Veracyte (NASDAQ:VCYT) Shares Gap Down - Here's What Happened

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report)'s share price gapped down before the market opened on Friday . The stock had previously closed at $40.95, but opened at $40.06. Veracyte shares last traded at $40.68, with a volume of 28,206 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on VCYT. UBS Group boosted their price objective on Veracyte from $43.00 to $46.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Leerink Partners boosted their price target on shares of Veracyte from $35.00 to $40.00 and gave the company an "outperform" rating in a research report on Thursday, October 17th. Wolfe Research assumed coverage on shares of Veracyte in a research report on Friday, November 15th. They set an "outperform" rating and a $50.00 price objective for the company. Guggenheim assumed coverage on shares of Veracyte in a report on Thursday, October 10th. They issued a "buy" rating and a $40.00 target price on the stock. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $37.00 price target (down previously from $38.00) on shares of Veracyte in a report on Thursday, December 5th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Veracyte presently has a consensus rating of "Moderate Buy" and a consensus target price of $41.13.

Veracyte Stock Performance

The stock's 50-day moving average is $39.05 and its two-hundred day moving average is $31.73. The stock has a market cap of $3.11 billion, a PE ratio of -267.47 and a beta of 1.69.

Veracyte (NASDAQ:VCYT - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.03 by $0.16. The business had revenue of $115.86 million during the quarter, compared to analyst estimates of $109.81 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The company's quarterly revenue was up 28.6% on a year-over-year basis. During the same period last year, the business posted ($0.03) earnings per share. Analysts forecast that Veracyte, Inc. will post 0.38 EPS for the current year.

Insider Activity at Veracyte

In other news, CAO Jonathan Wygant sold 956 shares of the firm's stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $43.36, for a total value of $41,452.16. Following the sale, the chief accounting officer now directly owns 40,270 shares in the company, valued at approximately $1,746,107.20. This trade represents a 2.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Rebecca Chambers sold 7,000 shares of the business's stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $43.23, for a total transaction of $302,610.00. Following the transaction, the chief financial officer now owns 114,037 shares of the company's stock, valued at approximately $4,929,819.51. The trade was a 5.78 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,038 shares of company stock worth $605,297. Company insiders own 1.30% of the company's stock.

Hedge Funds Weigh In On Veracyte

Several large investors have recently bought and sold shares of VCYT. Bank of New York Mellon Corp increased its holdings in shares of Veracyte by 12.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 281,810 shares of the biotechnology company's stock valued at $6,107,000 after acquiring an additional 31,613 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Veracyte by 18.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 11,065 shares of the biotechnology company's stock valued at $240,000 after buying an additional 1,740 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Veracyte by 5.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,823 shares of the biotechnology company's stock worth $473,000 after buying an additional 1,173 shares during the period. nVerses Capital LLC purchased a new position in shares of Veracyte during the second quarter worth about $85,000. Finally, Rhumbline Advisers increased its position in Veracyte by 6.7% in the 2nd quarter. Rhumbline Advisers now owns 128,774 shares of the biotechnology company's stock valued at $2,791,000 after acquiring an additional 8,096 shares during the period.

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.