Essex Investment Management Co. LLC increased its position in shares of Veracyte, Inc. (NASDAQ:VCYT) by 8.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 127,011 shares of the biotechnology company’s stock after acquiring an additional 9,948 shares during the quarter. Essex Investment Management Co. LLC’s holdings in Veracyte were worth $5,078,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of VCYT. Group One Trading L.P. lifted its stake in shares of Veracyte by 227.3% during the first quarter. Group One Trading L.P. now owns 504 shares of the biotechnology company’s stock valued at $27,000 after acquiring an additional 900 shares during the period. Sowell Financial Services LLC bought a new stake in shares of Veracyte in the first quarter worth about $33,000. Eaton Vance Management bought a new stake in shares of Veracyte in the first quarter worth about $83,000. Lazard Asset Management LLC boosted its position in shares of Veracyte by 34.8% during the first quarter. Lazard Asset Management LLC now owns 1,677 shares of the biotechnology company’s stock worth $90,000 after buying an additional 433 shares during the period. Finally, NEXT Financial Group Inc boosted its position in shares of Veracyte by 21.4% during the second quarter. NEXT Financial Group Inc now owns 3,005 shares of the biotechnology company’s stock worth $120,000 after buying an additional 529 shares during the period.
Several research firms have recently weighed in on VCYT. Raymond James upped their price objective on Veracyte from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, June 28th. TheStreet raised Veracyte from a “d+” rating to a “c” rating in a research report on Wednesday, August 25th. Zacks Investment Research cut Veracyte from a “buy” rating to a “hold” rating in a research report on Friday, July 30th. Morgan Stanley cut their price objective on Veracyte from $45.00 to $42.00 and set an “underweight” rating for the company in a research report on Friday, July 30th. Finally, SVB Leerink raised their price objective on Veracyte from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Friday, July 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Veracyte currently has an average rating of “Buy” and an average price target of $52.50.
Veracyte stock traded down $1.61 during mid-day trading on Monday, reaching $47.27. 8,499 shares of the company were exchanged, compared to its average volume of 829,960. The company has a fifty day simple moving average of $44.72 and a 200-day simple moving average of $44.10. Veracyte, Inc. has a 12 month low of $29.72 and a 12 month high of $86.03. The firm has a market cap of $3.35 billion, a PE ratio of -48.40 and a beta of 0.77.
Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Thursday, July 29th. The biotechnology company reported ($0.13) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.25) by $0.12. Veracyte had a negative return on equity of 4.05% and a negative net margin of 40.06%. The firm had revenue of $55.11 million for the quarter, compared to analyst estimates of $47.73 million. As a group, research analysts expect that Veracyte, Inc. will post -0.61 EPS for the current year.
Veracyte Company Profile
Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.
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