Veracyte Inc (VCYT) Sees Large Increase in Short Interest

Veracyte Inc (NASDAQ:VCYT) was the target of a significant increase in short interest in the month of November. As of November 15th, there was short interest totalling 1,592,783 shares, an increase of 58.5% from the October 31st total of 1,005,155 shares. Approximately 5.2% of the shares of the stock are short sold. Based on an average daily volume of 545,125 shares, the days-to-cover ratio is presently 2.9 days.

VCYT opened at $12.24 on Monday. The stock has a market cap of $496.20 million, a P/E ratio of -13.45 and a beta of 0.74. Veracyte has a twelve month low of $5.23 and a twelve month high of $15.50. The company has a current ratio of 9.14, a quick ratio of 8.81 and a debt-to-equity ratio of 0.32.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Monday, October 29th. The biotechnology company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.13. The firm had revenue of $23.47 million for the quarter, compared to analyst estimates of $21.52 million. Veracyte had a negative net margin of 33.00% and a negative return on equity of 65.73%. Equities analysts predict that Veracyte will post -0.69 EPS for the current year.

In related news, Chairman Bonnie H. Anderson sold 23,305 shares of the business’s stock in a transaction dated Monday, November 12th. The shares were sold at an average price of $13.42, for a total transaction of $312,753.10. Following the transaction, the chairman now directly owns 75,846 shares in the company, valued at $1,017,853.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher M. Hall sold 40,000 shares of the business’s stock in a transaction dated Wednesday, October 31st. The stock was sold at an average price of $13.51, for a total transaction of $540,400.00. Following the transaction, the insider now owns 35,955 shares in the company, valued at $485,752.05. The disclosure for this sale can be found here. 13.70% of the stock is owned by company insiders.

Large investors have recently bought and sold shares of the business. Royce & Associates LP acquired a new position in Veracyte in the 2nd quarter valued at about $701,000. BlackRock Inc. boosted its holdings in Veracyte by 15.4% in the 2nd quarter. BlackRock Inc. now owns 2,088,336 shares of the biotechnology company’s stock valued at $19,505,000 after purchasing an additional 278,240 shares during the last quarter. Highland Capital Management LP boosted its holdings in Veracyte by 61.6% in the 2nd quarter. Highland Capital Management LP now owns 40,400 shares of the biotechnology company’s stock valued at $377,000 after purchasing an additional 15,400 shares during the last quarter. Quantum Capital Management boosted its holdings in Veracyte by 33.1% in the 3rd quarter. Quantum Capital Management now owns 254,292 shares of the biotechnology company’s stock valued at $2,428,000 after purchasing an additional 63,246 shares during the last quarter. Finally, Sigma Planning Corp acquired a new position in Veracyte in the 2nd quarter valued at about $217,000. Institutional investors own 78.35% of the company’s stock.

A number of research firms recently weighed in on VCYT. Zacks Investment Research upgraded shares of Veracyte from a “hold” rating to a “strong-buy” rating and set a $13.00 price target on the stock in a research report on Thursday, November 1st. BidaskClub upgraded shares of Veracyte from a “sell” rating to a “hold” rating in a research report on Tuesday, October 9th. Janney Montgomery Scott lowered shares of Veracyte from a “buy” rating to a “neutral” rating and set a $12.30 price target on the stock. in a research report on Thursday. William Blair restated an “outperform” rating on shares of Veracyte in a research report on Tuesday, October 30th. Finally, ValuEngine lowered shares of Veracyte from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 21st. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. Veracyte currently has an average rating of “Buy” and an average price target of $12.33.

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Veracyte Company Profile

Veracyte, Inc operates as a genomic diagnostics company in the United States. The company uses genomic technology to resolve diagnostic uncertainty. It offers Afirma Thyroid FNA Analysis solution; cytopathology testing services; and the Afirma Malignancy Classifiers to manage thyroid nodule patients.

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