Shares of Veracyte Inc (NASDAQ:VCYT) dropped 6% on Wednesday . The stock traded as low as $22.28 and last traded at $22.93. Approximately 752,600 shares traded hands during trading, an increase of 25% from the average daily volume of 600,061 shares. The stock had previously closed at $24.39.

VCYT has been the subject of several recent research reports. BTIG Research boosted their price objective on Veracyte to $17.00 and gave the stock a “buy” rating in a report on Friday, January 4th. BidaskClub raised Veracyte from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 22nd. Finally, Zacks Investment Research cut Veracyte from a “buy” rating to a “hold” rating in a research note on Tuesday, February 19th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $15.83.

The company has a quick ratio of 7.16, a current ratio of 7.42 and a debt-to-equity ratio of 0.30. The company has a market cap of $1.01 billion, a P/E ratio of -36.98 and a beta of 1.03.

In other news, insider Christopher M. Hall sold 80,000 shares of the company’s stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $25.12, for a total value of $2,009,600.00. Following the completion of the sale, the insider now directly owns 46,641 shares of the company’s stock, valued at approximately $1,171,621.92. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Bonnie H. Anderson sold 20,000 shares of the company’s stock in a transaction dated Tuesday, February 26th. The shares were sold at an average price of $20.94, for a total value of $418,800.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 956,151 shares of company stock valued at $19,865,410. 13.70% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Teachers Advisors LLC increased its stake in Veracyte by 21.1% during the 3rd quarter. Teachers Advisors LLC now owns 50,146 shares of the biotechnology company’s stock worth $479,000 after purchasing an additional 8,740 shares in the last quarter. Fiera Capital Corp bought a new stake in Veracyte during the 4th quarter worth approximately $2,943,000. BlackRock Inc. increased its stake in Veracyte by 43.6% during the 3rd quarter. BlackRock Inc. now owns 2,998,763 shares of the biotechnology company’s stock worth $28,638,000 after purchasing an additional 910,427 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Veracyte during the 3rd quarter worth approximately $225,000. Finally, California Public Employees Retirement System increased its stake in 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 purchasing an additional 9,824 shares in the last quarter. 89.89% of the stock is owned by institutional investors and hedge funds.

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About Veracyte (NASDAQ:VCYT)

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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