Veracyte (NASDAQ:VCYT) Insider Phillip Febbo Sells 8,349 Shares of Stock

Veracyte, Inc. (NASDAQ:VCYT) insider Phillip Febbo sold 8,349 shares of Veracyte stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $36.02, for a total value of $300,730.98. Following the completion of the sale, the insider directly owned 92,441 shares in the company, valued at approximately $3,329,724.82. This represents a 8.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Veracyte Stock Down 4.0%

NASDAQ:VCYT opened at $34.61 on Wednesday. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 104.88 and a beta of 2.11. Veracyte, Inc. has a twelve month low of $22.61 and a twelve month high of $47.32. The stock’s 50 day moving average price is $30.68 and its two-hundred day moving average price is $29.19.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Veracyte in a research report on Saturday, September 27th. Wall Street Zen raised Veracyte from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Finally, Morgan Stanley set a $28.00 price target on Veracyte and gave the stock an “underweight” rating in a research report on Friday, August 8th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $40.90.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in VCYT. Nuveen LLC bought a new position in shares of Veracyte during the 1st quarter worth approximately $33,003,000. Artisan Partners Limited Partnership boosted its stake in shares of Veracyte by 20.7% during the 2nd quarter. Artisan Partners Limited Partnership now owns 6,321,775 shares of the biotechnology company’s stock worth $170,878,000 after acquiring an additional 1,082,064 shares during the period. Squarepoint Ops LLC boosted its stake in Veracyte by 770.6% in the 2nd quarter. Squarepoint Ops LLC now owns 897,387 shares of the biotechnology company’s stock valued at $24,256,000 after purchasing an additional 794,307 shares during the period. Soleus Capital Management L.P. bought a new stake in Veracyte in the 2nd quarter valued at $19,338,000. Finally, Assenagon Asset Management S.A. boosted its stake in Veracyte by 1,705.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 488,061 shares of the biotechnology company’s stock valued at $14,471,000 after purchasing an additional 461,023 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.