Veracyte Inc. [NASDAQ: VCYT] surged by $8.76 during the normal trading session on Wednesday and reaching a high of $77.11 during the day while it closed the day at $73.79. The company report on February 4, 2021 that Veracyte Announces Proposed Public Offering of Common Stock.
Veracyte, Inc. (Nasdaq: VCYT) (the “Company”) announced that it has commenced an underwritten public offering of $400.0 million in shares of its common stock. All of the shares are being offered by Veracyte. In addition, the Company expects to grant the underwriters a 30-day option to purchase up to an additional $60.0 million in shares of its common stock at the public offering price, less underwriting discounts and commissions.
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Veracyte intends to use the net proceeds from the offering, together with its existing cash, to finance its acquisition of Decipher Biosciences, Inc. Veracyte intends to use the remaining net proceeds from the offering for working capital and other general corporate purposes, which may include acquisitions or investments in complementary businesses, technologies or other assets, although it has no present commitments or agreements to do so (other than with respect to Decipher Biosciences, Inc.).
Veracyte Inc. stock has also gained 42.56% of its value over the past 7 days. However, VCYT stock has inclined by 110.83% in the 3 months of the year. Over the past six months meanwhile, it has gained 129.09% and gained 50.78% year-on date.
The market cap for VCYT stock reached $4.28 billion, with 57.90 million shares outstanding and 57.47 million shares in the current float. Compared to the average trading volume of 679.31K shares, VCYT reached a trading volume of 1194681 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Veracyte Inc. [VCYT]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for VCYT shares is $48.67 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on VCYT stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Truist have made an estimate for Veracyte Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 28, 2021. While these analysts kept the previous recommendation, KeyBanc Capital Markets raised their target price to Sector Weight. The new note on the price target was released on November 10, 2020, representing the official price target for Veracyte Inc. stock. Previously, the target price had yet another raise to $35, while Morgan Stanley analysts kept a Underweight rating on VCYT stock.
The Average True Range (ATR) for Veracyte Inc. is set at 4.84, with the Price to Sales ratio for VCYT stock in the period of the last 12 months amounting to 38.02. The Price to Book ratio for the last quarter was 9.57, with the Price to Cash per share for the same quarter was set at 5.94.
VCYT stock trade performance evaluation
Veracyte Inc. [VCYT] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 42.56. With this latest performance, VCYT shares gained by 55.87% in over the last four-week period, additionally plugging by 129.09% over the last 6 months – not to mention a rise of 162.78% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for VCYT stock in for the last two-week period is set at 78.41, with the RSI for the last a single of trading hit 85.30, and the three-weeks RSI is set at 73.49 for Veracyte Inc. [VCYT]. The present Moving Average for the last 50 days of trading for this stock 53.90, while it was recorded at 62.62 for the last single week of trading, and 37.36 for the last 200 days.
Veracyte Inc. [VCYT]: An insightful look at the core fundamentals
Operating Margin for any stock indicates how profitable investing would be, and Veracyte Inc. [VCYT] shares currently have an operating margin of -12.57 and a Gross Margin at +67.09. Veracyte Inc.’s Net Margin is presently recorded at -10.47.
Return on Total Capital for VCYT is now -8.45, given the latest momentum, and Return on Invested Capital for the company is -7.09. Return on Equity for this stock declined to -7.89, with Return on Assets sitting at -6.37. When it comes to the capital structure of this company, Veracyte Inc. [VCYT] has a Total Debt to Total Equity ratio set at 5.68. Additionally, VCYT Total Debt to Total Capital is recorded at 5.38, with Total Debt to Total Assets ending up at 4.94. Long-Term Debt to Equity for the company is recorded at 5.09, with the Long-Term Debt to Total Capital now at 4.82.
Reflecting on the efficiency of the workforce at the company, Veracyte Inc. [VCYT] managed to generate an average of -$35,590 per employee. Receivables Turnover for the company is 7.41 with a Total Asset Turnover recorded at a value of 0.61.Veracyte Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 26.30 and a Current Ratio set at 26.60.
Earnings per share (EPS) analysis for Veracyte Inc. [VCYT] stock
With the latest financial reports released by the company, Veracyte Inc. posted -0.15/share EPS, while the average EPS was predicted by analysts to be reported at -0.07/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -114.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for VCYT.
Veracyte Inc. [VCYT]: Insider Ownership positions
There are presently around $4,723 million, in the hands of institutional investors. The top three institutional holders of VCYT stocks are: ARK INVESTMENT MANAGEMENT LLC with ownership of 7,018,770, which is approximately 38.607% of the company’s market cap and around 1.00% of the total institutional ownership; WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC, holding 5,681,089 shares of the stock with an approximate value of $419.21 million in VCYT stocks shares; and BLACKROCK INC., currently with $378.58 million in VCYT stock with ownership of nearly 11.278% of the company’s market capitalization.
Positions in Veracyte Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 119 institutional holders increased their position in Veracyte Inc. [NASDAQ:VCYT] by around 10,704,543 shares. Additionally, 66 investors decreased positions by around 5,192,326 shares, while 23 investors held positions by with 48,106,362 shares. The mentioned changes placed institutional holdings at 64,003,231 shares, according to the latest SEC report filing. VCYT stock had 40 new institutional investments in for a total of 725,658 shares, while 18 institutional investors sold positions of 3,498,719 shares during the same period.