Veracyte (NASDAQ:VCYT) Shares Down 6.1% – What’s Next?

Veracyte, Inc. (NASDAQ:VCYT)’s stock price was down 6.1% on Wednesday . The company traded as low as $31.61 and last traded at $31.64. Approximately 697,793 shares changed hands during trading, a decline of 14% from the average daily volume of 809,008 shares. The stock had previously closed at $33.69.

Analyst Upgrades and Downgrades

Several brokerages have commented on VCYT. StockNews.com cut shares of Veracyte from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. The Goldman Sachs Group reissued a “neutral” rating and set a $37.00 price target (down from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. Guggenheim restated a “buy” rating and set a $45.00 price target on shares of Veracyte in a report on Tuesday, February 25th. Needham & Company LLC reiterated a “buy” rating and set a $51.00 target price on shares of Veracyte in a research report on Tuesday, February 25th. Finally, Craig Hallum started coverage on shares of Veracyte in a report on Thursday, March 20th. They issued a “buy” rating and a $45.00 target price for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.40.

Veracyte Price Performance

The business has a 50-day moving average of $38.19 and a 200-day moving average of $37.78. The company has a market capitalization of $2.41 billion, a P/E ratio of -207.57 and a beta of 1.80.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.29 by $0.07. The company had revenue of $118.63 million for the quarter, compared to the consensus estimate of $110.73 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. During the same period in the prior year, the firm posted ($0.39) EPS. Sell-side analysts predict that Veracyte, Inc. will post 0.68 EPS for the current fiscal year.

Insider Transactions at Veracyte

In other Veracyte news, Director Karin Eastham sold 10,000 shares of the company’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 transaction, the director now owns 18,497 shares of the company’s stock, valued at $745,429.10. This represents a 35.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Jones Financial Companies Lllp lifted its holdings in Veracyte by 49.7% during the 4th quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 237 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Veracyte during the fourth quarter valued at approximately $64,000. US Bancorp DE boosted its holdings in shares of Veracyte by 57.4% in the fourth quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock valued at $70,000 after purchasing an additional 647 shares during the period. Principal Securities Inc. grew its stake in Veracyte by 34.1% in the fourth quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 485 shares in the last quarter. Finally, Venturi Wealth Management LLC purchased a new position in Veracyte during the 4th quarter worth $91,000.

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.