Verition Fund Management LLC Takes $1.32 Million Position in Veracyte, Inc. (NASDAQ:VCYT)

Verition Fund Management LLC bought a new stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 38,657 shares of the biotechnology company's stock, valued at approximately $1,316,000.

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

Veracyte Stock Performance

Shares of VCYT stock traded up $1.29 during midday trading on Friday, hitting $44.13. 1,076,603 shares of the company were exchanged, compared to its average volume of 818,616. Veracyte, Inc. has a 52 week low of $18.61 and a 52 week high of $46.00. The firm's 50 day moving average price is $36.71 and its two-hundred day moving average price is $29.77.

Veracyte (NASDAQ:VCYT - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.16. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The business had revenue of $115.86 million during the quarter, compared to the consensus estimate of $109.81 million. During the same quarter in the prior year, the company posted ($0.03) earnings per share. Veracyte's revenue was up 28.6% compared to the same quarter last year. On average, sell-side analysts predict that Veracyte, Inc. will post 0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on VCYT. Needham & Company LLC upped their target price on Veracyte from $37.00 to $44.00 and gave the stock a "buy" rating in a report on Thursday, November 7th. The Goldman Sachs Group reissued a "neutral" rating and issued a $37.00 price objective (down previously from $38.00) on shares of Veracyte in a report on Thursday. Morgan Stanley boosted their target price on shares of Veracyte from $26.00 to $28.00 and gave the stock an "underweight" rating in a report on Monday, November 18th. Wolfe Research initiated coverage on shares of Veracyte in a research report on Friday, November 15th. They set an "outperform" rating and a $50.00 price target on the stock. Finally, Scotiabank boosted their price objective on shares of Veracyte from $40.00 to $44.00 and gave the stock a "sector outperform" rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Veracyte has a consensus rating of "Moderate Buy" and an average price target of $41.13.

Insider Activity at Veracyte

In other news, CFO Rebecca Chambers sold 7,000 shares of the firm's stock in a transaction on Tuesday, December 3rd. The stock was 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 directly owns 114,037 shares of the company's stock, valued at $4,929,819.51. This trade represents a 5.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John Leite sold 1,050 shares of the business's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.25, for a total transaction of $45,412.50. Following the completion of the transaction, the insider now directly owns 73,810 shares in the company, valued at $3,192,282.50. This trade represents a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,211 shares of company stock valued at $787,542 over the last ninety days. Corporate insiders own 1.30% of the company's stock.

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.