Jupiter Asset Management Ltd. Cuts Stock Position in Veracyte, Inc. $VCYT

Jupiter Asset Management Ltd. lessened its holdings in Veracyte, Inc. (NASDAQ:VCYT) by 10.0% during the 4th quarter, HoldingsChannel reports. The firm owned 355,604 shares of the biotechnology company’s stock after selling 39,359 shares during the period. Jupiter Asset Management Ltd.’s holdings in Veracyte were worth $14,971,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of VCYT. Principal Financial Group Inc. increased its holdings in shares of Veracyte by 667.9% in the 3rd quarter. Principal Financial Group Inc. now owns 435,761 shares of the biotechnology company’s stock worth $14,960,000 after buying an additional 379,014 shares during the last quarter. Artisan Partners Limited Partnership lifted its holdings in shares of Veracyte by 16.6% in the 3rd quarter. Artisan Partners Limited Partnership now owns 7,370,467 shares of the biotechnology company’s stock valued at $253,028,000 after acquiring an additional 1,048,692 shares during the last quarter. First Trust Advisors LP grew its position in Veracyte by 23.6% in the third quarter. First Trust Advisors LP now owns 1,324,965 shares of the biotechnology company’s stock worth $45,486,000 after acquiring an additional 253,033 shares in the last quarter. Westview Management dba Westview Investment Advisors purchased a new position in Veracyte in the fourth quarter worth about $1,376,000. Finally, Illinois Municipal Retirement Fund bought a new stake in Veracyte during the third quarter worth approximately $1,384,000.

Veracyte Trading Down 3.4%

Shares of Veracyte stock opened at $46.34 on Friday. Veracyte, Inc. has a 12-month low of $22.61 and a 12-month high of $50.71. The firm’s 50 day simple moving average is $36.21 and its two-hundred day simple moving average is $38.82. The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of 42.51 and a beta of 1.89.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.34 by $0.18. Veracyte had a net margin of 16.25% and a return on equity of 9.07%. The business had revenue of $139.07 million during the quarter, compared to the consensus estimate of $130.36 million. During the same period in the previous year, the firm posted $0.31 earnings per share. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year. On average, sell-side analysts predict that Veracyte, Inc. will post 1.28 EPS for the current fiscal year.

Insider Buying and Selling at Veracyte

In related news, SVP Annie Mcguire sold 10,204 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $39.02, for a total value of $398,160.08. Following the sale, the senior vice president owned 143,708 shares in the company, valued at $5,607,486.16. This represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert S. Epstein sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $44.01, for a total transaction of $440,100.00. Following the completion of the transaction, the director owned 52,446 shares in the company, valued at approximately $2,308,148.46. This trade represents a 16.01% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 119,986 shares of company stock worth $4,649,957. 1.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

VCYT has been the topic of a number of recent research reports. Zacks Research downgraded Veracyte from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 12th. UBS Group boosted their target price on Veracyte from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Needham & Company LLC restated a “buy” rating and issued a $48.00 price target on shares of Veracyte in a research report on Thursday. Guggenheim dropped their price objective on Veracyte from $50.00 to $45.00 and set a “buy” rating for the company in a report on Monday, March 30th. Finally, Jefferies Financial Group assumed coverage on shares of Veracyte in a research note on Monday, April 13th. They issued a “buy” rating and a $45.00 target price on the stock. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $44.83.

Veracyte Profile

Veracyte, Inc is a genomic diagnostics company focused on improving diagnostic accuracy and patient care through advanced molecular testing. Founded in 2008 and headquartered in South San Francisco, California, the company develops and commercializes minimally invasive genomic tests that aid in the diagnosis of thyroid, lung and other diseases. Veracyte’s proprietary platform analyzes gene expression patterns in clinical samples to help physicians make more informed treatment decisions, reducing unnecessary surgeries and improving patient outcomes.

The company’s flagship product, the Afirma Genomic Sequencing Classifier, is designed to assess thyroid nodules with indeterminate cytology, helping clinicians distinguish benign from suspicious nodules.