QRG Capital Management Inc. Raises Position in Veracyte, Inc. (NASDAQ:VCYT)

QRG Capital Management Inc. raised its position in shares of Veracyte, Inc. (NASDAQ:VCYT) by 4.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 134,816 shares of the biotechnology company’s stock after acquiring an additional 5,400 shares during the quarter. QRG Capital Management Inc.’s holdings in Veracyte were worth $4,589,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in VCYT. Blue Trust Inc. raised its stake in Veracyte by 2,331.6% in the 2nd quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 1,329 shares during the last quarter. CWM LLC raised its position in shares of Veracyte by 168.3% in the second quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock valued at $33,000 after buying an additional 951 shares during the last quarter. Castleview Partners LLC acquired a new stake in shares of Veracyte in the third quarter valued at about $87,000. Values First Advisors Inc. purchased a new position in shares of Veracyte in the third quarter worth about $91,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Veracyte during the second quarter worth about $58,000.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on VCYT. Morgan Stanley raised their target price on shares of Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a research note on Monday, August 12th. Leerink Partners lifted their price objective on Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Guggenheim assumed coverage on Veracyte in a report on Thursday, October 10th. They issued a “buy” rating and a $40.00 target price for the company. Needham & Company LLC lifted their price target on Veracyte from $31.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Finally, UBS Group initiated coverage on shares of Veracyte in a report on Wednesday, October 16th. They issued a “buy” rating and a $43.00 price objective for the company. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $35.67.

Veracyte Stock Up 2.7 %

Shares of Veracyte stock opened at $35.93 on Wednesday. The business’s fifty day simple moving average is $32.96 and its 200-day simple moving average is $26.72. Veracyte, Inc. has a 52 week low of $18.61 and a 52 week high of $36.26.

Veracyte (NASDAQ:VCYT) last announced its earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.10. The company had revenue of $114.43 million during the quarter, compared to analyst estimates of $100.27 million. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. Veracyte’s revenue was up 26.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.12) earnings per share. As a group, sell-side analysts expect that Veracyte, Inc. will post 0.16 EPS for the current year.

Insider Buying and Selling

In other Veracyte news, insider John Leite sold 5,479 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total value of $163,164.62. Following the sale, the insider now owns 76,174 shares of the company’s stock, valued at $2,268,461.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Veracyte news, insider John Leite sold 5,479 shares of Veracyte stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total value of $163,164.62. Following the completion of the transaction, the insider now directly owns 76,174 shares of the company’s stock, valued at $2,268,461.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Evan/ Fa Jones sold 20,457 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total transaction of $658,715.40. Following the sale, the director now owns 34,343 shares in the company, valued at $1,105,844.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,141 shares of company stock valued at $1,035,116. Company insiders own 1.30% of the company’s stock.

About Veracyte

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.