Veracyte, Inc. (NASDAQ:VCYT - Get Free Report)'s stock price gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $39.36, but opened at $36.10. Veracyte shares last traded at $34.00, with a volume of 272,417 shares traded.
The biotechnology company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.07. The business had revenue of $118.63 million for the quarter, compared to analyst estimates of $110.73 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. During the same period last year, the firm posted ($0.39) earnings per share.
Analysts Set New Price Targets
VCYT has been the subject of several research reports. Needham & Company LLC reiterated a "buy" rating and issued a $51.00 target price on shares of Veracyte in a research report on Tuesday. The Goldman Sachs Group reiterated a "neutral" rating and issued a $37.00 target price (down from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. StockNews.com downgraded Veracyte from a "buy" rating to a "hold" rating in a research report on Wednesday. UBS Group raised their price objective on Veracyte from $46.00 to $49.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, Morgan Stanley boosted their price target on Veracyte from $26.00 to $28.00 and gave the company an "underweight" rating in a research note on Monday, November 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $43.00.
View Our Latest Research Report on VCYT
Insider Activity
In other Veracyte news, insider John Leite sold 1,050 shares of the business's stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $43.25, for a total value of $45,412.50. Following the transaction, the insider now owns 73,810 shares of the company's stock, valued at approximately $3,192,282.50. The trade was a 1.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Karin Eastham sold 10,000 shares of the business's stock in a transaction on Thursday, January 2nd. The stock was 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 directly owns 18,497 shares in the company, valued at approximately $745,429.10. This represents a 35.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,533 shares of company stock worth $815,584 over the last quarter. 1.30% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of VCYT. Creative Planning purchased a new position in Veracyte in the third quarter worth $396,000. Assenagon Asset Management S.A. boosted its position in Veracyte by 127.6% in the third quarter. Assenagon Asset Management S.A. now owns 29,455 shares of the biotechnology company's stock worth $1,003,000 after purchasing an additional 16,512 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Veracyte by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,778 shares of the biotechnology company's stock worth $94,000 after purchasing an additional 496 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Veracyte by 64.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 14,773 shares of the biotechnology company's stock valued at $503,000 after buying an additional 5,790 shares during the last quarter. Finally, Rice Hall James & Associates LLC purchased a new position in shares of Veracyte during the 3rd quarter valued at $4,330,000.
Veracyte Trading Up 2.7 %
The business has a 50-day moving average price of $41.52 and a 200 day moving average price of $37.59. The stock has a market cap of $2.69 billion, a PE ratio of -231.73 and a beta of 1.71.
About Veracyte
(
Get Free Report)
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.
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