Neo Ivy Capital Management Buys Shares of 24,116 Veracyte, Inc. (NASDAQ:VCYT)

Neo Ivy Capital Management bought a new position in Veracyte, Inc. (NASDAQ:VCYT - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 24,116 shares of the biotechnology company's stock, valued at approximately $820,000.

Several other institutional investors also recently bought and sold shares of the business. Blue Trust Inc. boosted its holdings in shares of Veracyte by 2,331.6% in the 2nd 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 during the last quarter. CWM LLC increased 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 acquiring an additional 951 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Veracyte in the 2nd quarter worth about $58,000. Signature Resources Capital Management LLC acquired a new position in shares of Veracyte in the 2nd quarter valued at about $83,000. Finally, nVerses Capital LLC purchased a new stake in shares of Veracyte during the 2nd quarter worth about $85,000.

Veracyte Trading Up 2.0 %

VCYT stock traded up $0.89 during midday trading on Thursday, hitting $44.40. 645,757 shares of the company's stock were exchanged, compared to its average volume of 770,859. The firm has a 50 day moving average price of $37.50 and a 200-day moving average price of $30.33. Veracyte, Inc. has a 12-month low of $18.61 and a 12-month high of $46.00. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of -296.00 and a beta of 1.69.

Veracyte (NASDAQ:VCYT - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share (EPS) for the quarter, topping 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 business had revenue of $115.86 million during the quarter, compared to analyst estimates of $109.81 million. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. The business's revenue was up 28.6% compared to the same quarter last year. On average, sell-side analysts forecast that Veracyte, Inc. will post 0.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

VCYT has been the topic of a number of recent research reports. Guggenheim assumed coverage on shares of Veracyte in a research report on Thursday, October 10th. They set a "buy" rating and a $40.00 price target on the stock. Needham & Company LLC upped their price target on shares of Veracyte from $37.00 to $44.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Leerink Partners raised 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. UBS Group upped their target price on Veracyte from $43.00 to $46.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Finally, Scotiabank raised their target price on Veracyte from $40.00 to $44.00 and gave the company a "sector outperform" rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Veracyte presently has a consensus rating of "Moderate Buy" and a consensus price target of $41.13.

Insider Activity

In other Veracyte news, Director Evan/ Fa Jones sold 5,173 shares of the firm's stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $35.23, for a total value 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 trade represents a 13.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Rebecca Chambers sold 7,000 shares of the company's stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $43.23, for a total value of $302,610.00. Following the transaction, the chief financial officer now directly owns 114,037 shares of the company's stock, valued at $4,929,819.51. This trade represents a 5.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,211 shares of company stock worth $787,542. 1.30% of the stock is currently owned by corporate insiders.

Veracyte Company Profile

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.