Connor Clark & Lunn Investment Management Ltd. lowered its holdings in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 22.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 279,331 shares of the biotechnology company's stock after selling 81,540 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.36% of Veracyte worth $11,062,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of VCYT. HighTower Advisors LLC boosted its stake in shares of Veracyte by 1.9% during the fourth quarter. HighTower Advisors LLC now owns 16,630 shares of the biotechnology company's stock worth $659,000 after buying an additional 305 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Veracyte by 24.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,167 shares of the biotechnology company's stock worth $1,036,000 after acquiring an additional 5,123 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Veracyte by 9.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 25,439 shares of the biotechnology company's stock valued at $1,007,000 after purchasing an additional 2,115 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich increased its holdings in shares of Veracyte by 7.7% in the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 20,964 shares of the biotechnology company's stock valued at $916,000 after purchasing an additional 1,501 shares during the period. Finally, E Fund Management Co. Ltd. acquired a new position in shares of Veracyte in the fourth quarter valued at approximately $253,000.
Insider Buying and Selling at Veracyte
In related news, Director Karin Eastham sold 10,000 shares of Veracyte stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $40.30, for a total transaction 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 trade represents a 35.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by insiders.
Analysts Set New Price Targets
A number of equities analysts recently weighed in on VCYT shares. Guggenheim reiterated a "buy" rating and issued a $45.00 price objective on shares of Veracyte in a research report on Tuesday, February 25th. StockNews.com cut shares of Veracyte from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. The Goldman Sachs Group reiterated a "neutral" rating and set a $37.00 price target (down from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. UBS Group raised their price objective on shares of Veracyte from $46.00 to $49.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $51.00 target price on shares of Veracyte in a research report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $43.00.
Read Our Latest Stock Report on Veracyte
Veracyte Price Performance
VCYT traded up $0.54 during trading on Wednesday, reaching $31.78. 636,464 shares of the stock were exchanged, compared to its average volume of 802,031. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of -211.87 and a beta of 1.80. Veracyte, Inc. has a 1 year low of $18.61 and a 1 year high of $47.32. The business's 50 day moving average price is $39.20 and its two-hundred day moving average price is $37.69.
Veracyte (NASDAQ:VCYT - Get Free Report) last announced its earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.07. The company had revenue of $118.63 million during the quarter, compared to analysts' expectations of $110.73 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. During the same quarter in the previous year, the business posted ($0.39) earnings per share. On average, analysts anticipate that Veracyte, Inc. will post 0.68 EPS for the current year.
Veracyte Company Profile
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Free Report)
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.
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