Congress Asset Management Co. Makes New Investment in Veracyte, Inc. $VCYT

Congress Asset Management Co. acquired a new stake in shares of Veracyte, Inc. (NASDAQ:VCYT) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,954,198 shares of the biotechnology company’s stock, valued at approximately $89,971,000. Congress Asset Management Co. owned approximately 2.43% of Veracyte as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC raised its position in shares of Veracyte by 21.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,121 shares of the biotechnology company’s stock worth $66,000 after purchasing an additional 196 shares during the last quarter. Allworth Financial LP boosted its holdings in Veracyte by 178.0% in the 2nd quarter. Allworth Financial LP now owns 845 shares of the biotechnology company’s stock worth $50,000 after buying an additional 541 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Veracyte in the 2nd quarter worth about $44,000. Assetmark Inc. lifted its position in shares of Veracyte by 34.4% in the first quarter. Assetmark Inc. now owns 2,968 shares of the biotechnology company’s stock valued at $96,000 after acquiring an additional 760 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of Veracyte in the second quarter valued at approximately $62,000.

Veracyte Trading Down 6.3%

VCYT stock traded down $3.02 during trading on Tuesday, hitting $44.65. 1,730,812 shares of the company’s stock were exchanged, compared to its average volume of 1,143,325. The business has a 50-day moving average price of $44.50 and a two-hundred day moving average price of $44.43. The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of 31.67 and a beta of 1.95. Veracyte, Inc. has a 52-week low of $29.45 and a 52-week high of $60.91.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings data on Thursday, July 30th. The biotechnology company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.13. The business had revenue of $150.32 million during the quarter, compared to the consensus estimate of $144.59 million. Veracyte had a net margin of 20.37% and a return on equity of 9.26%. The company’s revenue was up 15.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.44 EPS. On average, equities research analysts anticipate that Veracyte, Inc. will post 1.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Guggenheim boosted their price target on Veracyte from $45.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, June 29th. Zacks Research cut shares of Veracyte from a “strong-buy” rating to a “hold” rating in a research note on Friday. Stephens dropped their target price on shares of Veracyte from $68.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, August 4th. Wall Street Zen upgraded shares of Veracyte from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 12th. Finally, Needham & Company LLC restated a “buy” rating on shares of Veracyte in a research report on Tuesday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $55.78.

Insider Activity at Veracyte

In other news, insider John Leite sold 4,015 shares of Veracyte stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $40.00, for a total transaction of $160,600.00. Following the sale, the insider owned 124,329 shares in the company, valued at approximately $4,973,160. The trade was a 3.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Phillip Febbo sold 13,110 shares of the company’s stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $43.05, for a total value of $564,385.50. Following the completion of the sale, the insider directly owned 133,048 shares of the company’s stock, valued at approximately $5,727,716.40. This trade represents a 8.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 30,895 shares of company stock valued at $1,307,448. Corporate insiders own 1.60% of the company’s stock.

About Veracyte

Veracyte, Inc is a diagnostic company that develops and commercializes genomic tests designed to help physicians diagnose cancer, assess disease risk and guide treatment decisions. Its tests analyze genetic information from patient samples and are intended to provide more precise answers than traditional diagnostic methods alone.

The company’s portfolio includes Afirma genomic tests for thyroid nodules, Decipher tests for prostate cancer, Percepta tests for lung cancer and Envisio tests that support the evaluation of certain lung nodules.