GW&K Investment Management LLC decreased its position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 11.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,140,083 shares of the biotechnology company's stock after selling 143,396 shares during the period. GW&K Investment Management LLC owned about 1.44% of Veracyte worth $47,998,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the company. Cerity Partners LLC purchased a new stake in shares of Veracyte during the fourth quarter worth about $382,000. LPL Financial LLC boosted its holdings in Veracyte by 22.2% in the fourth quarter. LPL Financial LLC now owns 43,535 shares of the biotechnology company's stock valued at $1,833,000 after purchasing an additional 7,910 shares during the last quarter. Franklin Resources Inc. grew its stake in Veracyte by 0.7% during the 4th quarter. Franklin Resources Inc. now owns 209,470 shares of the biotechnology company's stock valued at $8,819,000 after purchasing an additional 1,490 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in Veracyte by 7.9% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 7,894 shares of the biotechnology company's stock valued at $332,000 after purchasing an additional 576 shares in the last quarter. Finally, State of Wyoming purchased a new stake in Veracyte during the 4th quarter worth approximately $81,000.
Veracyte Trading Up 4.2%
Shares of NASDAQ VCYT opened at $49.24 on Wednesday. Veracyte, Inc. has a 12-month low of $22.61 and a 12-month high of $50.71. The company has a market cap of $3.93 billion, a price-to-earnings ratio of 45.17 and a beta of 1.98. The stock's 50 day simple moving average is $38.47 and its 200 day simple moving average is $39.20.
Veracyte (NASDAQ:VCYT - Get Free Report) last issued its earnings results on Tuesday, May 5th. The biotechnology company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.18. The firm had revenue of $139.07 million for the quarter, compared to analyst estimates of $130.36 million. Veracyte had a return on equity of 9.07% and a net margin of 16.25%.The firm's revenue for the quarter was up 21.5% on a year-over-year basis. During the same period last year, the company earned $0.31 earnings per share. As a group, equities analysts forecast that Veracyte, Inc. will post 1.29 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, CEO Marc Stapley sold 138,051 shares of Veracyte stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $50.12, for a total value of $6,919,116.12. Following the sale, the chief executive officer directly owned 440,494 shares in the company, valued at $22,077,559.28. This trade represents a 23.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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, EVP Annie Mcguire sold 3,176 shares of the firm's stock in a transaction that occurred on Thursday, June 4th. The shares were sold at an average price of $49.76, for a total transaction of $158,037.76. Following the completion of the sale, the executive vice president owned 137,240 shares in the company, valued at $6,829,062.40. The trade was a 2.26% decrease in their position. 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 90 days, insiders have sold 202,967 shares of company stock worth $9,881,831. 1.40% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
Several research firms have recently commented on VCYT. Canaccord Genuity Group increased their target price on Veracyte from $40.00 to $42.00 and gave the company a "hold" rating in a research note on Wednesday, May 6th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Veracyte in a report on Friday, March 27th. Zacks Research downgraded shares of Veracyte from a "strong-buy" rating to a "hold" rating in a research note on Thursday, March 12th. Guggenheim decreased their price objective on shares of Veracyte from $50.00 to $45.00 and set a "buy" rating for the company in a report on Monday, March 30th. Finally, UBS Group boosted their target price on shares of Veracyte from $48.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Veracyte has a consensus rating of "Moderate Buy" and an average target price of $47.57.
Read Our Latest Stock Analysis on VCYT
Veracyte Company Profile
(
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.
Further Reading
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