Algert Global LLC Raises Stock Position in Veracyte, Inc. (NASDAQ:VCYT)

Algert Global LLC boosted its position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 411.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 201,697 shares of the biotechnology company's stock after acquiring an additional 162,236 shares during the period. Algert Global LLC owned 0.26% of Veracyte worth $6,866,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Blue Trust Inc. boosted its holdings in Veracyte by 2,331.6% during the second quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company's stock valued at $31,000 after purchasing an additional 1,329 shares in the last quarter. CWM LLC grew its stake in Veracyte by 168.3% during the second quarter. CWM LLC now owns 1,516 shares of the biotechnology company's stock worth $33,000 after buying an additional 951 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Veracyte during the 2nd quarter valued at $58,000. Signature Resources Capital Management LLC bought a new position in shares of Veracyte in the second quarter valued at about $83,000. Finally, nVerses Capital LLC acquired a new position in shares of Veracyte during the second quarter worth approximately $85,000.

Insider Buying and Selling at Veracyte

In other news, Director Evan/ Fa Jones sold 5,173 shares of the company's stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total transaction of $182,244.79. Following the transaction, the director now owns 34,343 shares of the company's stock, valued at $1,209,903.89. This represents a 13.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Leite sold 5,479 shares of Veracyte stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total value of $163,164.62. Following the completion of the sale, the insider now directly owns 76,174 shares of the company's stock, valued at approximately $2,268,461.72. This trade represents a 6.71 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company's stock.

Veracyte Trading Up 1.7 %

NASDAQ VCYT traded up $0.65 during mid-day trading on Friday, hitting $39.59. The company's stock had a trading volume of 714,947 shares, compared to its average volume of 876,752. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of -263.93 and a beta of 1.67. The company's 50 day simple moving average is $34.89 and its 200 day simple moving average is $28.30. Veracyte, Inc. has a twelve month low of $18.61 and a twelve month high of $41.43.

Veracyte (NASDAQ:VCYT - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share 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 company had revenue of $115.86 million for the quarter, compared to analyst estimates of $109.81 million. During the same period last year, the firm earned ($0.03) earnings per share. The firm's revenue was up 28.6% on a year-over-year basis. As a group, research analysts forecast that Veracyte, Inc. will post 0.32 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on VCYT shares. The Goldman Sachs Group upped their target price on shares of Veracyte from $34.00 to $38.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Leerink Partners boosted their price objective on Veracyte from $35.00 to $40.00 and gave the company an "outperform" rating in a research report on Thursday, October 17th. Morgan Stanley raised their target price on shares of Veracyte from $26.00 to $28.00 and gave the stock an "underweight" rating in a report on Monday, November 18th. Guggenheim began coverage on shares of Veracyte in a report on Thursday, October 10th. They issued a "buy" rating and a $40.00 price target for the company. Finally, Scotiabank raised their price objective on shares of Veracyte from $40.00 to $44.00 and gave the stock a "sector outperform" rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $41.25.

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.