Sowell Financial Services LLC Invests $33,000 in Veracyte, Inc. (NASDAQ:VCYT)

Sowell Financial Services LLC acquired a new position in Veracyte, Inc. (NASDAQ:VCYT) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 764 shares of the biotechnology company’s stock, valued at approximately $33,000.

Several other hedge funds have also bought and sold shares of VCYT. Nisa Investment Advisors LLC raised its position in shares of Veracyte by 21.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,550 shares of the biotechnology company’s stock worth $125,000 after acquiring an additional 450 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Veracyte by 26.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,388 shares of the biotechnology company’s stock valued at $362,000 after buying an additional 1,538 shares in the last quarter. First Trust Advisors LP increased its position in Veracyte by 144.4% in the 4th quarter. First Trust Advisors LP now owns 42,854 shares of the biotechnology company’s stock valued at $2,097,000 after buying an additional 25,318 shares in the last quarter. California Public Employees Retirement System increased its position in Veracyte by 11.4% in the 4th quarter. California Public Employees Retirement System now owns 132,473 shares of the biotechnology company’s stock valued at $6,483,000 after buying an additional 13,573 shares in the last quarter. Finally, Jackson Creek Investment Advisors LLC bought a new stake in Veracyte in the 4th quarter valued at about $865,000.

In related news, Director Karin Eastham sold 4,427 shares of the company’s stock in a transaction that occurred on Monday, May 3rd. The stock was sold at an average price of $48.27, for a total value of $213,691.29. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Giulia C. Kennedy sold 9,081 shares of the company’s stock in a transaction that occurred on Friday, June 4th. The shares were sold at an average price of $34.63, for a total value of $314,475.03. Following the completion of the transaction, the insider now owns 57,218 shares in the company, valued at approximately $1,981,459.34. The disclosure for this sale can be found here. 2.90% of the stock is owned by insiders.

Shares of NASDAQ VCYT opened at $36.69 on Friday. Veracyte, Inc. has a twelve month low of $22.69 and a twelve month high of $86.03. The business has a 50 day simple moving average of $43.98. The stock has a market cap of $2.47 billion, a P/E ratio of -33.35 and a beta of 0.73.

Veracyte (NASDAQ:VCYT) last announced its earnings results on Monday, May 10th. The biotechnology company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. Veracyte had a negative return on equity of 5.91% and a negative net margin of 52.87%. The firm had revenue of $36.70 million for the quarter, compared to the consensus estimate of $34.52 million. As a group, research analysts anticipate that Veracyte, Inc. will post -0.79 earnings per share for the current year.

A number of analysts recently commented on VCYT shares. SVB Leerink decreased their target price on Veracyte from $75.00 to $65.00 and set an “outperform” rating for the company in a research report on Tuesday, May 11th. Needham & Company LLC decreased their target price on Veracyte from $88.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, May 11th. Zacks Investment Research lowered Veracyte from a “hold” rating to a “sell” rating in a research report on Wednesday, April 21st. William Blair reissued a “buy” rating on shares of Veracyte in a report on Thursday, May 27th. Finally, Truist Securities decreased their price objective on Veracyte from $84.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, May 18th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company’s stock. Veracyte has an average rating of “Buy” and an average price target of $54.67.

Veracyte Company Profile

Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas, which are used to identify patients with benign thyroid nodules among those with indeterminate cytopathology results in order to rule out unnecessary thyroid surgery; Percepta Genomic Sequencing Classifier for lung cancer diagnosis; Envisia Genomic Classifier that help physicians to differentiate idiopathic pulmonary fibrosis from other interstitial lung diseases without the need for surgery; and Prosigna Breast Cancer Prognostic Gene Signature Assay test that informs next steps for patients with early-stage breast cancer, as well as provides cancer subtype classification information.

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Institutional Ownership by Quarter for Veracyte (NASDAQ:VCYT)

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