Veracyte (NASDAQ:VCYT) Trading Down 7.1% - What's Next?

Shares of Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) dropped 7.1% during trading on Friday . The stock traded as low as $40.95 and last traded at $40.42. Approximately 322,730 shares were traded during trading, a decline of 59% from the average daily volume of 780,662 shares. The stock had previously closed at $43.50.

Analyst Ratings Changes

VCYT has been the subject of several recent analyst reports. Scotiabank raised their price objective on shares of Veracyte from $40.00 to $44.00 and gave the stock a "sector outperform" rating in a research report on Friday, November 8th. Morgan Stanley increased their target price on Veracyte from $26.00 to $28.00 and gave the stock an "underweight" rating in a report on Monday, November 18th. StockNews.com upgraded Veracyte from a "hold" rating to a "buy" rating in a report on Monday. 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 report on Thursday, December 5th. Finally, Leerink Partners increased their target price on Veracyte from $35.00 to $40.00 and gave the stock an "outperform" rating in a report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.00.

Veracyte Stock Performance

The firm has a 50 day simple moving average of $42.47 and a two-hundred day simple moving average of $36.42. The firm has a market capitalization of $3.18 billion, a P/E ratio of -273.13 and a beta of 1.71.

Insider Transactions at Veracyte

In related news, CAO Jonathan Wygant sold 956 shares of Veracyte stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.36, for a total value of $41,452.16. Following the completion of the sale, the chief accounting officer now owns 40,270 shares of the company's stock, valued at approximately $1,746,107.20. This trade represents a 2.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Karin Eastham sold 10,000 shares of Veracyte stock in a transaction dated 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 sale, the director now directly owns 18,497 shares of the company's stock, valued at approximately $745,429.10. This trade represents a 35.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,565 shares of company stock worth $1,031,406 in the last ninety days. Company insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On Veracyte

Several large investors have recently added to or reduced their stakes in VCYT. The Manufacturers Life Insurance Company grew its holdings in Veracyte by 5.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 42,766 shares of the biotechnology company's stock valued at $927,000 after buying an additional 2,135 shares in the last quarter. SG Americas Securities LLC grew its holdings in Veracyte by 133.4% during the 3rd quarter. SG Americas Securities LLC now owns 20,309 shares of the biotechnology company's stock valued at $691,000 after buying an additional 11,606 shares in the last quarter. CWM LLC grew its holdings in Veracyte by 215.0% during the 3rd quarter. CWM LLC now owns 4,776 shares of the biotechnology company's stock valued at $163,000 after buying an additional 3,260 shares in the last quarter. Creative Planning purchased a new position in Veracyte during the 3rd quarter valued at about $396,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd purchased a new position in Veracyte during the 3rd quarter valued at about $325,000.

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.