Veracyte (NASDAQ:VCYT) Shares Gap Down – Here’s What Happened

Veracyte, Inc. (NASDAQ:VCYT)’s stock 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 trading hands.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Leerink Partners lifted their price target on Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Needham & Company LLC boosted their price objective on Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Morgan Stanley increased their target price on Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a research report on Monday, November 18th. Guggenheim started coverage on shares of Veracyte in a research note on Thursday, October 10th. They issued a “buy” rating and a $40.00 price target on the stock. Finally, Scotiabank upped 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. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $41.13.

Veracyte Trading Down 2.0 %

The business has a fifty day simple moving average of $39.16 and a two-hundred day simple moving average of $31.93. The company has a market cap of $3.11 billion, a PE ratio of -267.47 and a beta of 1.69.

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

Insider Activity

In other news, CFO Rebecca Chambers sold 7,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Jonathan Wygant sold 5,032 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $42.89, for a total transaction of $215,822.48. Following the sale, the chief accounting officer now owns 42,313 shares of the company’s stock, valued at approximately $1,814,804.57. The trade was a 10.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 14,038 shares of company stock worth $605,297 over the last ninety days. Corporate insiders own 1.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. purchased a new position in Veracyte during the second quarter worth about $12,279,000. William Blair Investment Management LLC increased its holdings in Veracyte by 67.4% in the 2nd quarter. William Blair Investment Management LLC now owns 1,241,671 shares of the biotechnology company’s stock valued at $26,907,000 after purchasing an additional 500,020 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in Veracyte in the third quarter valued at approximately $9,498,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Veracyte by 288.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 360,871 shares of the biotechnology company’s stock worth $12,284,000 after purchasing an additional 268,000 shares in the last quarter. Finally, Jane Street Group LLC boosted its position in shares of Veracyte by 276.4% during the third quarter. Jane Street Group LLC now owns 301,652 shares of the biotechnology company’s stock worth $10,268,000 after buying an additional 221,504 shares during the period.

About Veracyte

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.