EFG International AG Purchases Shares of 123,015 Veracyte, Inc. $VCYT

EFG International AG purchased a new stake in Veracyte, Inc. (NASDAQ:VCYT) during the second quarter, Holdings Channel reports. The fund purchased 123,015 shares of the biotechnology company’s stock, valued at approximately $7,221,000.

Other large investors have also recently made changes to their positions in the company. Bank of America Corp DE lifted its stake in Veracyte by 14.7% during the first quarter. Bank of America Corp DE now owns 1,448,897 shares of the biotechnology company’s stock worth $46,669,000 after purchasing an additional 185,929 shares in the last quarter. Summit Creek Advisors LLC acquired a new stake in shares of Veracyte in the second quarter valued at $6,986,000. William Blair Investment Management LLC grew its stake in shares of Veracyte by 16.6% in the fourth quarter. William Blair Investment Management LLC now owns 790,425 shares of the biotechnology company’s stock valued at $33,277,000 after buying an additional 112,516 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of Veracyte by 24.4% in the 1st quarter. California State Teachers Retirement System now owns 93,029 shares of the biotechnology company’s stock valued at $2,996,000 after buying an additional 18,261 shares during the period. Finally, Deutsche Bank AG purchased a new stake in shares of Veracyte in the 2nd quarter valued at $5,913,000.

Veracyte Trading Up 6.2%

Shares of NASDAQ VCYT opened at $44.04 on Wednesday. The stock has a market cap of $3.54 billion, a P/E ratio of 31.23 and a beta of 1.95. Veracyte, Inc. has a 12-month low of $28.25 and a 12-month high of $60.91. The business’s fifty day simple moving average is $52.43 and its 200-day simple moving average is $42.72.

Veracyte (NASDAQ:VCYT) last released its earnings results on Thursday, July 30th. The biotechnology company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.13. Veracyte had a return on equity of 9.26% and a net margin of 20.37%.The firm had revenue of $150.32 million during the quarter, compared to analyst estimates of $144.59 million. During the same period last year, the business posted $0.44 earnings per share. Veracyte’s revenue was up 15.5% compared to the same quarter last year. On average, equities analysts forecast that Veracyte, Inc. will post 1.32 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Annie Mcguire sold 3,176 shares of the business’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 transaction, the executive vice president directly owned 137,240 shares of the company’s stock, valued at approximately $6,829,062.40. The trade was a 2.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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, insider John Leite sold 13,975 shares of the company’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $50.07, for a total transaction of $699,728.25. Following the sale, the insider owned 132,305 shares in the company, valued at $6,624,511.35. The trade was a 9.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold 162,492 shares of company stock worth $8,151,197 over the last ninety days. Company insiders own 1.60% of the company’s stock.

Analyst Ratings Changes

VCYT has been the topic of several research reports. Guggenheim increased their target price on Veracyte from $45.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, June 29th. Canaccord Genuity Group cut their price target on shares of Veracyte from $60.00 to $50.00 and set a “hold” rating on the stock in a research note on Monday, August 3rd. Weiss Ratings cut shares of Veracyte from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday. Piper Sandler lowered their price objective on shares of Veracyte from $66.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. Finally, UBS Group lifted their price objective on shares of Veracyte from $48.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently 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.