Corient Private Wealth LP Has $9.52 Million Holdings in Veracyte, Inc. $VCYT

Key Points

• Corient Private Wealth increased its Veracyte stake by 26.9% in the second quarter, acquiring 34,299 additional shares. Its position totaled 162,021 shares valued at approximately $9.52 million.
• Analyst sentiment remains generally positive, with Veracyte holding a consensus “Moderate Buy” rating and an average price target of $55.78, although some analysts recently lowered their targets.
• Veracyte’s latest quarterly results exceeded expectations: earnings per share came in at $0.54 versus $0.41 expected, while revenue rose 15.5% year over year to $150.32 million. Shares opened at $38.50, below their 50-day and 200-day moving averages.

Corient Private Wealth LP lifted its stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 26.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 162,021 shares of the biotechnology company's stock after acquiring an additional 34,299 shares during the period. Corient Private Wealth LP owned approximately 0.20% of Veracyte worth $9,515,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its holdings in Veracyte by 21.2% during the second quarter. GAMMA Investing LLC now owns 1,121 shares of the biotechnology company's stock worth $66,000 after purchasing an additional 196 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Veracyte by 2.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,100 shares of the biotechnology company's stock worth $762,000 after buying an additional 400 shares during the last quarter. Assetmark Inc. grew its holdings in shares of Veracyte by 34.4% in the 1st quarter. Assetmark Inc. now owns 2,968 shares of the biotechnology company's stock valued at $96,000 after acquiring an additional 760 shares in the last quarter. Allworth Financial LP acquired a new stake in shares of Veracyte in the second quarter valued at about $50,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in Veracyte during the second quarter valued at approximately $62,000.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Canaccord Genuity Group decreased their target price on shares of Veracyte from $60.00 to $50.00 and set a "hold" rating for the company in a research note on Monday, August 3rd. UBS Group increased their price target on shares of Veracyte from $52.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, September 9th. Piper Sandler decreased their price objective on shares of Veracyte from $66.00 to $54.00 and set an "overweight" rating for the company in a research report on Tuesday, August 4th. Guggenheim boosted their price objective on shares of Veracyte from $45.00 to $65.00 and gave the stock a "buy" rating in a research note on Monday, June 29th. Finally, Zacks Research raised shares of Veracyte from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 11th. 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. According to MarketBeat.com, Veracyte has an average rating of "Moderate Buy" and an average target price of $55.78.

Veracyte Price Performance

Shares of NASDAQ VCYT opened at $38.50 on Thursday. The stock's fifty day moving average price is $48.01 and its two-hundred day moving average price is $43.46. Veracyte, Inc. has a one year low of $29.45 and a one year high of $60.91. The firm has a market cap of $3.10 billion, a price-to-earnings ratio of 27.31 and a beta of 1.93.

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 analysts' consensus estimates of $0.41 by $0.13. Veracyte had a return on equity of 9.26% and a net margin of 20.37%.The company had revenue of $150.32 million during the quarter, compared to the consensus estimate of $144.59 million. During the same quarter last year, the firm earned $0.44 earnings per share. The company's revenue was up 15.5% on a year-over-year basis. On average, equities analysts anticipate that Veracyte, Inc. will post 1.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jens Holstein sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $40.95, for a total transaction of $204,750.00. Following the transaction, the director directly owned 27,471 shares of the company's stock, valued at approximately $1,124,937.45. This trade represents a 15.40% decrease in their ownership of the stock. The sale was disclosed in a document filed 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, insider Phillip G. Febbo sold 13,110 shares of Veracyte stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $43.05, for a total transaction of $564,385.50. Following the completion of the sale, the insider owned 133,048 shares of the company's stock, valued at approximately $5,727,716.40. The trade was a 8.97% 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. Over the last ninety days, insiders have sold 26,880 shares of company stock worth $1,146,848. 1.60% of the stock is currently owned by insiders.

Veracyte Profile

Veracyte, Inc is a diagnostics company that develops and commercializes genomic tests designed to help physicians diagnose cancer, assess disease risk and guide treatment decisions. The company combines genomic data with bioinformatics and machine-learning technologies to provide clinically actionable information from patient tissue samples.

Veracyte's portfolio includes Afirma tests for evaluating thyroid nodules, Decipher tests for assessing the risk and biological characteristics of prostate cancer, and Prosigna for classifying and evaluating recurrence risk in certain breast cancers.

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