Spark Investment Management LLC Raises Position in Veracyte, Inc. (NASDAQ:VCYT)
Spark Investment Management LLC increased its stake in shares of Veracyte, Inc. (NASDAQ:VCYT) by 50.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 101,800 shares of the biotechnology company’s stock after buying an additional 34,200 shares during the period. Spark Investment Management LLC’s holdings in Veracyte were worth $847,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Nationwide Fund Advisors increased its stake in Veracyte by 31.9% in the first quarter. Nationwide Fund Advisors now owns 11,327 shares of the biotechnology company’s stock valued at $104,000 after buying an additional 2,739 shares during the period. Highbridge Capital Management LLC bought a new stake in Veracyte during the fourth quarter valued at $112,000. Eagle Global Advisors LLC bought a new stake in Veracyte during the first quarter valued at $119,000. William Marsh Rice University bought a new stake in Veracyte during the first quarter valued at $127,000. Finally, Bank of Montreal Can bought a new stake in Veracyte during the first quarter valued at $138,000. Hedge funds and other institutional investors own 63.37% of the company’s stock.
Shares of Veracyte, Inc. (VCYT) opened at 8.00 on Friday. The firm’s market cap is $271.14 million. Veracyte, Inc. has a 12-month low of $4.98 and a 12-month high of $9.71. The company has a 50-day moving average of $8.08 and a 200 day moving average of $8.20.
Veracyte (NASDAQ:VCYT) last issued its earnings results on Monday, July 31st. The biotechnology company reported ($0.22) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.25) by $0.03. Veracyte had a negative net margin of 35.64% and a negative return on equity of 53.58%. The business had revenue of $18.40 million for the quarter, compared to the consensus estimate of $18.32 million. During the same quarter last year, the firm posted ($0.40) EPS. The business’s revenue for the quarter was up 25.2% compared to the same quarter last year. Equities research analysts anticipate that Veracyte, Inc. will post ($0.85) earnings per share for the current fiscal year.
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Several analysts recently weighed in on VCYT shares. Janney Montgomery Scott reiterated a “buy” rating and issued a $15.00 target price on shares of Veracyte in a report on Wednesday, June 28th. Cantor Fitzgerald set a $13.00 target price on shares of Veracyte and gave the company a “buy” rating in a report on Thursday, May 18th. Zacks Investment Research upgraded shares of Veracyte from a “hold” rating to a “buy” rating and set a $9.25 target price for the company in a report on Friday, August 4th. Finally, BidaskClub upgraded shares of Veracyte from a “sell” rating to a “hold” rating in a report on Monday, July 31st. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $12.25.
Veracyte, Inc is a genomic diagnostics company. The Company uses genomic technology to resolve diagnostic ambiguity. It targets diseases in which patients undergo invasive diagnostic procedures. Its products combine genomic technology, clinical science and machine learning. The Company commercializes over three genomic tests, which are transforming the diagnosis of thyroid cancer, lung cancer and idiopathic pulmonary fibrosis.
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