Bamco Inc. NY purchased a new stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 650,686 shares of the biotechnology company's stock, valued at approximately $38,215,000. Bamco Inc. NY owned approximately 0.81% of Veracyte at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Veracyte in the 2nd quarter valued at $792,058,000. State Street Corp boosted its stake in shares of Veracyte by 3.8% during the fourth quarter. State Street Corp now owns 4,360,913 shares of the biotechnology company's stock valued at $183,594,000 after purchasing an additional 161,239 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Veracyte by 3.2% during the third quarter. Dimensional Fund Advisors LP now owns 3,118,166 shares of the biotechnology company's stock worth $107,042,000 after purchasing an additional 95,664 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Veracyte by 64.9% during the first quarter. First Trust Advisors LP now owns 2,117,046 shares of the biotechnology company's stock worth $68,190,000 after purchasing an additional 833,543 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Veracyte by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,900,882 shares of the biotechnology company's stock valued at $80,039,000 after buying an additional 9,429 shares during the period.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on VCYT shares. Guggenheim boosted their target price on shares of Veracyte from $45.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, June 29th. Weiss Ratings downgraded shares of Veracyte from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday. Wolfe Research initiated coverage on shares of Veracyte in a report on Tuesday, June 2nd. They set an "outperform" rating and a $55.00 price target on the stock. Needham & Company LLC boosted their price objective on shares of Veracyte from $57.00 to $69.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Finally, Piper Sandler decreased their price objective on Veracyte from $66.00 to $54.00 and set an "overweight" rating for the company in a report on Tuesday, August 4th. Two 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's stock. According to MarketBeat.com, Veracyte currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.33.
Get Our Latest Research Report on VCYT
Insider Transactions at Veracyte
In other Veracyte news, Director Karin Eastham sold 3,729 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $52.89, for a total value of $197,226.81. Following the transaction, the director directly owned 15,097 shares of the company's stock, valued at approximately $798,480.33. The trade was a 19.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Rebecca Chambers sold 3,561 shares of the stock in a transaction that occurred on 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 $8,617,214.40. The trade was a 2.01% decrease in their ownership of the stock. 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. In the last 90 days, insiders sold 162,492 shares of company stock worth $8,151,197. Corporate insiders own 1.60% of the company's stock.
Veracyte Stock Performance
Shares of NASDAQ VCYT opened at $44.29 on Thursday. The company's 50 day moving average price is $52.29 and its 200-day moving average price is $42.79. Veracyte, Inc. has a 52-week low of $28.25 and a 52-week high of $60.91. The company has a market capitalization of $3.56 billion, a P/E ratio of 31.41 and a beta of 1.95.
Veracyte (NASDAQ:VCYT - Get Free Report) last announced its earnings results on Thursday, July 30th. The biotechnology company reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates 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%. Veracyte's quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.44 earnings per share. Analysts forecast that Veracyte, Inc. will post 1.32 earnings per share for the current year.
About Veracyte
(
Free Report)
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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