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 (NYSE:GS), 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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