Premier Fund Managers Ltd Takes Position in Veracyte, Inc. $VCYT

Premier Fund Managers Ltd purchased a new position in Veracyte, Inc. (NASDAQ:VCYT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 14,089 shares of the biotechnology company’s stock, valued at approximately $596,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Arizona State Retirement System grew its stake in Veracyte by 1.8% during the third quarter. Arizona State Retirement System now owns 23,158 shares of the biotechnology company’s stock worth $795,000 after buying an additional 419 shares in the last quarter. State of Alaska Department of Revenue raised 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 valued at $1,862,000 after buying an additional 552 shares in the last quarter. California State Teachers Retirement System lifted its holdings in shares of Veracyte by 0.8% during the 2nd quarter. California State Teachers Retirement System now owns 71,095 shares of the biotechnology company’s stock worth $1,922,000 after acquiring an additional 566 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Veracyte by 26.3% during the 4th 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 period. Finally, GAMMA Investing LLC boosted its position in shares of Veracyte by 146.4% during the 4th quarter. GAMMA Investing LLC now owns 1,454 shares of the biotechnology company’s stock worth $61,000 after acquiring an additional 864 shares in the last quarter.

Wall Street Analysts Forecast Growth

VCYT has been the subject of several research analyst reports. Morgan Stanley lowered their price objective on shares of Veracyte from $48.00 to $37.00 and set an “underweight” rating for the company in a research report on Thursday, March 5th. Guggenheim reduced their target price on Veracyte from $50.00 to $45.00 and set a “buy” rating on the stock in a report on Monday, March 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Veracyte in a research note on Friday, March 27th. Needham & Company LLC reissued a “buy” rating and set a $48.00 price target on shares of Veracyte in a report on Wednesday, April 1st. Finally, UBS Group upped their price objective on Veracyte from $48.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $44.83.

Veracyte Stock Up 24.9%

NASDAQ VCYT opened at $41.19 on Thursday. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of 37.79 and a beta of 1.89. Veracyte, Inc. has a twelve month low of $22.61 and a twelve month high of $50.71. The stock has a fifty day simple moving average of $33.44 and a 200 day simple moving average of $38.20.

Veracyte (NASDAQ:VCYT) last announced its earnings results on Tuesday, May 5th. The biotechnology company reported $0.52 EPS 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 the consensus estimate of $130.36 million. Veracyte had a return on equity of 9.22% and a net margin of 16.25%.The business’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.31 EPS. Research analysts expect that Veracyte, Inc. will post 1.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Veracyte news, CFO Rebecca Chambers sold 18,341 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $36.14, for a total transaction of $662,843.74. Following the completion of the transaction, the chief financial officer owned 131,196 shares in the company, valued at approximately $4,741,423.44. This trade represents a 12.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Annie Mcguire sold 6,658 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $35.55, for a total transaction of $236,691.90. Following the completion of the transaction, the senior vice president owned 94,706 shares in the company, valued at $3,366,798.30. This trade represents a 6.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 75,782 shares of company stock valued at $2,722,097 in the last ninety days. Insiders own 1.40% of the company’s stock.

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.