Sumitomo Mitsui Trust Group Inc. Cuts Position in Veracyte, Inc. (NASDAQ:VCYT)

Sumitomo Mitsui Trust Group Inc. decreased its holdings in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 13.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,752,383 shares of the biotechnology company's stock after selling 429,209 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 3.58% of Veracyte worth $93,691,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Veracyte by 3.7% in the first quarter. Vanguard Group Inc. now owns 7,384,871 shares of the biotechnology company's stock valued at $163,649,000 after purchasing an additional 266,660 shares during the period. Bamco Inc. NY increased its holdings in shares of Veracyte by 46.3% in the first quarter. Bamco Inc. NY now owns 1,115,806 shares of the biotechnology company's stock valued at $24,726,000 after purchasing an additional 353,000 shares during the period. Sei Investments Co. increased its holdings in shares of Veracyte by 21.2% in the first quarter. Sei Investments Co. now owns 142,604 shares of the biotechnology company's stock valued at $3,160,000 after purchasing an additional 24,945 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Veracyte by 21.8% in the second quarter. Victory Capital Management Inc. now owns 87,555 shares of the biotechnology company's stock valued at $1,897,000 after purchasing an additional 15,647 shares during the period. Finally, Diversified Trust Co raised its holdings in Veracyte by 22.7% during the second quarter. Diversified Trust Co now owns 28,060 shares of the biotechnology company's stock worth $608,000 after purchasing an additional 5,200 shares in the last quarter.

Insider Activity at Veracyte

In other Veracyte 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 transaction of $182,244.79. Following the sale, the director now owns 34,343 shares in the company, valued at approximately $1,209,903.89. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider John Leite sold 5,479 shares of the firm's stock in a transaction on Wednesday, September 4th. The stock was 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 $2,268,461.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Evan/ Fa Jones sold 5,173 shares of the firm's 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 sale, the director now owns 34,343 shares in the company, valued at $1,209,903.89. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

Veracyte Trading Down 3.6 %

Shares of NASDAQ:VCYT traded down $1.41 during midday trading on Thursday, hitting $38.12. 221,841 shares of the stock were exchanged, compared to its average volume of 764,646. Veracyte, Inc. has a twelve month low of $18.61 and a twelve month high of $41.43. The company has a 50 day moving average price of $33.77 and a 200-day moving average price of $27.43. The stock has a market cap of $2.95 billion, a P/E ratio of -263.53 and a beta of 1.67.

Veracyte (NASDAQ:VCYT - Get Free Report) last announced its 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. The company had revenue of $115.86 million during 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%. The firm's quarterly revenue was up 28.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.03) earnings per share. On average, equities research analysts expect that Veracyte, Inc. will post 0.16 earnings per share for the current year.

Wall Street Analyst Weigh In

VCYT has been the topic of a number of analyst reports. Guggenheim assumed coverage on Veracyte in a report on Thursday, October 10th. They issued a "buy" rating and a $40.00 price objective on the stock. UBS Group upped their price objective on Veracyte from $43.00 to $46.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. The Goldman Sachs Group increased their price objective on Veracyte from $34.00 to $38.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. Morgan Stanley boosted their target price on shares of Veracyte from $21.00 to $26.00 and gave the stock an "underweight" rating in a research report on Monday, August 12th. Finally, Scotiabank increased their price target on shares of 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 and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, Veracyte has a consensus rating of "Moderate Buy" and an average price target of $39.71.

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.