Short Interest in Veracyte Inc (NASDAQ:VCYT) Increases By 11.9%

Veracyte Inc (NASDAQ:VCYT) was the recipient of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 2,008,700 shares, an increase of 11.9% from the May 15th total of 1,794,900 shares. Approximately 6.3% of the shares of the stock are short sold. Based on an average daily volume of 704,700 shares, the short-interest ratio is presently 2.9 days.

A number of analysts have commented on the stock. Needham & Company LLC assumed coverage on shares of Veracyte in a report on Tuesday, July 2nd. They set a “buy” rating and a $33.00 target price for the company. Zacks Investment Research cut shares of Zynex from a “hold” rating to a “sell” rating in a research report on Saturday, May 4th. Finally, BidaskClub cut shares of Westport Fuel Systems from a “buy” rating to a “hold” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $20.06.

VCYT stock traded up $0.34 during midday trading on Friday, hitting $29.85. The company’s stock had a trading volume of 415,399 shares, compared to its average volume of 737,608. The company has a quick ratio of 6.06, a current ratio of 6.32 and a debt-to-equity ratio of 0.15. Veracyte has a twelve month low of $8.77 and a twelve month high of $30.25. The business has a fifty day moving average price of $27.18. The firm has a market cap of $1.23 billion, a PE ratio of -48.15 and a beta of 1.02.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Tuesday, April 30th. The biotechnology company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.05. Veracyte had a negative net margin of 15.51% and a negative return on equity of 23.43%. The company had revenue of $29.53 million for the quarter, compared to analyst estimates of $28.20 million. As a group, equities research analysts forecast that Veracyte will post -0.28 earnings per share for the current fiscal year.

In related news, Chairman Bonnie H. Anderson sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The shares were sold at an average price of $28.79, for a total value of $230,320.00. Following the completion of the sale, the chairman now owns 127,955 shares of the company’s stock, valued at $3,683,824.45. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Christopher M. Hall sold 115,000 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $25.26, for a total transaction of $2,904,900.00. Following the completion of the sale, the insider now directly owns 71,462 shares of the company’s stock, valued at approximately $1,805,130.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 139,000 shares of company stock valued at $3,529,780. Corporate insiders own 8.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of VCYT. JPMorgan Chase & Co. lifted its holdings in shares of Veracyte by 70.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 323,388 shares of the biotechnology company’s stock worth $3,089,000 after acquiring an additional 133,469 shares during the period. Rhumbline Advisers lifted its holdings in shares of Veracyte by 62.6% during the 4th quarter. Rhumbline Advisers now owns 35,509 shares of the biotechnology company’s stock worth $447,000 after acquiring an additional 13,667 shares during the period. Prudential Financial Inc. lifted its holdings in shares of Veracyte by 83.5% during the 4th quarter. Prudential Financial Inc. now owns 109,289 shares of the biotechnology company’s stock worth $1,375,000 after acquiring an additional 49,719 shares during the period. California Public Employees Retirement System lifted its holdings in shares of Veracyte by 6.9% during the 4th quarter. California Public Employees Retirement System now owns 152,124 shares of the biotechnology company’s stock worth $1,914,000 after acquiring an additional 9,824 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Veracyte by 78.2% during the 4th quarter. Bank of New York Mellon Corp now owns 163,035 shares of the biotechnology company’s stock worth $2,051,000 after acquiring an additional 71,525 shares during the period. 94.18% of the stock is owned by hedge funds and other institutional investors.

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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