Geode Capital Management LLC Boosts Stake in Veracyte, Inc. (NASDAQ:VCYT)

Geode Capital Management LLC lifted its holdings in Veracyte, Inc. (NASDAQ:VCYT) by 1.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,844,713 shares of the biotechnology company’s stock after buying an additional 17,921 shares during the period. Geode Capital Management LLC owned approximately 2.38% of Veracyte worth $62,806,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Blue Trust Inc. boosted its position in Veracyte by 2,331.6% in the second quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 1,329 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Veracyte during the 2nd quarter worth $58,000. nVerses Capital LLC purchased a new position in shares of Veracyte in the 2nd quarter worth about $85,000. Castleview Partners LLC bought a new position in Veracyte during the third quarter valued at about $87,000. Finally, Values First Advisors Inc. purchased a new stake in Veracyte during the third quarter worth about $91,000.

Insider Transactions at Veracyte

In other news, insider John Leite sold 1,050 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.25, for a total transaction of $45,412.50. Following the completion of the transaction, the insider now owns 73,810 shares of the company’s stock, valued at approximately $3,192,282.50. The trade was a 1.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jonathan Wygant sold 956 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $43.36, for a total transaction of $41,452.16. Following the completion of the transaction, the chief accounting officer now owns 40,270 shares in the company, valued at approximately $1,746,107.20. This trade represents a 2.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,038 shares of company stock valued at $605,297. 1.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on VCYT shares. UBS Group increased their target price on shares of Veracyte from $43.00 to $46.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Leerink Partners raised their target price on Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. The Goldman Sachs Group restated a “neutral” rating and issued a $37.00 target price (down from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. Guggenheim began coverage on Veracyte in a research note on Thursday, October 10th. They set a “buy” rating and a $40.00 price target for the company. Finally, Needham & Company LLC boosted their price objective on Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $41.13.

Veracyte Stock Performance

Shares of VCYT opened at $40.89 on Friday. Veracyte, Inc. has a 52-week low of $18.61 and a 52-week high of $46.00. The stock’s 50-day simple moving average is $38.50 and its 200 day simple moving average is $31.24. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of -272.60 and a beta of 1.69.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share 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 firm had revenue of $115.86 million for the quarter, compared to analysts’ expectations of $109.81 million. During the same period in the prior year, the business posted ($0.03) earnings per share. The company’s revenue was up 28.6% on a year-over-year basis. On average, research analysts forecast that Veracyte, Inc. will post 0.38 earnings per share for the current fiscal year.

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.