Iron Triangle Partners LP Purchases New Position in Veracyte, Inc. $VCYT

Iron Triangle Partners LP acquired a new position in shares of Veracyte, Inc. (NASDAQ:VCYT) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 485,000 shares of the biotechnology company’s stock, valued at approximately $16,650,000. Veracyte accounts for approximately 2.4% of Iron Triangle Partners LP’s investment portfolio, making the stock its 21st biggest position. Iron Triangle Partners LP owned 0.61% of Veracyte as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Veracyte by 5.0% in the third quarter. Vanguard Group Inc. now owns 8,504,088 shares of the biotechnology company’s stock valued at $291,945,000 after buying an additional 403,737 shares in the last quarter. Artisan Partners Limited Partnership boosted its stake in shares of Veracyte by 16.6% during the 3rd quarter. Artisan Partners Limited Partnership now owns 7,370,467 shares of the biotechnology company’s stock worth $253,028,000 after acquiring an additional 1,048,692 shares in the last quarter. ARK Investment Management LLC boosted its stake in shares of Veracyte by 17.5% during the 3rd quarter. ARK Investment Management LLC now owns 4,465,775 shares of the biotechnology company’s stock worth $153,310,000 after acquiring an additional 665,686 shares in the last quarter. State Street Corp grew its position in shares of Veracyte by 0.4% during the 2nd quarter. State Street Corp now owns 3,169,700 shares of the biotechnology company’s stock valued at $85,677,000 after acquiring an additional 11,461 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Veracyte by 3.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 3,118,166 shares of the biotechnology company’s stock valued at $107,042,000 after purchasing an additional 95,664 shares in the last quarter.

Insider Activity

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

Veracyte Stock Performance

NASDAQ:VCYT opened at $32.13 on Monday. Veracyte, Inc. has a one year low of $22.61 and a one year high of $50.71. The stock has a market cap of $2.55 billion, a PE ratio of 38.71 and a beta of 1.91. The stock has a 50 day moving average price of $38.08 and a 200 day moving average price of $38.24.

Veracyte (NASDAQ:VCYT) last issued its earnings results on Wednesday, February 25th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, beating 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 company had revenue of $140.64 million during the quarter, compared to analysts’ expectations of $135.79 million. During the same period in the prior year, the business earned $0.06 EPS. The firm’s quarterly revenue was up 18.5% on a year-over-year basis. As a group, analysts predict that Veracyte, Inc. will post 0.68 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Wall Street Zen upgraded Veracyte from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 27th. Morgan Stanley reduced their target price on Veracyte from $48.00 to $37.00 and set an “underweight” rating for the company in a research note on Thursday, March 5th. Zacks Research cut shares of Veracyte from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Weiss Ratings restated a “hold (c)” rating on shares of Veracyte in a research report on Monday, December 29th. Finally, Guggenheim increased their price objective on shares of Veracyte from $45.00 to $50.00 and gave the company a “buy” rating in a report on Monday, January 5th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Veracyte presently has an average rating of “Hold” and a consensus price target of $45.14.

Veracyte Company Profile

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.