Fred Alger Management LLC Takes $26.35 Million Position in Veracyte, Inc. $VCYT

Fred Alger Management LLC bought a new position in shares of Veracyte, Inc. (NASDAQ:VCYT) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 767,479 shares of the biotechnology company’s stock, valued at approximately $26,348,000. Fred Alger Management LLC owned 0.97% of Veracyte as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in VCYT. Royal Bank of Canada lifted its position in Veracyte by 23.3% during the 1st quarter. Royal Bank of Canada now owns 28,712 shares of the biotechnology company’s stock worth $852,000 after acquiring an additional 5,435 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Veracyte by 12.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 195,793 shares of the biotechnology company’s stock valued at $5,805,000 after purchasing an additional 21,330 shares during the period. Jane Street Group LLC increased its holdings in shares of Veracyte by 94.7% in the first quarter. Jane Street Group LLC now owns 216,909 shares of the biotechnology company’s stock valued at $6,431,000 after purchasing an additional 105,499 shares during the period. Intech Investment Management LLC raised its stake in shares of Veracyte by 54.1% during the first quarter. Intech Investment Management LLC now owns 42,762 shares of the biotechnology company’s stock worth $1,268,000 after purchasing an additional 15,017 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Veracyte by 4.0% during the second quarter. PNC Financial Services Group Inc. now owns 22,732 shares of the biotechnology company’s stock worth $614,000 after purchasing an additional 865 shares during the last quarter.

Insider Activity at Veracyte

In other news, insider John Leite sold 5,260 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $35.19, for a total transaction of $185,099.40. Following the transaction, the insider directly owned 107,580 shares of the company’s stock, valued at $3,785,740.20. This represents a 4.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Rebecca Chambers sold 18,341 shares of the firm’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $36.14, for a total transaction of $662,843.74. Following the completion of the sale, the chief financial officer owned 131,196 shares of the company’s stock, valued at $4,741,423.44. This trade represents a 12.27% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 86,521 shares of company stock valued at $3,185,270. Company insiders own 1.40% of the company’s stock.

Veracyte Price Performance

Veracyte stock opened at $32.13 on Monday. The stock’s 50 day moving average price is $38.08 and its 200 day moving average price is $38.24. Veracyte, Inc. has a 1-year low of $22.61 and a 1-year high of $50.71. The company has a market cap of $2.55 billion, a PE ratio of 38.71 and a beta of 1.91.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Wednesday, February 25th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.12. Veracyte had a return on equity of 8.05% and a net margin of 12.83%.The firm had revenue of $140.64 million during the quarter, compared to analysts’ expectations of $135.79 million. During the same quarter in the prior year, the business posted $0.06 earnings per share. Veracyte’s revenue was up 18.5% compared to the same quarter last year. On average, equities research analysts anticipate that Veracyte, Inc. will post 0.68 EPS for the current fiscal year.

Analysts Set New Price Targets

VCYT has been the topic of a number of analyst reports. Morgan Stanley lowered their price objective on shares of Veracyte from $48.00 to $37.00 and set an “underweight” rating on the stock in a research report on Thursday, March 5th. Wall Street Zen upgraded shares of Veracyte from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 27th. Weiss Ratings restated a “hold (c)” rating on shares of Veracyte in a research note on Monday, December 29th. Needham & Company LLC lifted their target price on shares of Veracyte from $44.00 to $48.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Finally, UBS Group reiterated a “buy” rating on shares of Veracyte in a research note on Monday, January 12th. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Veracyte presently has an average rating of “Hold” and a consensus price target of $45.14.

About Veracyte

Veracyte, Inc is a genomic diagnostics company focused on improving diagnostic accuracy and patient care through advanced molecular testing. Founded in 2008 and headquartered in South San Francisco, California, the company develops and commercializes minimally invasive genomic tests that aid in the diagnosis of thyroid, lung and other diseases. Veracyte’s proprietary platform analyzes gene expression patterns in clinical samples to help physicians make more informed treatment decisions, reducing unnecessary surgeries and improving patient outcomes.

The company’s flagship product, the Afirma Genomic Sequencing Classifier, is designed to assess thyroid nodules with indeterminate cytology, helping clinicians distinguish benign from suspicious nodules.