Jupiter Asset Management Ltd. Sells 39,359 Shares of Veracyte, Inc. $VCYT

Key Points

• Jupiter Asset Management reduced its Veracyte stake by 10% in the fourth quarter, selling 39,359 shares and ending with 355,604 shares valued at about $14.97 million.
• Veracyte shares were down 3.4% in Friday trading, though the stock remains near its 52-week high of $50.71 and has a market cap of about $3.7 billion.
• The company reported better-than-expected quarterly results, with EPS of $0.52 versus $0.34 expected and revenue up 21.5% year over year; analysts currently have a consensus Hold rating with an average target price of $44.83.

Jupiter Asset Management Ltd. cut its position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 10.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 355,604 shares of the biotechnology company's stock after selling 39,359 shares during the quarter. Jupiter Asset Management Ltd. owned approximately 0.45% of Veracyte worth $14,971,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund grew its holdings in Veracyte by 2.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 18,100 shares of the biotechnology company's stock worth $762,000 after acquiring an additional 400 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Veracyte by 1.8% during the third quarter. Arizona State Retirement System now owns 23,158 shares of the biotechnology company's stock valued at $795,000 after purchasing an additional 419 shares in the last quarter. State of Alaska Department of Revenue grew its position in shares of Veracyte by 1.3% in the 4th quarter. State of Alaska Department of Revenue now owns 44,264 shares of the biotechnology company's stock worth $1,862,000 after buying an additional 552 shares during the period. California State Teachers Retirement System boosted its position in shares of Veracyte by 0.8% in the 2nd quarter. California State Teachers Retirement System now owns 71,095 shares of the biotechnology company's stock worth $1,922,000 after purchasing an additional 566 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Veracyte by 26.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,841 shares of the biotechnology company's stock worth $162,000 after acquiring an additional 800 shares during the last quarter.

Veracyte Trading Down 3.4%

NASDAQ VCYT opened at $46.34 on Friday. Veracyte, Inc. has a 12 month low of $22.61 and a 12 month high of $50.71. The stock has a market cap of $3.70 billion, a PE ratio of 42.51 and a beta of 1.89. The stock's 50 day moving average is $36.21 and its 200 day moving average is $38.82.

Veracyte (NASDAQ:VCYT - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The biotechnology company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.18. Veracyte had a net margin of 16.25% and a return on equity of 9.07%. The firm had revenue of $139.07 million for the quarter, compared to analysts' expectations of $130.36 million. During the same quarter last year, the business posted $0.31 earnings per share. The company's revenue for the quarter was up 21.5% compared to the same quarter last year. On average, analysts forecast that Veracyte, Inc. will post 1.28 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Marc Stapley sold 45,523 shares of the firm's stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $35.97, for a total transaction of $1,637,462.31. Following the completion of the transaction, the chief executive officer owned 357,554 shares in the company, valued at $12,861,217.38. This trade represents a 11.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John Leite sold 5,260 shares of Veracyte stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $35.19, for a total value of $185,099.40. Following the completion of the sale, the insider directly owned 107,580 shares in the company, valued at $3,785,740.20. This trade represents a 4.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 119,986 shares of company stock worth $4,649,957 in the last 90 days. 1.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on VCYT shares. UBS Group lifted their target price on Veracyte from $48.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, May 6th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Veracyte in a research report on Friday, March 27th. Needham & Company LLC reiterated a "buy" rating and set a $48.00 price objective on shares of Veracyte in a research note on Thursday. Guggenheim decreased their target price on shares of Veracyte from $50.00 to $45.00 and set a "buy" rating on the stock in a research note on Monday, March 30th. Finally, Jefferies Financial Group assumed coverage on shares of Veracyte in a research note on Monday, April 13th. They issued a "buy" rating and a $45.00 price objective for the company. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $44.83.

Veracyte Company 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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