Veracyte (NASDAQ:VCYT) Trading 7.1% Higher – Still a Buy?

Shares of Veracyte, Inc. (NASDAQ:VCYT) were up 7.1% during mid-day trading on Monday . The company traded as high as $41.04 and last traded at $41.1970. Approximately 284,412 shares were traded during trading, a decline of 69% from the average daily volume of 902,943 shares. The stock had previously closed at $38.48.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on VCYT shares. Guggenheim cut their target price on shares of Veracyte from $50.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, March 30th. Morgan Stanley dropped their price target on Veracyte from $48.00 to $37.00 and set an “underweight” rating for the company in a research note on Thursday, March 5th. Zacks Research lowered Veracyte from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 12th. UBS Group upped 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. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Veracyte in a research note on Friday, March 27th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $44.83.

Veracyte Stock Up 8.5%

The company has a market cap of $3.33 billion, a P/E ratio of 38.45 and a beta of 1.89. The firm’s 50 day moving average is $33.87 and its two-hundred day moving average is $38.37.

Veracyte (NASDAQ:VCYT) last announced its earnings results on Tuesday, May 5th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.18. The business had revenue of $139.07 million during the quarter, compared to analyst estimates of $130.36 million. Veracyte had a return on equity of 9.07% and a net margin of 16.25%.Veracyte’s revenue for the quarter was up 21.5% compared to the same quarter last year. During the same period last year, the company earned $0.31 EPS. As a group, research analysts forecast that Veracyte, Inc. will post 1.28 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Rebecca Chambers sold 18,341 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $36.14, for a total value of $662,843.74. Following the sale, the chief financial officer directly owned 131,196 shares in the company, valued at $4,741,423.44. This represents a 12.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Marc Stapley sold 45,523 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $35.97, for a total transaction of $1,637,462.31. Following the sale, the chief executive officer directly owned 357,554 shares of the company’s stock, valued at $12,861,217.38. This represents a 11.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 85,986 shares of company stock valued at $3,120,257 over the last three months. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Veracyte

A number of institutional investors have recently modified their holdings of the company. Torren Management LLC acquired a new position in Veracyte in the fourth quarter valued at $37,000. First Horizon Corp acquired a new stake in Veracyte during the 3rd quarter worth about $31,000. Empowered Funds LLC acquired a new stake in Veracyte during the 4th quarter worth about $42,000. Smartleaf Asset Management LLC raised its position in shares of Veracyte by 159.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,104 shares of the biotechnology company’s stock worth $47,000 after acquiring an additional 679 shares in the last quarter. Finally, Osaic Holdings Inc. lifted its stake in shares of Veracyte by 289.9% in the 2nd quarter. Osaic Holdings Inc. now owns 1,201 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 893 shares during the period.

About Veracyte

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.