161,973 Shares in Veracyte, Inc. $VCYT Bought by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP acquired 161,973 Veracyte shares worth approximately $9.5 million in the second quarter, giving it a roughly 0.20% stake. Other institutional investors also initiated or increased positions.
• Analyst sentiment is broadly positive: Veracyte has a consensus “Moderate Buy” rating and an average price target of $54.33, although Stephens cut its target while Needham raised its objective.
• Veracyte exceeded quarterly expectations, reporting $0.54 in EPS versus a $0.41 estimate and $150.32 million in revenue, up 15.5% year over year. Insiders sold 162,492 shares worth about $8.15 million over the past 90 days, primarily under pre-arranged plans to cover tax obligations.

Corient Private Wealth LP bought a new position in Veracyte, Inc. (NASDAQ:VCYT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 161,973 shares of the biotechnology company's stock, valued at approximately $9,513,000. Corient Private Wealth LP owned about 0.20% of Veracyte as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Allworth Financial LP acquired a new position in shares of Veracyte in the 2nd quarter worth approximately $50,000. Empowered Funds LLC acquired a new stake in shares of Veracyte during the 4th quarter valued at approximately $42,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Veracyte during the 2nd quarter valued at approximately $62,000. Smartleaf Asset Management LLC raised its position in shares of Veracyte by 159.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,104 shares of the biotechnology company's stock valued at $47,000 after acquiring an additional 679 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in Veracyte by 21.2% during the second 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.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Weiss Ratings lowered shares of Veracyte from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, August 24th. Zacks Research upgraded shares of Veracyte from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 11th. Stephens decreased their price target 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. Needham & Company LLC boosted their price objective on shares of Veracyte from $57.00 to $69.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Finally, Wall Street Zen upgraded shares of Veracyte from a "buy" rating to a "strong-buy" rating in a research note on Sunday, July 12th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $54.33.

Insider Transactions at Veracyte

In other Veracyte news, EVP Annie Mcguire sold 3,176 shares of the company's stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $49.76, for a total value of $158,037.76. Following the transaction, the executive vice president owned 137,240 shares of the company's stock, valued at approximately $6,829,062.40. This represents a 2.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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. Also, insider John Leite sold 13,975 shares of the stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $50.07, for a total value of $699,728.25. Following the sale, the insider owned 132,305 shares of the company's stock, valued at $6,624,511.35. This trade represents a 9.55% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold a total of 162,492 shares of company stock valued at $8,151,197 in the last 90 days. 1.60% of the stock is owned by corporate insiders.

Veracyte Stock Performance

Shares of Veracyte stock opened at $43.34 on Monday. Veracyte, Inc. has a 52 week low of $29.38 and a 52 week high of $60.91. The stock has a market cap of $3.48 billion, a PE ratio of 30.74 and a beta of 1.95. The company's 50-day moving average price is $51.92 and its two-hundred day moving average price is $42.90.

Veracyte (NASDAQ:VCYT - Get Free Report) last released its earnings results on Thursday, July 30th. The biotechnology company reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.13. Veracyte had a net margin of 20.37% and a return on equity of 9.26%. The business had revenue of $150.32 million for the quarter, compared to the consensus estimate of $144.59 million. During the same period in the previous year, the firm earned $0.44 EPS. The business's revenue for the quarter was up 15.5% on a year-over-year basis. On average, equities analysts predict that Veracyte, Inc. will post 1.32 EPS for the current fiscal year.

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.

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