First Trust Advisors LP Acquires 253,033 Shares of Veracyte, Inc. $VCYT

First Trust Advisors LP raised its stake in shares of Veracyte, Inc. (NASDAQ:VCYT) by 23.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,324,965 shares of the biotechnology company’s stock after purchasing an additional 253,033 shares during the quarter. First Trust Advisors LP’s holdings in Veracyte were worth $45,486,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Neo Ivy Capital Management acquired a new position in shares of Veracyte in the 3rd quarter worth approximately $56,000. ARK Investment Management LLC boosted its stake in Veracyte by 17.5% in the 3rd quarter. ARK Investment Management LLC now owns 4,465,775 shares of the biotechnology company’s stock valued at $153,310,000 after buying an additional 665,686 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Veracyte by 3.2% in the third quarter. Dimensional Fund Advisors LP now owns 3,118,166 shares of the biotechnology company’s stock valued at $107,042,000 after acquiring an additional 95,664 shares during the period. Teachers Retirement System of The State of Kentucky grew its position in Veracyte by 65.8% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 56,054 shares of the biotechnology company’s stock valued at $1,924,000 after acquiring an additional 22,255 shares during the period. Finally, Champlain Investment Partners LLC acquired a new position in Veracyte during the third quarter worth $40,064,000.

Veracyte Price Performance

Shares of NASDAQ:VCYT opened at $32.46 on Thursday. The stock has a market cap of $2.58 billion, a price-to-earnings ratio of 39.11 and a beta of 1.91. The company has a 50 day moving average of $38.51 and a 200-day moving average of $38.14. Veracyte, Inc. has a one year low of $22.61 and a one year high of $50.71.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings data on Wednesday, February 25th. The biotechnology company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.12. Veracyte had a net margin of 12.83% and a return on equity of 8.05%. The business had revenue of $140.64 million for the quarter, compared to analyst estimates of $135.79 million. During the same period in the prior year, the business posted $0.06 earnings per share. Veracyte’s revenue was up 18.5% compared to the same quarter last year. Equities research analysts anticipate that Veracyte, Inc. will post 0.68 earnings per share for the current year.

Insider Buying and Selling at Veracyte

In other news, CEO Marc Stapley sold 45,523 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $35.97, for a total value of $1,637,462.31. Following the transaction, the chief executive officer owned 357,554 shares of the company’s stock, valued at $12,861,217.38. This represents a 11.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Annie Mcguire sold 6,658 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $35.55, for a total value of $236,691.90. Following the completion of the transaction, the senior vice president directly owned 94,706 shares in the company, valued at approximately $3,366,798.30. This trade represents a 6.57% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 86,521 shares of company stock worth $3,185,270. 1.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on VCYT shares. UBS Group reissued a “buy” rating on shares of Veracyte in a report on Monday, January 12th. Needham & Company LLC increased their target price on shares of Veracyte from $44.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Wall Street Zen raised shares of Veracyte from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 27th. Weiss Ratings restated a “hold (c)” rating on shares of Veracyte in a research report on Monday, December 29th. Finally, Zacks Research raised shares of Veracyte from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Veracyte currently has an average rating of “Moderate Buy” and a consensus target price of $45.14.

About Veracyte

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.