Annie McGuire, Senior Vice President and General Counsel at Veracyte, Inc. (NASDAQ:VCYT), recently sold a significant portion of her holdings in the company. The transaction comes as Veracyte trades near its 52-week high of $44.50, having delivered an impressive 100% return over the past six months according to InvestingPro data. According to a recent filing, McGuire sold 18,699 shares of Veracyte common stock on December 4, 2024. The shares were sold at an average price of $44.0226, resulting in a total transaction value of approximately $823,178.
Following this sale, McGuire retains ownership of 72,869 shares in the company. The transaction was executed under a pre-established Rule 10b5-1 trading plan, which was adopted on September 4, 2024. The sale prices for the transactions ranged from $43.46 to $44.46 per share.
In other recent news, Veracyte, Inc. has demonstrated strong financial performance, posting a record revenue of $115.9 million in Q3 2024, marking a 29% increase year-over-year. This was driven by a robust performance in its testing business, including Decipher and Afirma tests. Consequently, the company raised its total revenue guidance for 2024, reflecting confidence in its growth and market expansion plans.
Goldman Sachs, however, has downgraded Veracyte's stock from Buy to Neutral, citing a possible deceleration in Afrima growth in 2025. Despite this, Decipher Prostate is expected to remain a significant contributor to the company's revenue in the coming year.
On the other hand, Wolfe Research initiated coverage on Veracyte with an Outperform rating and a price target of $50.00, highlighting significant revenue growth and gross margin expansion since 2021. The firm anticipates high single-digit to low double-digit revenue growth and expects EBITDA margins to approach 30% over the next five years.
In terms of future plans, Veracyte aims to expand Decipher into the metastatic prostate cancer market and launch a minimal residual disease (MRD) test for bladder cancer in 2026. These recent developments underscore Veracyte's ongoing growth trajectory and market expansion in the diagnostic testing industry.
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