Gibbs Wealth Management Acquires New Holdings in Veracyte, Inc. $VCYT

Key Points

• Gibbs Wealth Management acquired 21,749 Veracyte shares worth approximately $1.0 million during the third quarter. Other major investors, including BlackRock, Congress Asset Management and William Blair, also recently established or expanded positions.
• Analyst sentiment remains generally positive, with Veracyte carrying a consensus “Moderate Buy” rating and an average price target of $55.78, although Morgan Stanley maintains an “underweight” rating.
• Veracyte reported quarterly earnings of $0.54 per share, exceeding estimates of $0.41, while revenue rose 15.5% year over year to $150.32 million. The stock recently opened at $47.93, compared with a 12-month range of $29.45 to $60.91.

Gibbs Wealth Management acquired a new stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 21,749 shares of the biotechnology company's stock, valued at approximately $1,001,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Veracyte during the 2nd quarter worth about $792,058,000. Dimensional Fund Advisors LP boosted its stake in Veracyte by 2.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,881,090 shares of the biotechnology company's stock valued at $92,787,000 after buying an additional 80,614 shares in the last quarter. Congress Asset Management Co. acquired a new position in Veracyte in the third quarter valued at about $89,971,000. William Blair Investment Management LLC bought a new stake in Veracyte during the 2nd quarter worth approximately $84,078,000. Finally, First Trust Advisors LP lifted its holdings in Veracyte by 64.9% during the 1st quarter. First Trust Advisors LP now owns 2,117,046 shares of the biotechnology company's stock worth $68,190,000 after buying an additional 833,543 shares in the last quarter.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. UBS Group increased their price objective on Veracyte from $52.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, September 9th. Morgan Stanley reduced their target price on Veracyte from $47.00 to $44.00 and set an "underweight" rating on the stock in a report on Tuesday, August 4th. Needham & Company LLC reissued a "buy" rating on shares of Veracyte in a research note on Tuesday, September 15th. Wall Street Zen lowered Veracyte from a "strong-buy" rating to a "buy" rating in a research report on Saturday, October 10th. Finally, Guggenheim boosted their target price on Veracyte from $45.00 to $65.00 and gave the company a "buy" rating in a research report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.78.

Veracyte Stock Performance

NASDAQ:VCYT opened at $47.93 on Monday. The company has a 50-day moving average price of $43.59 and a 200-day moving average price of $45.64. Veracyte, Inc. has a 12 month low of $29.45 and a 12 month high of $60.91. The stock has a market cap of $3.85 billion, a price-to-earnings ratio of 33.99 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, beating analysts' consensus estimates of $0.41 by $0.13. The business had revenue of $150.32 million during the quarter, compared to analyst estimates of $144.59 million. Veracyte had a net margin of 20.37% and a return on equity of 9.26%. The company's quarterly revenue was up 15.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 EPS. Equities analysts forecast that Veracyte, Inc. will post 1.32 EPS for the current fiscal year.

Insider Transactions at Veracyte

In other news, EVP Annie Mcguire sold 3,254 shares of the stock in a transaction on Friday, September 4th. The shares were sold at an average price of $43.09, for a total value of $140,214.86. Following the sale, the executive vice president owned 131,160 shares of the company's stock, valued at approximately $5,651,684.40. This represents a 2.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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, CFO Rebecca Chambers sold 3,652 shares of the firm's stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $43.10, for a total transaction of $157,401.20. Following the completion of the transaction, the chief financial officer directly owned 166,025 shares in the company, valued at $7,155,677.50. This represents a 2.15% decrease in their position. 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. In the last quarter, insiders have sold 32,759 shares of company stock worth $1,388,904. 1.60% of the stock is currently owned by corporate insiders.

Veracyte Profile

Veracyte, Inc is a diagnostics company that develops genomic tests to help physicians diagnose cancer, assess disease risk and guide treatment decisions. Its tests are designed to provide additional molecular information from patient samples, often helping reduce uncertainty and support more personalized care.

The company's portfolio includes Afirma tests for thyroid nodules, Decipher tests for prostate cancer, Percepta tests for lung cancer and Envisio tests for breast cancer. Veracyte also develops and commercializes additional genomic assays intended for use across various cancer types and clinical settings.

Founded in 2008 and headquartered in South San Francisco, California, Veracyte primarily serves the U.S.

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