50,484 Shares in Veracyte, Inc. $VCYT Purchased by Cibc World Market Inc.

Cibc World Market Inc. purchased a new position in shares of Veracyte, Inc. (NASDAQ:VCYT) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 50,484 shares of the biotechnology company’s stock, valued at approximately $2,965,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Veracyte in the 2nd quarter valued at approximately $792,058,000. State Street Corp lifted its position in shares of Veracyte by 3.8% during the 4th quarter. State Street Corp now owns 4,360,913 shares of the biotechnology company’s stock worth $183,594,000 after buying an additional 161,239 shares during the period. Dimensional Fund Advisors LP boosted its stake in Veracyte by 3.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,118,166 shares of the biotechnology company’s stock valued at $107,042,000 after buying an additional 95,664 shares in the last quarter. First Trust Advisors LP grew its position in Veracyte by 64.9% in the first quarter. First Trust Advisors LP now owns 2,117,046 shares of the biotechnology company’s stock valued at $68,190,000 after acquiring an additional 833,543 shares during the period. Finally, Geode Capital Management LLC raised its stake 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 acquiring an additional 9,429 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Wolfe Research started coverage on shares of Veracyte in a research note on Tuesday, June 2nd. They issued an “outperform” rating and a $55.00 target price on the stock. Wall Street Zen raised shares of Veracyte from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 12th. Needham & Company LLC boosted their price target on shares of Veracyte from $57.00 to $69.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Zacks Research upgraded shares of Veracyte from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, August 11th. Finally, Morgan Stanley decreased their price objective on shares of Veracyte from $47.00 to $44.00 and set an “underweight” rating on the stock in a research note on Tuesday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Veracyte currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.33.

Veracyte Stock Performance

Shares of NASDAQ:VCYT opened at $44.29 on Thursday. Veracyte, Inc. has a twelve month low of $28.25 and a twelve month high of $60.91. The firm has a market cap of $3.56 billion, a PE ratio of 31.41 and a beta of 1.95. The business has a fifty day moving average of $52.29 and a 200-day moving average of $42.79.

Veracyte (NASDAQ:VCYT) last released its quarterly 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. The business had revenue of $150.32 million during the quarter, compared to analysts’ expectations of $144.59 million. Veracyte had a return on equity of 9.26% and a net margin of 20.37%.The firm’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.44 earnings per share. On average, analysts anticipate that Veracyte, Inc. will post 1.32 EPS for the current fiscal year.

Insider Transactions at Veracyte

In other Veracyte news, insider John Leite sold 13,975 shares of the business’s stock in a transaction dated Thursday, June 4th. The shares were sold at an average price of $50.07, for a total value of $699,728.25. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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, Director Karin Eastham sold 3,729 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $52.89, for a total transaction of $197,226.81. Following the transaction, the director owned 15,097 shares in the company, valued at $798,480.33. The trade was a 19.81% 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. In the last ninety days, insiders have sold 162,492 shares of company stock worth $8,151,197. Corporate insiders own 1.60% of the company’s stock.

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.