Wellington Management Group LLP Cuts Stake in Veracyte, Inc. (NASDAQ:VCYT)

Wellington Management Group LLP decreased its position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 38.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,232,844 shares of the biotechnology company's stock after selling 2,643,340 shares during the period. Wellington Management Group LLP owned approximately 5.46% of Veracyte worth $144,086,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of VCYT. Blue Trust Inc. grew its position in Veracyte by 2,331.6% during the 2nd quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company's stock worth $31,000 after acquiring an additional 1,329 shares during the last quarter. CWM LLC grew its holdings in shares of Veracyte by 168.3% in the second quarter. CWM LLC now owns 1,516 shares of the biotechnology company's stock worth $33,000 after purchasing an additional 951 shares during the last quarter. Castleview Partners LLC purchased a new position in shares of Veracyte in the third quarter worth $87,000. Values First Advisors Inc. bought a new stake in Veracyte during the 3rd quarter valued at $91,000. Finally, KBC Group NV boosted its position in Veracyte by 13.7% during the 3rd quarter. KBC Group NV now owns 2,677 shares of the biotechnology company's stock valued at $91,000 after buying an additional 323 shares during the period.

Insider Activity

In other news, CFO Rebecca Chambers sold 7,000 shares of the business's stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $43.23, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Evan/ Fa Jones sold 5,173 shares of Veracyte stock in a transaction on 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 in the company, valued at $1,209,903.89. This trade represents a 13.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,211 shares of company stock valued at $787,542 in the last 90 days. 1.30% of the stock is currently owned by insiders.

Veracyte Price Performance

Veracyte stock traded up $0.22 during mid-day trading on Tuesday, reaching $42.98. The stock had a trading volume of 749,435 shares, compared to its average volume of 772,249. The company has a market capitalization of $3.33 billion, a price-to-earnings ratio of -285.07 and a beta of 1.69. Veracyte, Inc. has a one year low of $18.61 and a one year high of $46.00. The company has a 50-day moving average price of $36.88 and a two-hundred day moving average price of $29.98.

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 during the quarter, compared to analyst estimates 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 quarterly revenue was up 28.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.03) EPS. On average, equities research analysts anticipate that Veracyte, Inc. will post 0.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

VCYT has been the topic of a number of analyst reports. UBS Group boosted their price objective on shares of Veracyte from $43.00 to $46.00 and gave the company a "buy" rating in a research report on Thursday, November 7th. Leerink Partners boosted their price target on Veracyte from $35.00 to $40.00 and gave the company an "outperform" rating in a report on Thursday, October 17th. Morgan Stanley increased their price objective on Veracyte from $26.00 to $28.00 and gave the stock an "underweight" rating in a report on Monday, November 18th. Scotiabank boosted their target price on Veracyte from $40.00 to $44.00 and gave the company a "sector outperform" rating in a research note on Friday, November 8th. Finally, Wolfe Research assumed coverage on shares of Veracyte in a research report on Friday, November 15th. They set an "outperform" rating and a $50.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have given 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.

Veracyte 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.