Veracyte, Inc. (NASDAQ:VCYT) Stake Boosted by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. lifted its position in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 288.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 360,871 shares of the biotechnology company's stock after purchasing an additional 268,000 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.47% of Veracyte worth $12,284,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in VCYT. Vanguard Group Inc. increased its position in Veracyte by 3.7% in the 1st quarter. Vanguard Group Inc. now owns 7,384,871 shares of the biotechnology company's stock valued at $163,649,000 after acquiring an additional 266,660 shares during the period. William Blair Investment Management LLC grew its position in Veracyte by 67.4% in the 2nd quarter. William Blair Investment Management LLC now owns 1,241,671 shares of the biotechnology company's stock valued at $26,907,000 after buying an additional 500,020 shares during the last quarter. Bamco Inc. NY increased its stake in Veracyte by 46.3% in the 1st quarter. Bamco Inc. NY now owns 1,115,806 shares of the biotechnology company's stock valued at $24,726,000 after buying an additional 353,000 shares during the period. Granite Investment Partners LLC raised its position in Veracyte by 2.1% during the 2nd quarter. Granite Investment Partners LLC now owns 934,994 shares of the biotechnology company's stock worth $20,261,000 after buying an additional 19,244 shares during the last quarter. Finally, Fiera Capital Corp lifted its stake in shares of Veracyte by 1.2% in the 2nd quarter. Fiera Capital Corp now owns 625,536 shares of the biotechnology company's stock worth $13,555,000 after acquiring an additional 7,219 shares during the period.

Insider Activity

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. UBS Group increased their target price on Veracyte from $43.00 to $46.00 and gave the stock a "buy" rating in a research note on Thursday, November 7th. Leerink Partners boosted their target price on shares of 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 upped their target price on shares of Veracyte from $34.00 to $38.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Guggenheim assumed coverage on Veracyte in a research note on Thursday, October 10th. They issued a "buy" rating and a $40.00 price objective for the company. Finally, Wolfe Research assumed coverage on Veracyte in a research report on Friday, November 15th. They set an "outperform" rating and a $50.00 target price on the stock. One equities research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $41.25.

Veracyte Stock Up 1.7 %

Shares of VCYT traded up $0.65 during trading hours on Friday, reaching $39.59. 693,277 shares of the company traded hands, compared to its average volume of 770,392. The stock has a market capitalization of $3.07 billion, a PE ratio of -259.60 and a beta of 1.67. Veracyte, Inc. has a fifty-two week low of $18.61 and a fifty-two week high of $41.43. The stock has a fifty day simple moving average of $34.75 and a 200 day simple moving average of $28.12.

Veracyte (NASDAQ:VCYT - Get Free Report) last posted its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.16. The business had revenue of $115.86 million for the quarter, compared to analysts' expectations of $109.81 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. During the same period in the previous year, the company posted ($0.03) earnings per share. The business's revenue for the quarter was up 28.6% compared to the same quarter last year. Research analysts predict that Veracyte, Inc. will post 0.25 EPS for the current fiscal year.

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.