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

Veracyte, Inc. (NASDAQ:VCYT) was the recipient of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 3,500,000 shares, a growth of 19.5% from the August 31st total of 2,930,000 shares. Based on an average daily volume of 924,800 shares, the short-interest ratio is presently 3.8 days.

Veracyte Stock Performance

Shares of NASDAQ VCYT opened at $33.77 on Friday. The firm has a fifty day moving average of $29.43 and a 200 day moving average of $24.15. Veracyte has a one year low of $18.61 and a one year high of $35.51. The firm has a market cap of $2.58 billion, a PE ratio of -35.93 and a beta of 1.66.

Veracyte (NASDAQ:VCYT) last released its earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.10. Veracyte had a positive return on equity of 1.52% and a negative net margin of 13.52%. The business had revenue of $114.43 million for the quarter, compared to the consensus estimate of $100.27 million. During the same quarter last year, the business posted ($0.12) earnings per share. The business’s quarterly revenue was up 26.7% compared to the same quarter last year. On average, equities analysts predict that Veracyte will post 0.16 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Needham & Company LLC upped their price target on shares of Veracyte from $31.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Morgan Stanley boosted their target price on shares of Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a research report on Monday, August 12th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.25.

Insider Transactions at Veracyte

In other news, Director Evan/ Fa Jones sold 1,032 shares of Veracyte stock in a transaction on Friday, August 9th. The stock was sold at an average price of $30.03, for a total value of $30,990.96. Following the transaction, the director now directly owns 46,413 shares in the company, valued at approximately $1,393,782.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Veracyte news, Director Evan/ Fa Jones sold 1,032 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $30.03, for a total transaction of $30,990.96. Following the completion of the sale, the director now directly owns 46,413 shares of the company’s stock, valued at $1,393,782.39. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John Leite sold 1,277 shares of Veracyte stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $25.00, for a total transaction of $31,925.00. Following the completion of the transaction, the insider now directly owns 82,968 shares in the company, valued at approximately $2,074,200. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,918 shares of company stock valued at $1,399,541. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Veracyte

Several hedge funds and other institutional investors have recently modified their holdings of the business. Blue Trust Inc. raised its holdings in shares of Veracyte by 2,331.6% during the 2nd quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 1,329 shares during the period. CWM LLC increased its stake in Veracyte by 168.3% during the second quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 951 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Veracyte during the 2nd quarter worth approximately $58,000. Signature Resources Capital Management LLC acquired a new stake in shares of Veracyte in the second quarter valued at $83,000. Finally, nVerses Capital LLC purchased a new position in shares of Veracyte in the 2nd quarter valued at about $85,000.

About Veracyte

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.