Lisanti Capital Growth LLC purchased a new stake in Veracyte, Inc. (NASDAQ:VCYT – Free Report) during the second quarter, HoldingsChannel reports. The institutional investor purchased 63,400 shares of the biotechnology company’s stock, valued at approximately $3,723,000.
Several other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Veracyte during the second quarter worth about $792,058,000. State Street Corp raised its holdings in shares of Veracyte by 3.8% in the fourth quarter. State Street Corp now owns 4,360,913 shares of the biotechnology company’s stock valued at $183,594,000 after purchasing an additional 161,239 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Veracyte by 3.2% in the third quarter. Dimensional Fund Advisors LP now owns 3,118,166 shares of the biotechnology company’s stock worth $107,042,000 after purchasing an additional 95,664 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Veracyte by 64.9% in the first 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 in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Veracyte by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 1,900,882 shares of the biotechnology company’s stock worth $80,039,000 after purchasing an additional 9,429 shares during the last quarter.
Insider Buying and Selling
In other news, CEO Marc Stapley sold 138,051 shares of the stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $50.12, for a total transaction of $6,919,116.12. Following the transaction, the chief executive officer owned 440,494 shares in the company, valued at approximately $22,077,559.28. This trade represents a 23.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 Veracyte stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $50.07, for a total value of $699,728.25. Following the sale, the insider directly owned 132,305 shares of the company’s stock, valued at approximately $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 186,492 shares of company stock valued at $9,240,797 in the last ninety days. 1.60% of the stock is currently owned by company insiders.
Veracyte Price Performance
Veracyte (NASDAQ:VCYT – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The biotechnology company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.13. The business had revenue of $150.32 million for the quarter, compared to analyst estimates of $144.59 million. Veracyte had a net margin of 20.37% and a return on equity of 9.26%. Veracyte’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.44 EPS. As a group, equities research analysts expect that Veracyte, Inc. will post 1.32 earnings per share for the current year.
Analysts Set New Price Targets
A number of research firms recently weighed in on VCYT. Piper Sandler decreased their target price on shares of Veracyte from $66.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday, August 4th. Guggenheim boosted their price target on shares of Veracyte from $45.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, June 29th. Stephens reduced their price objective on shares of Veracyte from $68.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. Morgan Stanley decreased their price objective on Veracyte from $47.00 to $44.00 and set an “underweight” rating for the company in a report on Tuesday, August 4th. Finally, Zacks Research raised Veracyte from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.33.
Check Out Our Latest Report on VCYT
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.
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