Martingale Asset Management L P Trims Stock Holdings in Veracyte, Inc. (NASDAQ:VCYT)

Martingale Asset Management L P lessened its position in shares of Veracyte, Inc. (NASDAQ:VCYT) by 11.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,554 shares of the biotechnology company’s stock after selling 3,551 shares during the quarter. Martingale Asset Management L P’s holdings in Veracyte were worth $904,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of VCYT. Point72 Asset Management L.P. acquired a new stake in shares of Veracyte during the second quarter worth about $12,279,000. William Blair Investment Management LLC lifted its stake in Veracyte by 67.4% during the 2nd quarter. William Blair Investment Management LLC now owns 1,241,671 shares of the biotechnology company’s stock valued at $26,907,000 after acquiring an additional 500,020 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Veracyte by 288.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 360,871 shares of the biotechnology company’s stock valued at $12,284,000 after acquiring an additional 268,000 shares during the period. Algert Global LLC boosted its holdings in shares of Veracyte by 411.1% in the 3rd quarter. Algert Global LLC now owns 201,697 shares of the biotechnology company’s stock valued at $6,866,000 after acquiring an additional 162,236 shares during the last quarter. Finally, Peregrine Asset Advisers Inc. acquired a new stake in shares of Veracyte in the third quarter worth $4,681,000.

Insider Activity

In related news, CAO Jonathan Wygant sold 5,032 shares of Veracyte stock in a transaction that occurred on Wednesday, November 27th. The stock was sold at an average price of $42.89, for a total transaction of $215,822.48. Following the transaction, the chief accounting officer now owns 42,313 shares in the company, valued at approximately $1,814,804.57. This trade represents a 10.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Evan/ Fa Jones sold 5,173 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $35.23, for a total transaction of $182,244.79. Following the transaction, the director now directly owns 34,343 shares in the company, valued at approximately $1,209,903.89. The trade was a 13.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,684 shares of company stock worth $561,232 over the last quarter. 1.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Scotiabank boosted their target price on shares of Veracyte from $40.00 to $44.00 and gave the company a “sector outperform” rating in a research report on Friday, November 8th. Leerink Partners boosted their price objective on Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Guggenheim started coverage on Veracyte in a research note on Thursday, October 10th. They issued a “buy” rating and a $40.00 target price on the stock. Morgan Stanley lifted their price target on Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a research report on Monday, November 18th. Finally, Wolfe Research initiated coverage on Veracyte in a research report on Friday, November 15th. They issued an “outperform” rating and a $50.00 price objective on the stock. One research analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. According to data from MarketBeat, Veracyte has a consensus rating of “Moderate Buy” and a consensus target price of $41.25.

Veracyte Trading Up 2.7 %

Shares of VCYT stock opened at $44.12 on Tuesday. Veracyte, Inc. has a 12-month low of $18.61 and a 12-month high of $44.45. The business’s 50 day moving average is $35.90 and its two-hundred day moving average is $29.22. The company has a market capitalization of $3.42 billion, a P/E ratio of -294.13 and a beta of 1.67.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.16. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The firm had revenue of $115.86 million for the quarter, compared to analysts’ expectations of $109.81 million. During the same quarter last year, the company earned ($0.03) EPS. The firm’s revenue for the quarter was up 28.6% compared to the same quarter last year. On average, research analysts predict that Veracyte, Inc. will post 0.32 earnings per share for the current fiscal year.

About Veracyte

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.