Keith Kennedy Sells 1,243 Shares of Veracyte Inc (NASDAQ:VCYT) Stock

Veracyte Inc (NASDAQ:VCYT) CFO Keith Kennedy sold 1,243 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $28.00, for a total value of $34,804.00. Following the completion of the sale, the chief financial officer now owns 111,286 shares of the company’s stock, valued at $3,116,008. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Shares of VCYT stock opened at $20.78 on Friday. The stock has a 50 day simple moving average of $24.82 and a 200 day simple moving average of $25.64. Veracyte Inc has a 1 year low of $9.20 and a 1 year high of $31.18.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Tuesday, October 22nd. The biotechnology company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.05. Veracyte had a negative return on equity of 5.33% and a negative net margin of 7.08%. The business had revenue of $30.97 million during the quarter, compared to analysts’ expectations of $30.41 million. As a group, analysts predict that Veracyte Inc will post -0.23 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Los Angeles Capital Management & Equity Research Inc. lifted its stake in Veracyte by 3.5% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 11,535 shares of the biotechnology company’s stock worth $329,000 after purchasing an additional 390 shares during the last quarter. Convergence Investment Partners LLC lifted its stake in Veracyte by 13.3% during the third quarter. Convergence Investment Partners LLC now owns 5,918 shares of the biotechnology company’s stock worth $142,000 after purchasing an additional 695 shares during the last quarter. Strs Ohio lifted its stake in Veracyte by 2.8% during the third quarter. Strs Ohio now owns 32,800 shares of the biotechnology company’s stock worth $787,000 after purchasing an additional 900 shares during the last quarter. Advisor Group Inc. bought a new stake in Veracyte during the second quarter worth $29,000. Finally, Brinker Capital Inc. lifted its stake in Veracyte by 5.4% during the third quarter. Brinker Capital Inc. now owns 22,780 shares of the biotechnology company’s stock worth $547,000 after purchasing an additional 1,176 shares during the last quarter. Hedge funds and other institutional investors own 96.96% of the company’s stock.

VCYT has been the subject of several recent research reports. Needham & Company LLC set a $34.00 price target on Veracyte and gave the company a “buy” rating in a research note on Wednesday, July 31st. ValuEngine cut Veracyte from a “hold” rating to a “sell” rating in a research note on Thursday. Zacks Investment Research upgraded Veracyte from a “hold” rating to a “buy” rating and set a $29.00 price target for the company in a research note on Saturday, October 19th. BidaskClub upgraded Veracyte from a “sell” rating to a “hold” rating in a research note on Friday, October 11th. Finally, TheStreet upgraded Veracyte from a “d” rating to a “c-” rating in a research note on Thursday, August 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. Veracyte presently has a consensus rating of “Buy” and a consensus target price of $25.46.

About Veracyte

Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.

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