Marc Stapley, the Chief Executive Officer of Veracyte, Inc. (NASDAQ:VCYT), recently sold shares of the company worth approximately $242,736. The transactions, executed on December 13, 2024, were part of a pre-established trading plan under Rule 10b5-1. The sale comes as Veracyte, currently valued at $3.28 billion, has shown remarkable momentum with a 102% surge over the past six months. According to InvestingPro analysis, the stock appears to be trading above its Fair Value, though the company maintains a GREAT financial health score.
Stapley sold a total of 5,590 shares of Veracyte common stock. The shares were sold at prices ranging from $42.90 to $44.33 per share. Following these transactions, Stapley holds 307,345 shares in the company.
These sales were disclosed in a Form 4 filing with the Securities and Exchange Commission, which was signed by Jonathan Wygant, acting as attorney-in-fact for Marc Stapley.
In other recent news, Veracyte Inc (NASDAQ:VCYT). has been the subject of significant attention from analysts and investors alike. The company's Q3 2024 earnings report revealed record revenues of $115.9 million, a 29% increase year-over-year, driven by robust performance in its testing business. Veracyte also raised its total revenue guidance for 2024, reflecting confidence in its growth and market expansion plans.
Goldman Sachs, however, downgraded Veracyte from Buy to Neutral and slightly decreased the price target to $37. This decision was based on the observed average return in the Diagnostic coverage area, which has seen a decline. Despite this, Veracyte's top-line growth and profitability within the Diagnostics industry were highlighted.
Conversely, Wolfe Research initiated coverage on Veracyte with an Outperform rating and a price target of $50.00, citing significant revenue growth and gross margin expansion. The firm also anticipates high single-digit to low double-digit revenue growth and expects EBITDA margins to approach 30% over the next five years.
Lastly, Veracyte plans to expand into the metastatic prostate cancer market and launch a MRD test for bladder cancer in 2026. These recent developments point to Veracyte's continued growth trajectory and market expansion in the diagnostic testing industry.
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