Jennison Associates LLC Buys 448,251 Shares of Veracyte, Inc. (NASDAQ:VCYT)

Jennison Associates LLC boosted its holdings in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 116.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 833,754 shares of the biotechnology company's stock after acquiring an additional 448,251 shares during the quarter. Jennison Associates LLC owned 1.08% of Veracyte worth $33,017,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Castleview Partners LLC bought a new position in shares of Veracyte during the 3rd quarter worth approximately $87,000. Values First Advisors Inc. bought a new position in shares of Veracyte during the 3rd quarter worth approximately $91,000. KBC Group NV lifted its position in shares of Veracyte by 13.7% during the 3rd quarter. KBC Group NV now owns 2,677 shares of the biotechnology company's stock worth $91,000 after buying an additional 323 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Veracyte by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,778 shares of the biotechnology company's stock worth $94,000 after buying an additional 496 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Veracyte by 100.6% during the 3rd quarter. Blue Trust Inc. now owns 2,781 shares of the biotechnology company's stock worth $95,000 after buying an additional 1,395 shares in the last quarter.

Wall Street Analysts Forecast Growth

VCYT has been the topic of several recent analyst reports. Morgan Stanley lifted their target price 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. UBS Group lifted their target price on shares of Veracyte from $43.00 to $46.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Leerink Partners upped their price objective on Veracyte from $35.00 to $40.00 and gave the company an "outperform" rating in a research note on Thursday, October 17th. Wolfe Research started coverage on Veracyte in a report on Friday, November 15th. They set an "outperform" rating and a $50.00 price objective for the company. Finally, Needham & Company LLC increased their price objective on Veracyte from $44.00 to $51.00 and gave the company a "buy" rating in a report on Wednesday, January 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $42.00.

Insider Activity

In related news, insider John Leite sold 1,050 shares of the business's stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $43.25, for a total value of $45,412.50. Following the completion of the sale, the insider now owns 73,810 shares in the company, valued at $3,192,282.50. The trade was a 1.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Rebecca Chambers sold 7,000 shares of the business's stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $43.23, for a total value of $302,610.00. Following the completion of the sale, the chief financial officer now owns 114,037 shares of the company's stock, valued at $4,929,819.51. The trade was a 5.78 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 24,565 shares of company stock worth $1,031,406. 1.30% of the stock is currently owned by insiders.

Veracyte Price Performance

VCYT stock traded down $1.94 during mid-day trading on Friday, reaching $41.56. 1,015,922 shares of the company traded hands, compared to its average volume of 790,610. The company has a market capitalization of $3.22 billion, a P/E ratio of -277.07 and a beta of 1.71. Veracyte, Inc. has a 52-week low of $18.61 and a 52-week high of $47.32. The company has a fifty day moving average price of $42.52 and a 200-day moving average price of $36.12.

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, beating analysts' consensus estimates of $0.03 by $0.16. The firm had revenue of $115.86 million during the quarter, compared to the consensus estimate of $109.81 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The company's revenue for the quarter was up 28.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.03) EPS. As a group, analysts forecast that Veracyte, Inc. will post 0.38 EPS for the current year.

Veracyte 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.