Veracyte, Inc. (NASDAQ:VCYT) is Perkins Capital Management Inc.’s 7th Largest Position

Perkins Capital Management Inc. lowered its position in Veracyte, Inc. (NASDAQ:VCYT) by 4.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,200 shares of the biotechnology company’s stock after selling 3,730 shares during the quarter. Veracyte makes up approximately 3.2% of Perkins Capital Management Inc.’s portfolio, making the stock its 7th biggest position. Perkins Capital Management Inc. owned about 0.12% of Veracyte worth $3,572,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. HighTower Advisors LLC purchased a new stake in shares of Veracyte during the third quarter valued at approximately $554,000. Eventide Asset Management LLC boosted its stake in shares of Veracyte by 20.2% during the third quarter. Eventide Asset Management LLC now owns 677,883 shares of the biotechnology company’s stock valued at $23,075,000 after purchasing an additional 113,883 shares during the period. Erste Asset Management GmbH purchased a new stake in shares of Veracyte during the third quarter valued at approximately $574,000. Neo Ivy Capital Management purchased a new stake in shares of Veracyte during the third quarter valued at approximately $820,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Veracyte during the third quarter valued at approximately $723,000.

Veracyte Trading Down 0.1 %

VCYT opened at $31.82 on Monday. The stock has a fifty day simple moving average of $38.53 and a two-hundred day simple moving average of $37.72. The company has a market cap of $2.48 billion, a price-to-earnings ratio of -212.13 and a beta of 1.80. Veracyte, Inc. has a 12-month low of $18.61 and a 12-month high of $47.32.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $118.63 million during the quarter, compared to the consensus estimate of $110.73 million. During the same period last year, the company earned ($0.39) earnings per share. On average, analysts predict that Veracyte, Inc. will post 0.68 EPS for the current year.

Insider Activity

In other news, Director Karin Eastham sold 10,000 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $40.30, for a total transaction of $403,000.00. Following the completion of the transaction, the director now directly owns 18,497 shares in the company, valued at $745,429.10. This trade represents a 35.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

VCYT has been the subject of a number of recent analyst reports. Craig Hallum initiated coverage on Veracyte in a report on Thursday. They set a “buy” rating and a $45.00 target price for the company. UBS Group upped their target price on Veracyte from $46.00 to $49.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. The Goldman Sachs Group restated a “neutral” rating and set a $37.00 target price (down previously from $38.00) on shares of Veracyte in a report on Thursday, December 5th. Needham & Company LLC restated a “buy” rating and set a $51.00 target price on shares of Veracyte in a report on Tuesday, February 25th. Finally, StockNews.com downgraded Veracyte from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Veracyte presently has an average rating of “Moderate Buy” and an average price target of $43.22.

About Veracyte

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.