BNP Paribas Financial Markets Buys 281,079 Shares of Veracyte, Inc. $VCYT

Key Points

• BNP Paribas Financial Markets sharply increased its Veracyte stake in the fourth quarter, buying 281,079 additional shares and lifting its holding to 352,621 shares worth about $14.8 million.
• Veracyte reported better-than-expected quarterly results, with EPS of $0.52 versus estimates of $0.34 and revenue of $139.07 million, up 21.5% year over year.
• Wall Street remains mostly constructive on the stock, with a Moderate Buy consensus rating and an average price target of $47.57, even as some analysts have recently trimmed targets or downgraded the shares.

BNP Paribas Financial Markets lifted its stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 392.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 352,621 shares of the biotechnology company's stock after purchasing an additional 281,079 shares during the quarter. BNP Paribas Financial Markets owned about 0.45% of Veracyte worth $14,845,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of VCYT. Osaic Holdings Inc. increased its stake in Veracyte by 289.9% in the 2nd quarter. Osaic Holdings Inc. now owns 1,201 shares of the biotechnology company's stock worth $33,000 after buying an additional 893 shares during the period. Torren Management LLC purchased a new stake in Veracyte in the 4th quarter valued at about $37,000. Neo Ivy Capital Management bought a new position in Veracyte in the 3rd quarter worth about $56,000. GAMMA Investing LLC grew its stake in Veracyte by 146.4% in the 4th quarter. GAMMA Investing LLC now owns 1,454 shares of the biotechnology company's stock worth $61,000 after acquiring an additional 864 shares in the last quarter. Finally, Leonteq Securities AG purchased a new position in shares of Veracyte during the fourth quarter worth approximately $61,000.

Veracyte Stock Down 2.4%

VCYT opened at $48.73 on Friday. Veracyte, Inc. has a 52-week low of $22.61 and a 52-week high of $50.71. The firm's 50-day moving average price is $37.80 and its 200-day moving average price is $39.08. The company has a market cap of $3.89 billion, a P/E ratio of 44.71 and a beta of 1.98.

Veracyte (NASDAQ:VCYT - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The biotechnology company reported $0.52 EPS for the quarter, topping analysts' consensus estimates of $0.34 by $0.18. Veracyte had a return on equity of 9.07% and a net margin of 16.25%.The company had revenue of $139.07 million during the quarter, compared to analysts' expectations of $130.36 million. During the same quarter in the previous year, the firm posted $0.31 EPS. The firm's revenue was up 21.5% compared to the same quarter last year. On average, research analysts anticipate that Veracyte, Inc. will post 1.29 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

VCYT has been the subject of several recent research reports. Jefferies Financial Group began coverage on Veracyte in a report on Monday, April 13th. They issued a "buy" rating and a $45.00 price objective for the company. Weiss Ratings reissued a "hold (c)" rating on shares of Veracyte in a research report on Friday, March 27th. Canaccord Genuity Group boosted their price target on shares of Veracyte from $40.00 to $42.00 and gave the company a "hold" rating in a report on Wednesday, May 6th. Zacks Research cut shares of Veracyte from a "strong-buy" rating to a "hold" rating in a research report on Thursday, March 12th. Finally, Morgan Stanley dropped their price objective on shares of Veracyte from $48.00 to $37.00 and set an "underweight" rating on the stock in a research note on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $47.57.

Insiders Place Their Bets

In other news, SVP Annie Mcguire sold 10,204 shares of the company's stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $39.02, for a total value of $398,160.08. Following the sale, the senior vice president owned 143,708 shares in the company, valued at $5,607,486.16. This represents a 6.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Leite sold 13,975 shares of the stock in a transaction on Thursday, June 4th. The stock was sold at an average price of $50.07, for a total transaction of $699,728.25. Following the sale, the insider directly owned 132,305 shares in the company, valued at $6,624,511.35. This trade represents a 9.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Over the last quarter, insiders have sold 202,967 shares of company stock worth $9,881,831. 1.40% of the stock is currently owned by company insiders.

Key Stories Impacting Veracyte

Here are the key news stories impacting Veracyte this week:

• Positive Sentiment: Veracyte has stayed sharply higher since its latest earnings report, suggesting investors are still encouraged by the company’s recent beat on both earnings and revenue and its improved growth outlook. Why Is Veracyte (VCYT) Up 18.2% Since Last Earnings Report?
• Positive Sentiment: The company also highlighted ASCO findings from its OPTIMA and ENZAMET Phase III trials in breast and prostate cancer, which could support Veracyte’s precision-diagnostics growth story. Veracyte, Inc. (VCYT) Discusses ASCO Findings From OPTIMA and ENZAMET Phase III Trials in Breast and Prostate Cancer - Slideshow

About Veracyte

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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