Jonathan Wygant, Vice President and Chief Accounting Officer of Veracyte Inc . (NASDAQ:VCYT), recently sold a portion of his holdings in the company. According to a Form 4 filing with the Securities and Exchange Commission, Wygant sold 5,032 shares of Veracyte's common stock on November 27, 2024. The timing of the sale comes as Veracyte's stock trades near its 52-week high of $44.16, having delivered an impressive 106% return over the past six months. The shares were sold at a weighted average price of $42.8922, with sale prices ranging from $42.8028 to $42.9001. The total transaction value amounted to $215,833. Following this sale, Wygant retains ownership of 42,313 shares in the company. According to InvestingPro analysis, the stock's technical indicators suggest it's in overbought territory, while analyst consensus remains bullish with price targets ranging from $28 to $50. For deeper insights into Veracyte's valuation and 18 additional key investment tips, investors can access the comprehensive Pro Research Report on InvestingPro.
In other recent news, Veracyte, Inc. has seen a significant surge in its revenue and gross margin, according to Wolfe Research. The diagnostics company reported a 29% year-over-year increase in revenue, amounting to $115.9 million in Q3 2024. This growth was propelled by robust performance in its testing business, leading to an upward revision of its total revenue guidance for 2024 to between $442 million and $445 million.
Veracyte also posted a GAAP net income of $15.2 million, with an adjusted EBITDA of $27.3 million, or 24% of revenue. Wolfe Research, which initiated coverage on Veracyte with an Outperform rating, projects high single-digit to low double-digit revenue growth over the next five years.
In other developments, Veracyte plans to expand its Decipher test into the metastatic prostate cancer market and launch a MRD test for bladder cancer in 2026. Despite a $6 million revenue headwind due to the pause in the Envisia test, the company maintains a positive outlook, with a year-end forecast of $280 million to $285 million in cash reserves. These recent developments underscore Veracyte's continued growth trajectory and market expansion in the diagnostic testing industry.
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