22,291 Shares in Veracyte, Inc. $VCYT Acquired by Man Group plc

Key Points

• Man Group plc acquired 22,291 shares of Veracyte during the second quarter, valued at approximately $1.31 million. Other institutional investors also increased or initiated positions in the company.
• Veracyte reported quarterly EPS of $0.54, beating estimates of $0.41, while revenue reached $150.32 million and rose 15.5% year over year.
• Analyst sentiment remains moderately bullish, with a consensus rating of “Moderate Buy” and an average price target of $54.33, despite mixed recent rating and target-price changes.

Man Group plc bought a new stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 22,291 shares of the biotechnology company's stock, valued at approximately $1,309,000.

A number of other institutional investors also recently added to or reduced their stakes in VCYT. Osaic Holdings Inc. grew its holdings in Veracyte by 289.9% during the 2nd quarter. Osaic Holdings Inc. now owns 1,201 shares of the biotechnology company's stock worth $33,000 after acquiring an additional 893 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Veracyte in the 4th quarter valued at $42,000. Smartleaf Asset Management LLC lifted 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 worth $47,000 after purchasing an additional 679 shares during the last quarter. Allworth Financial LP purchased a new stake in shares of Veracyte during the 2nd quarter worth $50,000. Finally, Leonteq Securities AG acquired a new position in shares of Veracyte during the fourth quarter worth $61,000.

Veracyte Stock Up 3.3%

VCYT opened at $44.88 on Thursday. The firm has a market cap of $3.61 billion, a price-to-earnings ratio of 31.83 and a beta of 1.93. Veracyte, Inc. has a 52 week low of $29.45 and a 52 week high of $60.91. The business's 50 day moving average is $51.28 and its two-hundred day moving average is $43.06.

Veracyte (NASDAQ:VCYT - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The biotechnology company reported $0.54 earnings per share for the quarter, beating 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 return on equity of 9.26% and a net margin of 20.37%.The company's revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.44 earnings per share. Equities analysts expect that Veracyte, Inc. will post 1.32 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Karin Eastham sold 3,729 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $52.89, for a total transaction of $197,226.81. Following the completion of the sale, the director owned 15,097 shares in the company, valued at $798,480.33. This represents a 19.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Weiss Ratings lowered Veracyte from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, August 24th. Morgan Stanley lowered their price objective on Veracyte from $47.00 to $44.00 and set an "underweight" rating for the company in a research report on Tuesday, August 4th. Guggenheim raised their target price on Veracyte from $45.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, June 29th. Wolfe Research began coverage on Veracyte in a research note on Tuesday, June 2nd. They set an "outperform" rating and a $55.00 target price for the company. Finally, Zacks Research upgraded shares of Veracyte from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $54.33.

Veracyte Company 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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