Veracyte, Inc. (NASDAQ:VCYT) Sees Significant Drop in Short Interest

Veracyte, Inc. (NASDAQ:VCYT) was the recipient of a large decline in short interest in December. As of December 15th, there was short interest totalling 2,550,000 shares, a decline of 14.1% from the November 30th total of 2,970,000 shares. Based on an average daily volume of 782,700 shares, the short-interest ratio is currently 3.3 days.

Veracyte Price Performance

Veracyte stock opened at $40.00 on Tuesday. Veracyte has a one year low of $18.61 and a one year high of $46.00. The firm has a market capitalization of $3.10 billion, a P/E ratio of -266.67 and a beta of 1.69. The business has a fifty day moving average price of $39.30 and a 200-day moving average price of $32.13.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings data on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.03 by $0.16. The company had revenue of $115.86 million during the quarter, compared to analysts’ expectations of $109.81 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. Veracyte’s revenue for the quarter was up 28.6% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.03) earnings per share. Sell-side analysts expect that Veracyte will post 0.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

VCYT has been the topic of several research analyst reports. Needham & Company LLC boosted their price objective on Veracyte from $37.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Morgan Stanley raised their price objective on shares of Veracyte from $26.00 to $28.00 and gave the stock an “underweight” rating in a report on Monday, November 18th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $37.00 price target (down previously from $38.00) on shares of Veracyte in a report on Thursday, December 5th. Wolfe Research began coverage on Veracyte in a report on Friday, November 15th. They set an “outperform” rating and a $50.00 price objective for the company. Finally, Guggenheim began coverage on Veracyte in a research note on Thursday, October 10th. They issued a “buy” rating and a $40.00 target price on the stock. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Veracyte presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.13.

Insiders Place Their Bets

In other Veracyte news, insider John Leite sold 1,050 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $43.25, for a total value of $45,412.50. Following the completion of the sale, the insider now owns 73,810 shares in the company, valued at approximately $3,192,282.50. This trade represents a 1.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Jonathan Wygant sold 956 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $43.36, for a total value of $41,452.16. Following the completion of the transaction, the chief accounting officer now owns 40,270 shares in the company, valued at $1,746,107.20. The trade was a 2.32 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,038 shares of company stock valued at $605,297. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Veracyte

A number of institutional investors and hedge funds have recently made changes to their positions in VCYT. Point72 Asia Singapore Pte. Ltd. bought a new position in Veracyte in the 2nd quarter worth about $58,000. nVerses Capital LLC purchased a new position in shares of Veracyte during the second quarter worth about $85,000. Castleview Partners LLC bought a new position in shares of Veracyte in the third quarter worth approximately $87,000. Values First Advisors Inc. purchased a new stake in Veracyte in the third quarter valued at approximately $91,000. Finally, KBC Group NV lifted its position in Veracyte by 13.7% during the third quarter. KBC Group NV now owns 2,677 shares of the biotechnology company’s stock valued at $91,000 after purchasing an additional 323 shares during the last quarter.

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.