Veracyte (NASDAQ:VCYT) Shares Gap Up on Better-Than-Expected Earnings

Veracyte, Inc. (NASDAQ:VCYT) gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $36.59, but opened at $39.70. Veracyte shares last traded at $39.44, with a volume of 388,041 shares.

The biotechnology company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The company had revenue of $115.86 million for the quarter, compared to analysts’ expectations of $109.81 million. During the same quarter last year, the business earned ($0.03) EPS. The firm’s revenue was up 28.6% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on VCYT shares. Leerink Partners upped their target price 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. UBS Group began coverage on Veracyte in a research report on Wednesday, October 16th. They set a “buy” rating and a $43.00 target price for the company. Morgan Stanley increased their price target on Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a report on Monday, August 12th. Guggenheim started coverage on Veracyte in a research report on Thursday, October 10th. They issued a “buy” rating and a $40.00 price objective on the stock. Finally, Needham & Company LLC lifted their price target on shares of Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.83.

Insider Buying and Selling at Veracyte

In other news, Director Evan/ Fa Jones sold 5,173 shares of Veracyte stock in a transaction that occurred 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 sale, the director now owns 34,343 shares of the company’s stock, valued at approximately $1,209,903.89. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider John Leite sold 5,479 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total transaction of $163,164.62. Following the completion of the transaction, the insider now directly owns 76,174 shares in the company, valued at $2,268,461.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Evan/ Fa Jones sold 5,173 shares of the company’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 sale, the director now directly owns 34,343 shares in the company, valued at approximately $1,209,903.89. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,141 shares of company stock worth $1,035,116 in the last ninety days. 1.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Veracyte

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. lifted its stake in Veracyte by 2,331.6% during the second quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 1,329 shares during the last quarter. CWM LLC increased its stake in shares of Veracyte by 168.3% during the second quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock worth $33,000 after acquiring an additional 951 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in Veracyte during the 2nd quarter worth approximately $58,000. Signature Resources Capital Management LLC acquired a new position in Veracyte during the second quarter worth $83,000. Finally, nVerses Capital LLC purchased a new position in shares of Veracyte in the 2nd quarter valued at about $85,000.

Veracyte Stock Up 7.8 %

The stock’s fifty day simple moving average is $33.06 and its 200-day simple moving average is $26.79. The company has a market capitalization of $3.03 billion, a PE ratio of -52.59 and a beta of 1.67.

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.