Veracyte (NASDAQ:VCYT) Reaches New 52-Week High - Here's What Happened

Shares of Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $35.56 and last traded at $35.19, with a volume of 137715 shares traded. The stock had previously closed at $34.98.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on VCYT shares. UBS Group started coverage on shares of Veracyte in a research report on Wednesday, October 16th. They issued a "buy" rating and a $43.00 price objective on the stock. Needham & Company LLC increased their price objective on Veracyte from $31.00 to $37.00 and gave the stock a "buy" rating in a report on Wednesday, August 28th. Leerink Partners boosted their target price on Veracyte from $35.00 to $40.00 and gave the company an "outperform" rating in a research note on Thursday, October 17th. Morgan Stanley raised their price target on shares of Veracyte from $21.00 to $26.00 and gave the stock an "underweight" rating in a research note on Monday, August 12th. Finally, Guggenheim started coverage on shares of Veracyte in a research report on Thursday, October 10th. They issued a "buy" rating and a $40.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. According to MarketBeat.com, Veracyte currently has an average rating of "Moderate Buy" and an average price target of $35.67.

Veracyte Price Performance

The firm's 50 day moving average is $32.96 and its two-hundred day moving average is $26.72. The firm has a market capitalization of $2.76 billion, a P/E ratio of -47.91 and a beta of 1.67.

Veracyte (NASDAQ:VCYT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 EPS for the quarter, topping analysts' consensus estimates of ($0.03) by $0.10. Veracyte had a positive return on equity of 1.52% and a negative net margin of 13.52%. The business had revenue of $114.43 million during the quarter, compared to analysts' expectations of $100.27 million. During the same quarter last year, the company posted ($0.12) earnings per share. Veracyte's quarterly revenue was up 26.7% on a year-over-year basis. Analysts anticipate that Veracyte, Inc. will post 0.16 EPS for the current fiscal year.

Insider Buying and Selling

In other Veracyte news, Director Evan/ Fa Jones sold 5,173 shares of Veracyte stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $35.23, for a total transaction of $182,244.79. Following the completion of the transaction, the director now directly owns 34,343 shares of the company's stock, valued at $1,209,903.89. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Evan/ Fa Jones sold 5,173 shares of the business's stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total transaction of $182,244.79. Following the completion of the sale, the director now owns 34,343 shares in the company, valued at $1,209,903.89. The trade was a 0.00 % 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, insider John Leite sold 5,479 shares of the 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 transaction, the insider now owns 76,174 shares in the company, valued at approximately $2,268,461.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,141 shares of company stock valued at $1,180,116. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Veracyte

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Veracyte by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 7,384,871 shares of the biotechnology company's stock valued at $163,649,000 after purchasing an additional 266,660 shares during the period. Bamco Inc. NY increased its stake in Veracyte by 46.3% during the 1st quarter. Bamco Inc. NY now owns 1,115,806 shares of the biotechnology company's stock worth $24,726,000 after acquiring an additional 353,000 shares during the period. Nordea Investment Management AB increased its stake in Veracyte by 232.3% during the 1st quarter. Nordea Investment Management AB now owns 272,176 shares of the biotechnology company's stock worth $6,050,000 after acquiring an additional 190,262 shares during the period. Sei Investments Co. raised its holdings in Veracyte by 21.2% in the 1st quarter. Sei Investments Co. now owns 142,604 shares of the biotechnology company's stock valued at $3,160,000 after acquiring an additional 24,945 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position 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 valued at $207,000 after acquiring an additional 778 shares during the period.

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.