Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Prepared in the first person by Warren and Charlie. Recent price ≈ $59.50; ~80.4 million shares; market capitalization ≈ $4.8 billion; roughly $485 million of cash and Treasuries against no debt. We will tell you the conclusion first, the way we would want it told to us. Veracyte is a genuinely good company — a profitable, fast-growing genomic-diagnostics business, run by unusually disciplined managers, sitting on net cash with no debt and 72% gross margins. We admire it. But admiring a business and owning its stock are two different acts. The moat here is real but narrow, and it rests on ground we do not like to build on: reimbursement decisions made by Medicare and a handful of insurers, clinical-guideline committees, and a regulatory regime for laboratory tests that is still being written.
Recent filings analysed: 10-Q (2026-07-31), 8-K (2026-07-30).
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