74,576 Shares in Veracyte, Inc. $VCYT Acquired by Globeflex Capital L P

Key Points

• Globeflex Capital acquired 74,576 Veracyte shares worth approximately $4.38 million, while several other institutional investors also increased their positions.
• Veracyte reported stronger-than-expected quarterly results, with earnings of $0.54 per share and revenue of $150.32 million, up 15.5% year over year.
• Insiders sold $8.15 million of stock over the past 90 days, and analysts maintain a “Moderate Buy” consensus with an average price target of $54.33.

Globeflex Capital L P purchased a new position in Veracyte, Inc. (NASDAQ:VCYT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 74,576 shares of the biotechnology company's stock, valued at approximately $4,380,000. Globeflex Capital L P owned about 0.09% of Veracyte as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Bank of America Corp DE grew its holdings in shares of Veracyte by 14.7% in the 1st quarter. Bank of America Corp DE now owns 1,448,897 shares of the biotechnology company's stock worth $46,669,000 after acquiring an additional 185,929 shares during the last quarter. William Blair Investment Management LLC raised its position in shares of Veracyte by 16.6% during the fourth quarter. William Blair Investment Management LLC now owns 790,425 shares of the biotechnology company's stock worth $33,277,000 after purchasing an additional 112,516 shares during the period. AEGON ASSET MANAGEMENT UK Plc lifted its holdings in shares of Veracyte by 19.5% during the fourth quarter. AEGON ASSET MANAGEMENT UK Plc now owns 489,418 shares of the biotechnology company's stock valued at $20,604,000 after purchasing an additional 79,817 shares during the last quarter. California State Teachers Retirement System lifted its holdings in shares of Veracyte by 24.4% during the first quarter. California State Teachers Retirement System now owns 93,029 shares of the biotechnology company's stock valued at $2,996,000 after purchasing an additional 18,261 shares during the last quarter. Finally, Summit Creek Advisors LLC acquired a new position in shares of Veracyte in the 2nd quarter valued at $6,986,000.

Insider Buying and Selling at Veracyte

In related news, CFO Rebecca Chambers sold 3,561 shares of the business's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $49.73, for a total transaction of $177,088.53. Following the transaction, the chief financial officer directly owned 173,280 shares of the company's stock, valued at approximately $8,617,214.40. The trade was a 2.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 business's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $50.07, for a total transaction of $699,728.25. Following the transaction, the insider directly owned 132,305 shares in the company, valued at $6,624,511.35. The trade was a 9.55% 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 sold a total of 162,492 shares of company stock valued at $8,151,197 in the last 90 days. Corporate insiders own 1.60% of the company's stock.

Veracyte Stock Performance

Shares of Veracyte stock opened at $42.31 on Monday. Veracyte, Inc. has a 1 year low of $28.25 and a 1 year high of $60.91. The company has a market cap of $3.40 billion, a P/E ratio of 30.01 and a beta of 1.95. The stock has a 50-day moving average price of $52.72 and a 200 day moving average price of $42.64.

Veracyte (NASDAQ:VCYT - Get Free Report) last released its earnings results 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 company had revenue of $150.32 million for the quarter, compared to analysts' expectations of $144.59 million. Veracyte had a return on equity of 9.26% and a net margin of 20.37%.The business's revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.44 EPS. On average, equities analysts forecast that Veracyte, Inc. will post 1.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Canaccord Genuity Group dropped 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. Stephens reduced their price objective on shares of Veracyte from $68.00 to $55.00 and set an "overweight" rating for the company in a research note on Tuesday, August 4th. Piper Sandler reduced their price objective on shares of Veracyte from $66.00 to $54.00 and set an "overweight" rating for the company in a research note on Tuesday, August 4th. UBS Group raised their target price on shares of Veracyte from $48.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Finally, Morgan Stanley dropped their target price on shares of Veracyte from $47.00 to $44.00 and set an "underweight" rating on the stock in a research report on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.33.

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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