Short Interest in Veracyte, Inc. (NASDAQ:VCYT) Expands By 20.6%

Veracyte, Inc. (NASDAQ:VCYTGet Free Report) saw a large growth in short interest during the month of April. As of April 30th, there was short interest totalling 4,390,000 shares, a growth of 20.6% from the April 15th total of 3,640,000 shares. Based on an average daily volume of 694,300 shares, the short-interest ratio is currently 6.3 days.

Veracyte Stock Performance

Shares of VCYT traded up $0.38 on Wednesday, hitting $23.40. 300,337 shares of the stock traded hands, compared to its average volume of 654,136. Veracyte has a 1 year low of $18.61 and a 1 year high of $30.52. The stock’s 50 day moving average is $20.88 and its two-hundred day moving average is $23.88.

Veracyte (NASDAQ:VCYTGet Free Report) last issued its quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.17. The company had revenue of $96.84 million for the quarter, compared to analyst estimates of $93.35 million. Veracyte had a negative return on equity of 1.42% and a negative net margin of 18.16%. The business’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.11) EPS. On average, sell-side analysts predict that Veracyte will post -0.19 EPS for the current year.

Insiders Place Their Bets

In other news, Director Karin Eastham sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $21.65, for a total value of $216,500.00. Following the transaction, the director now owns 33,125 shares of the company’s stock, valued at $717,156.25. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.60% of the stock is currently owned by insiders.

Institutional Trading of Veracyte

A number of hedge funds have recently added to or reduced their stakes in the business. Champlain Investment Partners LLC lifted its holdings in shares of Veracyte by 23.3% during the 1st quarter. Champlain Investment Partners LLC now owns 2,697,600 shares of the biotechnology company’s stock worth $59,779,000 after acquiring an additional 509,340 shares during the period. Jennison Associates LLC acquired a new position in shares of Veracyte in the 3rd quarter valued at $9,324,000. Norges Bank acquired a new position in shares of Veracyte in the 4th quarter valued at $11,190,000. AEGON ASSET MANAGEMENT UK Plc acquired a new stake in shares of Veracyte during the 4th quarter worth $9,586,000. Finally, Northern Trust Corp increased its holdings in shares of Veracyte by 38.0% during the 3rd quarter. Northern Trust Corp now owns 982,328 shares of the biotechnology company’s stock worth $21,935,000 after buying an additional 270,531 shares during the last quarter.

Analyst Ratings Changes

VCYT has been the topic of a number of analyst reports. William Blair reaffirmed an “outperform” rating on shares of Veracyte in a report on Friday, February 23rd. Needham & Company LLC decreased their target price on shares of Veracyte from $33.00 to $27.00 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. Morgan Stanley decreased their price objective on shares of Veracyte from $22.00 to $21.00 and set an “underweight” rating on the stock in a report on Monday, February 26th. Finally, The Goldman Sachs Group dropped their price objective on Veracyte from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, April 15th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $27.50.

Check Out Our Latest Report on VCYT

Veracyte Company Profile

(Get Free Report)

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.

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