Veracyte, Inc. (NASDAQ:VCYT) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 9.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 243,452 shares of the biotechnology company's stock after buying an additional 20,906 shares during the quarter. Bank of New York Mellon Corp owned about 0.31% of Veracyte worth $9,641,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. State Street Corp boosted its holdings in Veracyte by 0.3% in the third quarter. State Street Corp now owns 2,916,515 shares of the biotechnology company's stock valued at $99,278,000 after purchasing an additional 7,920 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Veracyte by 1.0% in the third quarter. Geode Capital Management LLC now owns 1,844,713 shares of the biotechnology company's stock valued at $62,806,000 after purchasing an additional 17,921 shares during the last quarter. Jennison Associates LLC boosted its holdings in Veracyte by 116.3% in the fourth quarter. Jennison Associates LLC now owns 833,754 shares of the biotechnology company's stock valued at $33,017,000 after purchasing an additional 448,251 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in Veracyte by 0.4% in the fourth quarter. New York State Common Retirement Fund now owns 785,971 shares of the biotechnology company's stock valued at $31,124,000 after purchasing an additional 3,111 shares during the last quarter. Finally, Eventide Asset Management LLC boosted its holdings in Veracyte by 20.2% in the third quarter. Eventide Asset Management LLC now owns 677,883 shares of the biotechnology company's stock valued at $23,075,000 after purchasing an additional 113,883 shares during the last quarter.

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Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $51.00 price target on shares of Veracyte in a report on Tuesday, February 25th. Guggenheim reaffirmed a "buy" rating and issued a $45.00 price target on shares of Veracyte in a report on Tuesday, February 25th. UBS Group upped their price target on shares of Veracyte from $46.00 to $49.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. Morgan Stanley upped their price objective on shares of Veracyte from $26.00 to $28.00 and gave the stock an "underweight" rating in a research report on Monday, November 18th. Finally, StockNews.com downgraded shares of Veracyte from a "buy" rating to a "hold" rating in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $43.00.

Veracyte Stock Performance

Shares of VCYT traded up $0.01 during mid-day trading on Tuesday, hitting $31.24. 658,341 shares of the company were exchanged, compared to its average volume of 803,461. Veracyte, Inc. has a 1-year low of $18.61 and a 1-year high of $47.32. The company has a 50 day moving average of $39.43 and a 200-day moving average of $37.69. The stock has a market cap of $2.44 billion, a price-to-earnings ratio of -208.27 and a beta of 1.80.

Veracyte (NASDAQ:VCYT - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.07. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The firm had revenue of $118.63 million during the quarter, compared to the consensus estimate of $110.73 million. During the same quarter in the prior year, the firm earned ($0.39) EPS. Research analysts anticipate that Veracyte, Inc. will post 0.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Veracyte news, Director Karin Eastham sold 10,000 shares of the 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 completion of the sale, the director now owns 18,497 shares in the company, valued at approximately $745,429.10. This represents a 35.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.30% of the company's stock.

Veracyte Company 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.