Veracyte, Inc. $VCYT Stock: State of Alaska Department of Revenue Cuts Holdings

State of Alaska Department of Revenue reduced its stake in shares of Veracyte, Inc. (NASDAQ:VCYT) by 43.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 17,321 shares of the biotechnology company’s stock after selling 13,083 shares during the period. State of Alaska Department of Revenue’s holdings in Veracyte were worth $796,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC purchased a new position in shares of Veracyte during the second quarter valued at approximately $44,000. Allworth Financial LP bought a new stake in Veracyte during the second quarter worth $50,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Veracyte in the 2nd quarter valued at $62,000. GAMMA Investing LLC raised its position in Veracyte by 21.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,121 shares of the biotechnology company’s stock valued at $66,000 after buying an additional 196 shares during the last quarter. Finally, Rockefeller Capital Management L.P. raised its position in Veracyte by 197.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,719 shares of the biotechnology company’s stock valued at $72,000 after buying an additional 1,141 shares during the last quarter.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Piper Sandler dropped their price objective on Veracyte from $66.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 4th. Needham & Company LLC reiterated a “buy” rating on shares of Veracyte in a research note on Tuesday, September 15th. Wall Street Zen lowered shares of Veracyte from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 10th. Morgan Stanley lowered their target price on shares of Veracyte from $47.00 to $44.00 and set an “underweight” rating for the company in a report on Tuesday, August 4th. Finally, Stephens cut their price target on shares of Veracyte from $68.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.78.

Veracyte Stock Down 0.4%

VCYT stock opened at $46.04 on Friday. The firm has a market cap of $3.70 billion, a PE ratio of 30.41 and a beta of 1.95. The business has a 50 day moving average of $43.45 and a 200-day moving average of $45.53. Veracyte, Inc. has a 12-month low of $29.45 and a 12-month high of $60.91.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Thursday, July 30th. The biotechnology company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.13. Veracyte had a return on equity of 9.26% and a net margin of 20.37%. The business had revenue of $150.32 million for the quarter, compared to analyst estimates of $144.59 million. During the same period last year, the company posted $0.44 earnings per share. Veracyte’s quarterly revenue was up 15.5% compared to the same quarter last year. On average, research analysts expect that Veracyte, Inc. will post 1.32 earnings per share for the current year.

Insider Transactions at Veracyte

In other news, Director Jens Holstein sold 5,000 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $40.95, for a total transaction of $204,750.00. Following the completion of the sale, the director directly owned 27,471 shares of the company’s stock, valued at $1,124,937.45. This trade represents a 15.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Annie Mcguire sold 3,254 shares of Veracyte stock in a transaction on Friday, September 4th. The stock was sold at an average price of $43.09, for a total value of $140,214.86. Following the sale, the executive vice president owned 131,160 shares in the company, valued at $5,651,684.40. The trade was a 2.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 32,759 shares of company stock worth $1,388,904. Company insiders own 1.60% of the company’s stock.

About Veracyte

Veracyte, Inc is a diagnostics company that develops genomic tests to help physicians diagnose cancer, assess disease risk and guide treatment decisions. Its tests are designed to provide additional molecular information from patient samples, often helping reduce uncertainty and support more personalized care.

The company’s portfolio includes Afirma tests for thyroid nodules, Decipher tests for prostate cancer, Percepta tests for lung cancer and Envisio tests for breast cancer. Veracyte also develops and commercializes additional genomic assays intended for use across various cancer types and clinical settings.

Founded in 2008 and headquartered in South San Francisco, California, Veracyte primarily serves the U.S.