Signature Resources Capital Management LLC Trims Holdings in Veracyte, Inc. (NASDAQ:VCYT)

Signature Resources Capital Management LLC decreased its holdings in shares of Veracyte, Inc. (NASDAQ:VCYT) by 13.5% in the fourth quarter, HoldingsChannel reports. The firm owned 3,294 shares of the biotechnology company’s stock after selling 515 shares during the quarter. Signature Resources Capital Management LLC’s holdings in Veracyte were worth $130,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of VCYT. Legal Advantage Investments Inc. bought a new stake in shares of Veracyte during the 4th quarter valued at about $250,000. Avanza Fonder AB purchased a new stake in Veracyte in the fourth quarter worth about $1,379,000. Nordea Investment Management AB boosted its position in Veracyte by 4.4% during the 4th quarter. Nordea Investment Management AB now owns 261,214 shares of the biotechnology company’s stock valued at $10,415,000 after acquiring an additional 11,078 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in shares of Veracyte during the 3rd quarter worth approximately $9,498,000. Finally, Synovus Financial Corp raised its position in shares of Veracyte by 16.2% in the 3rd quarter. Synovus Financial Corp now owns 22,865 shares of the biotechnology company’s stock worth $778,000 after acquiring an additional 3,195 shares in the last quarter.

Veracyte Stock Performance

Shares of NASDAQ VCYT opened at $40.58 on Tuesday. The firm’s 50 day moving average price is $41.33 and its 200-day moving average price is $34.23. Veracyte, Inc. has a 52-week low of $18.61 and a 52-week high of $46.00. The company has a market cap of $3.14 billion, a PE ratio of -270.53 and a beta of 1.71.

Veracyte (NASDAQ:VCYT) last issued its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.03 by $0.16. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The business had revenue of $115.86 million for the quarter, compared to the consensus estimate of $109.81 million. During the same period last year, the business posted ($0.03) EPS. The company’s revenue was up 28.6% compared to the same quarter last year. On average, analysts forecast that Veracyte, Inc. will post 0.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on VCYT shares. Guggenheim started coverage on Veracyte in a research report on Thursday, October 10th. They set a “buy” rating and a $40.00 price target on the stock. Needham & Company LLC upped their target price on shares of Veracyte from $37.00 to $44.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Leerink Partners lifted their price target on shares of Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. StockNews.com raised shares of Veracyte from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Morgan Stanley raised their target price on shares of Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a research note on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $41.13.

Insiders Place Their Bets

In other Veracyte news, insider John Leite sold 1,050 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.25, for a total value of $45,412.50. Following the transaction, the insider now directly owns 73,810 shares of the company’s stock, valued at approximately $3,192,282.50. This trade represents a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karin Eastham sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $40.30, for a total value of $403,000.00. Following the sale, the director now owns 18,497 shares of the company’s stock, valued at approximately $745,429.10. This represents a 35.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,038 shares of company stock valued at $1,008,297. 1.30% of the stock is owned by insiders.

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.