyte Inc (NASDAQ:VCYT)’s share price traded up 7.9% during mid-day trading on Wednesday . The stock traded as high as $28.42 and last traded at $28.35, 996,736 shares changed hands during mid-day trading. An increase of 55% from the average session volume of 643,694 shares. The stock had previously closed at $26.26.

Several research analysts have recently issued reports on the company. ValuEngine raised Veracyte from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. BidaskClub downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a research report on Wednesday. Zacks Investment Research downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a research report on Friday, November 8th. Finally, Needham & Company LLC reissued a “buy” rating and set a $34.00 target price on shares of Veracyte in a research report on Wednesday. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $28.75.

The firm has a market cap of $1.33 billion, a price-to-earnings ratio of -45.72 and a beta of 1.14. The business’s 50-day simple moving average is $24.96 and its two-hundred day simple moving average is $25.83.

Veracyte (NASDAQ:VCYT) last released its earnings results on Tuesday, October 22nd. The biotechnology company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.05. The business had revenue of $30.97 million during the quarter, compared to the consensus estimate of $30.41 million. Veracyte had a negative net margin of 7.08% and a negative return on equity of 5.33%. On average, analysts forecast that Veracyte Inc will post -0.19 earnings per share for the current year.

In other Veracyte news, insider John Walter Hanna, Jr. sold 18,593 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $25.66, for a total transaction of $477,096.38. Following the transaction, the insider now directly owns 84,085 shares in the company, valued at approximately $2,157,621.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Giulia C. Kennedy sold 15,327 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $26.47, for a total value of $405,705.69. Following the transaction, the insider now owns 47,157 shares in the company, valued at $1,248,245.79. The disclosure for this sale can be found here. Insiders have sold a total of 141,079 shares of company stock valued at $3,714,170 in the last three months. Insiders own 8.30% of the company’s stock.

Several institutional investors have recently bought and sold shares of VCYT. Invesco Ltd. boosted its holdings in shares of Veracyte by 401.5% during the 2nd quarter. Invesco Ltd. now owns 2,985,745 shares of the biotechnology company’s stock worth $85,124,000 after buying an additional 2,390,394 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Veracyte by 144.4% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,764,236 shares of the biotechnology company’s stock worth $66,342,000 after buying an additional 1,633,287 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its holdings in shares of Veracyte by 252.7% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 2,148,248 shares of the biotechnology company’s stock worth $61,247,000 after buying an additional 1,539,114 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Veracyte by 43.8% during the 2nd quarter. BlackRock Inc. now owns 3,987,802 shares of the biotechnology company’s stock worth $113,692,000 after buying an additional 1,215,062 shares in the last quarter. Finally, Nuveen Asset Management LLC bought a new position in shares of Veracyte during the 2nd quarter worth approximately $33,505,000.

Veracyte Company Profile (NASDAQ:VCYT)

Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.

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