Parkman Healthcare Partners LLC Reduces Stock Holdings in Veracyte, Inc. (NASDAQ:VCYT)

Parkman Healthcare Partners LLC cut its position in shares of Veracyte, Inc. (NASDAQ:VCYT) by 22.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 100,301 shares of the biotechnology company’s stock after selling 28,959 shares during the period. Parkman Healthcare Partners LLC owned 0.13% of Veracyte worth $3,972,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Jones Financial Companies Lllp increased its position in shares of Veracyte by 49.7% during the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock valued at $28,000 after acquiring an additional 237 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Veracyte by 1.2% in the 4th quarter. Arizona State Retirement System now owns 22,276 shares of the biotechnology company’s stock valued at $882,000 after acquiring an additional 264 shares during the period. Synovus Financial Corp increased its holdings in shares of Veracyte by 1.2% in the 4th quarter. Synovus Financial Corp now owns 23,132 shares of the biotechnology company’s stock valued at $916,000 after acquiring an additional 267 shares during the period. HighTower Advisors LLC increased its stake in Veracyte by 1.9% in the 4th quarter. HighTower Advisors LLC now owns 16,630 shares of the biotechnology company’s stock valued at $659,000 after buying an additional 305 shares during the period. Finally, Principal Securities Inc. grew its stake in shares of Veracyte by 34.1% during the 4th quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 485 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on VCYT. StockNews.com lowered shares of Veracyte from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Craig Hallum started coverage on shares of Veracyte in a research report on Thursday, March 20th. They set a “buy” rating and a $45.00 price target for the company. Needham & Company LLC reduced their price target on Veracyte from $51.00 to $41.00 and set a “buy” rating for the company in a research report on Thursday, May 8th. Stephens reiterated an “overweight” rating and issued a $45.00 target price on shares of Veracyte in a research report on Wednesday, March 26th. Finally, Guggenheim reduced their price objective on shares of Veracyte from $45.00 to $37.00 and set a “buy” rating for the company in a research note on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $40.90.

Veracyte Stock Down 4.7%

Veracyte stock opened at $29.31 on Wednesday. Veracyte, Inc. has a 52 week low of $19.73 and a 52 week high of $47.32. The business’s 50-day moving average price is $31.00 and its 200 day moving average price is $37.13. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of -195.40 and a beta of 2.14.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.07. The business had revenue of $118.63 million during the quarter, compared to analysts’ expectations of $110.73 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. During the same period in the prior year, the firm posted ($0.39) EPS. Equities analysts expect that Veracyte, Inc. will post 0.68 EPS for the current year.

Veracyte Profile

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.