269,806 Shares in Veracyte, Inc. $VCYT Purchased by Jupiter Topco LLC

Key Points

• Jupiter Topco LLC acquired 269,806 Veracyte shares during the second quarter, worth approximately $15.8 million and representing about 0.34% of the company. Several other institutional investors also initiated or expanded positions.
• Analyst sentiment remains broadly positive, with Veracyte holding a consensus “Moderate Buy” rating and an average price target of $54.33, despite some analysts recently lowering their targets.
• Veracyte reported stronger-than-expected quarterly results, including earnings of $0.54 per share versus the $0.41 estimate and revenue of $150.32 million, up 15.5% year over year. Shares opened at $43.34, below the company’s 52-week high of $60.91.

Jupiter Topco LLC purchased a new stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 269,806 shares of the biotechnology company's stock, valued at approximately $15,845,000. Jupiter Topco LLC owned about 0.34% of Veracyte at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Allworth Financial LP bought a new position in Veracyte in the 2nd quarter worth approximately $50,000. Torren Management LLC bought a new position in Veracyte in the 4th quarter valued at $37,000. Empowered Funds LLC bought a new position in Veracyte in the 4th quarter valued at $42,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Veracyte in the 2nd quarter valued at $62,000. Finally, Smartleaf Asset Management LLC increased its stake in shares of Veracyte by 159.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,104 shares of the biotechnology company's stock valued at $47,000 after buying an additional 679 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Canaccord Genuity Group cut their price target on Veracyte from $60.00 to $50.00 and set a "hold" rating on the stock in a research note on Monday, August 3rd. Guggenheim lifted their price objective on Veracyte from $45.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday, June 29th. Wall Street Zen raised Veracyte from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 12th. Stephens cut their target price on shares of Veracyte from $68.00 to $55.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 4th. Finally, UBS Group boosted their price target on shares of Veracyte from $48.00 to $52.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Veracyte has a consensus rating of "Moderate Buy" and an average price target of $54.33.

Veracyte Stock Performance

Shares of NASDAQ VCYT opened at $43.34 on Friday. 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 P/E ratio of 30.74 and a beta of 1.95. The firm has a 50 day moving average price of $51.92 and a 200 day moving average price of $42.86.

Veracyte (NASDAQ:VCYT - Get Free Report) last posted its earnings results 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. Veracyte had a net margin of 20.37% and a return on equity of 9.26%. The company had revenue of $150.32 million for the quarter, compared to analyst estimates of $144.59 million. During the same period last year, the business posted $0.44 earnings per share. The business's revenue for the quarter was up 15.5% compared to the same quarter last year. Analysts predict that Veracyte, Inc. will post 1.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Veracyte

In related news, Director Karin Eastham sold 3,729 shares of the firm's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $52.89, for a total transaction of $197,226.81. Following the sale, the director owned 15,097 shares of the company's stock, valued at approximately $798,480.33. This trade represents a 19.81% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Rebecca Chambers sold 3,561 shares of Veracyte stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $49.73, for a total value of $177,088.53. Following the transaction, the chief financial officer owned 173,280 shares in the company, valued at approximately $8,617,214.40. This represents a 2.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 worth $8,151,197 in the last three months. 1.60% of the stock is owned by insiders.

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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