Veracyte (NASDAQ:VCYT) Sets New 52-Week High – What’s Next?

Veracyte, Inc. (NASDAQ:VCYT) hit a new 52-week high during trading on Tuesday . The company traded as high as $49.37 and last traded at $49.1350, with a volume of 159240 shares changing hands. The stock had previously closed at $46.70.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Veracyte in a research report on Wednesday, November 19th. Needham & Company LLC raised their target price on shares of Veracyte from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Canaccord Genuity Group upped their price target on shares of Veracyte from $40.00 to $43.00 and gave the company a “hold” rating in a report on Wednesday, November 5th. UBS Group increased their price target on Veracyte from $42.00 to $48.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Finally, Wall Street Zen raised Veracyte from a “buy” rating to a “strong-buy” rating in a report on Sunday, November 16th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Veracyte presently has a consensus rating of “Moderate Buy” and an average price target of $43.38.

Veracyte Price Performance

The stock has a market capitalization of $3.90 billion, a PE ratio of 148.46 and a beta of 2.16. The stock’s fifty day moving average is $36.81 and its 200-day moving average is $30.89.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $0.51 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.19. Veracyte had a net margin of 5.50% and a return on equity of 6.07%. The business had revenue of $131.87 million during the quarter, compared to the consensus estimate of $124.62 million. During the same quarter in the prior year, the firm posted $0.33 earnings per share. The company’s revenue was up 13.8% compared to the same quarter last year. Veracyte has set its FY 2025 guidance at EPS. On average, analysts forecast that Veracyte, Inc. will post 0.68 EPS for the current year.

Insiders Place Their Bets

In other news, Director Evan/ Fa Jones sold 43,196 shares of the stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $45.06, for a total transaction of $1,946,411.76. Following the transaction, the director owned 30,468 shares in the company, valued at $1,372,888.08. This trade represents a 58.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Annie Mcguire sold 6,466 shares of Veracyte stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $40.00, for a total transaction of $258,640.00. Following the completion of the sale, the senior vice president directly owned 82,973 shares in the company, valued at $3,318,920. This represents a 7.23% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 94,635 shares of company stock valued at $3,913,604. 1.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Veracyte by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 8,504,088 shares of the biotechnology company’s stock worth $291,945,000 after buying an additional 403,737 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in shares of Veracyte by 16.6% in the third quarter. Artisan Partners Limited Partnership now owns 7,370,467 shares of the biotechnology company’s stock valued at $253,028,000 after acquiring an additional 1,048,692 shares in the last quarter. ARK Investment Management LLC boosted its stake in shares of Veracyte by 17.5% in the third quarter. ARK Investment Management LLC now owns 4,465,775 shares of the biotechnology company’s stock worth $153,310,000 after acquiring an additional 665,686 shares during the last quarter. State Street Corp boosted its stake in shares of Veracyte by 0.4% in the second quarter. State Street Corp now owns 3,169,700 shares of the biotechnology company’s stock worth $85,677,000 after acquiring an additional 11,461 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Veracyte by 3.2% during the third quarter. Dimensional Fund Advisors LP now owns 3,118,166 shares of the biotechnology company’s stock worth $107,042,000 after purchasing an additional 95,664 shares in the last quarter.

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.