Virtus Advisers LLC Purchases New Shares in Veracyte, Inc. $VCYT

Key Points

• Virtus Advisers initiated a position in Veracyte by purchasing 37,574 shares valued at approximately $2.2 million. Other institutional investors, including BlackRock, First Trust Advisors and Squarepoint Ops, also increased or initiated holdings.
• Veracyte reported quarterly earnings of $0.54 per share, beating estimates of $0.41, while revenue rose 15.5% year over year to $150.32 million. The company’s net margin was 20.37%.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $54.33, although insiders sold 162,492 shares worth about $8.15 million over the past 90 days under pre-arranged plans.

Virtus Advisers LLC purchased a new position in Veracyte, Inc. (NASDAQ:VCYT - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 37,574 shares of the biotechnology company's stock, valued at approximately $2,207,000. Veracyte comprises approximately 0.8% of Virtus Advisers LLC's holdings, making the stock its 20th biggest position.

Several other institutional investors and hedge funds also recently bought and sold shares of VCYT. BlackRock Inc. purchased a new stake in shares of Veracyte in the second quarter valued at $792,058,000. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Veracyte during the 4th quarter worth about $58,158,000. First Trust Advisors LP boosted its stake in shares of 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 purchasing an additional 833,543 shares during the period. Squarepoint Ops LLC grew its holdings in Veracyte by 770.6% during the 2nd quarter. Squarepoint Ops LLC now owns 897,387 shares of the biotechnology company's stock valued at $24,256,000 after purchasing an additional 794,307 shares during the last quarter. Finally, Soleus Capital Management L.P. bought a new position in Veracyte during the 2nd quarter valued at about $19,338,000.

Insider Buying and Selling at Veracyte

In related news, CEO Marc Stapley sold 138,051 shares of Veracyte stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $50.12, for a total value of $6,919,116.12. Following the completion of the sale, the chief executive officer directly owned 440,494 shares in the company, valued at $22,077,559.28. The trade was a 23.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 company's stock in a transaction dated Thursday, June 4th. The stock was 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 directly owned 137,240 shares of the company's stock, valued at approximately $6,829,062.40. This trade represents a 2.26% 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. In the last ninety days, insiders have sold 162,492 shares of company stock worth $8,151,197. Insiders own 1.60% of the company's stock.

Veracyte Stock Performance

Shares of NASDAQ VCYT opened at $41.79 on Friday. Veracyte, Inc. has a 52-week low of $28.25 and a 52-week high of $60.91. The firm has a market capitalization of $3.36 billion, a price-to-earnings ratio of 29.64 and a beta of 1.95. The stock has a 50 day moving average price of $52.82 and a 200 day moving average price of $42.61.

Veracyte (NASDAQ:VCYT - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The biotechnology company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.41 by $0.13. The company had revenue of $150.32 million for the quarter, compared to the consensus estimate of $144.59 million. Veracyte had a return on equity of 9.26% and a net margin of 20.37%.Veracyte's quarterly revenue was up 15.5% on a year-over-year basis. During the same period last year, the business posted $0.44 EPS. Analysts forecast that Veracyte, Inc. will post 1.32 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on VCYT. Zacks Research raised shares of Veracyte from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 11th. Canaccord Genuity Group cut their target price on Veracyte from $60.00 to $50.00 and set a "hold" rating on the stock in a research note on Monday, August 3rd. Guggenheim increased their price target on Veracyte from $45.00 to $65.00 and gave the stock a "buy" rating in a report on Monday, June 29th. Needham & Company LLC increased their price target on Veracyte from $57.00 to $69.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, Wolfe Research initiated coverage on Veracyte in a research note on Tuesday, June 2nd. They set an "outperform" rating and a $55.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $54.33.

Veracyte 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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