Cinctive Capital Management LP Sells 78,122 Shares of Veracyte, Inc. (NASDAQ:VCYT)

Cinctive Capital Management LP cut its holdings in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 71.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 30,893 shares of the biotechnology company's stock after selling 78,122 shares during the quarter. Cinctive Capital Management LP's holdings in Veracyte were worth $1,223,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Bryce Point Capital LLC bought a new stake in shares of Veracyte during the fourth quarter worth $1,021,000. Alliancebernstein L.P. raised its holdings in Veracyte by 2.1% during the 4th quarter. Alliancebernstein L.P. now owns 98,420 shares of the biotechnology company's stock worth $3,897,000 after purchasing an additional 2,000 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Veracyte by 134.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 635,110 shares of the biotechnology company's stock valued at $25,150,000 after purchasing an additional 363,862 shares during the period. Norges Bank bought a new position in shares of Veracyte in the 4th quarter valued at about $8,934,000. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position in shares of Veracyte by 90.3% during the 4th quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 18,156 shares of the biotechnology company's stock worth $719,000 after buying an additional 8,615 shares during the period.

Veracyte Stock Up 13.0 %

Shares of NASDAQ VCYT traded up $3.74 during midday trading on Wednesday, reaching $32.62. 1,863,379 shares of the company were exchanged, compared to its average volume of 854,830. Veracyte, Inc. has a one year low of $18.61 and a one year high of $47.32. The stock has a market cap of $2.54 billion, a P/E ratio of -217.47 and a beta of 2.03. The stock's 50-day moving average price is $34.79 and its 200-day moving average price is $37.48.

Veracyte (NASDAQ:VCYT - Get Free Report) last issued 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. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The business had revenue of $118.63 million during the quarter, compared to analysts' expectations of $110.73 million. During the same quarter in the prior year, the firm earned ($0.39) EPS. On average, equities research analysts anticipate that Veracyte, Inc. will post 0.68 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. UBS Group raised their target price on Veracyte from $46.00 to $49.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Needham & Company LLC restated a "buy" rating and set a $51.00 price objective on shares of Veracyte in a report on Tuesday, February 25th. Stephens reiterated an "overweight" rating and issued a $45.00 target price on shares of Veracyte in a report on Wednesday, March 26th. Guggenheim decreased their price target on shares of Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a report on Wednesday. Finally, StockNews.com downgraded Veracyte from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $42.60.

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.