Veracyte (NASDAQ:VCYT) Shares Down 6.1% – Should You Sell?

Veracyte, Inc. (NASDAQ:VCYT) shares were down 6.1% during mid-day trading on Wednesday . The stock traded as low as $31.61 and last traded at $31.64. Approximately 697,793 shares traded hands during trading, a decline of 14% from the average daily volume of 809,008 shares. The stock had previously closed at $33.69.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Stephens reaffirmed an “overweight” rating and set a $45.00 target price on shares of Veracyte in a research note on Wednesday. StockNews.com cut shares of Veracyte from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. The Goldman Sachs Group restated a “neutral” rating and set a $37.00 target price (down from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $51.00 price objective on shares of Veracyte in a research report on Tuesday, February 25th. Finally, UBS Group boosted their price objective on shares of Veracyte from $46.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.40.

Veracyte Stock Down 3.2 %

The company has a market cap of $2.35 billion, a PE ratio of -200.80 and a beta of 1.80. The business’s 50 day moving average price is $37.78 and its 200-day moving average price is $37.68.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.07. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The business had revenue of $118.63 million for the quarter, compared to analyst estimates of $110.73 million. During the same period in the prior year, the company posted ($0.39) EPS. Equities analysts expect that Veracyte, Inc. will post 0.68 earnings per share for the current year.

Insider Activity at Veracyte

In other Veracyte news, Director Karin Eastham sold 10,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $40.30, for a total value of $403,000.00. Following the completion of the transaction, the director now owns 18,497 shares in the company, valued at approximately $745,429.10. This represents a 35.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.30% of the company’s stock.

Institutional Trading of Veracyte

A number of institutional investors have recently made changes to their positions in VCYT. Jones Financial Companies Lllp lifted its holdings in shares of Veracyte by 49.7% in the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 237 shares during the period. GF Fund Management CO. LTD. acquired a new position in Veracyte in the fourth quarter worth approximately $64,000. US Bancorp DE increased its holdings in shares of Veracyte by 57.4% in the fourth quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock valued at $70,000 after buying an additional 647 shares in the last quarter. Principal Securities Inc. increased its holdings in shares of Veracyte by 34.1% in the fourth quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock valued at $76,000 after buying an additional 485 shares in the last quarter. Finally, Venturi Wealth Management LLC acquired a new stake in shares of Veracyte during the 4th quarter valued at $91,000.

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.