9,571 Shares in Veracyte, Inc. (NASDAQ:VCYT) Purchased by Fred Alger Management LLC

Fred Alger Management LLC acquired a new stake in Veracyte, Inc. (NASDAQ:VCYT) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 9,571 shares of the biotechnology company’s stock, valued at approximately $326,000.

A number of other institutional investors have also bought and sold shares of the business. Eventide Asset Management LLC lifted its position in Veracyte by 20.2% during the third quarter. Eventide Asset Management LLC now owns 677,883 shares of the biotechnology company’s stock worth $23,075,000 after buying an additional 113,883 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Veracyte in the third quarter valued at about $723,000. Victory Capital Management Inc. grew its stake in shares of Veracyte by 21.8% in the 2nd quarter. Victory Capital Management Inc. now owns 87,555 shares of the biotechnology company’s stock valued at $1,897,000 after buying an additional 15,647 shares during the period. Diversified Trust Co increased its holdings in shares of Veracyte by 22.7% during the 2nd quarter. Diversified Trust Co now owns 28,060 shares of the biotechnology company’s stock worth $608,000 after buying an additional 5,200 shares during the last quarter. Finally, Granite Investment Partners LLC lifted its holdings in Veracyte by 2.1% in the second quarter. Granite Investment Partners LLC now owns 934,994 shares of the biotechnology company’s stock valued at $20,261,000 after acquiring an additional 19,244 shares during the last quarter.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Morgan Stanley upped their price target on Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a research note on Monday, November 18th. UBS Group lifted their price target on shares of Veracyte from $43.00 to $46.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. The Goldman Sachs Group upped their price objective on shares of Veracyte from $34.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Scotiabank lifted their target price on shares of Veracyte from $40.00 to $44.00 and gave the company a “sector outperform” rating in a report on Friday, November 8th. Finally, Guggenheim initiated coverage on shares of Veracyte in a research report on Thursday, October 10th. They set a “buy” rating and a $40.00 price target on the stock. One investment analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Veracyte currently has an average rating of “Moderate Buy” and a consensus target price of $41.25.

Veracyte Trading Up 0.1 %

Shares of VCYT opened at $42.95 on Monday. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of -286.33 and a beta of 1.67. The firm’s fifty day simple moving average is $35.70 and its 200-day simple moving average is $29.07. Veracyte, Inc. has a twelve month low of $18.61 and a twelve month high of $44.16.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.16. The company had revenue of $115.86 million for the quarter, compared to analysts’ expectations of $109.81 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. Veracyte’s quarterly revenue was up 28.6% on a year-over-year basis. During the same period last year, the firm earned ($0.03) earnings per share. On average, analysts predict that Veracyte, Inc. will post 0.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Evan/ Fa Jones sold 5,173 shares of Veracyte stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $35.23, for a total transaction of $182,244.79. Following the sale, the director now directly owns 34,343 shares in the company, valued at $1,209,903.89. This trade represents a 13.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jonathan Wygant sold 5,032 shares of the firm’s stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $42.89, for a total value of $215,822.48. Following the transaction, the chief accounting officer now directly owns 42,313 shares in the company, valued at approximately $1,814,804.57. The trade was a 10.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,684 shares of company stock worth $561,232 over the last 90 days. 1.30% of the stock is owned by insiders.

Veracyte Company Profile

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.