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

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Craig Hallum began coverage on shares of Veracyte in a report on Thursday, March 20th. They set a “buy” rating and a $45.00 price target on the stock. UBS Group raised their target price on Veracyte from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Needham & Company LLC reiterated a “buy” rating and set a $51.00 price objective on shares of Veracyte in a report on Tuesday, February 25th. 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, StockNews.com lowered Veracyte from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.40.

Veracyte Trading Down 3.2 %

The firm has a market cap of $2.35 billion, a P/E ratio of -200.80 and a beta of 1.80. The stock has a 50 day simple moving average of $37.78 and a 200-day simple moving average of $37.68.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.07. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The company had revenue of $118.63 million during the quarter, compared to the consensus estimate of $110.73 million. During the same period last year, the company earned ($0.39) earnings per share. As a group, equities analysts forecast that Veracyte, Inc. will post 0.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Veracyte

In other Veracyte news, Director Karin Eastham sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $40.30, for a total transaction of $403,000.00. Following the sale, the director now owns 18,497 shares of the company’s stock, valued at approximately $745,429.10. The trade was a 35.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.30% of the company’s stock.

Institutional Trading of Veracyte

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