State of New Jersey Common Pension Fund D boosted its stake in shares of Veracyte, Inc. (NASDAQ:VCYT – Get Rating) by 78.9% during the first quarter, Holdings Channel reports. The fund owned 101,903 shares of the biotechnology company’s stock after acquiring an additional 44,933 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Veracyte were worth $2,809,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. ARK Investment Management LLC lifted its position in Veracyte by 6.5% during the 1st quarter. ARK Investment Management LLC now owns 8,756,024 shares of the biotechnology company’s stock valued at $241,404,000 after purchasing an additional 533,743 shares during the period. State Street Corp lifted its position in Veracyte by 11.3% during the 4th quarter. State Street Corp now owns 2,711,626 shares of the biotechnology company’s stock valued at $111,719,000 after purchasing an additional 275,487 shares during the period. EFG Asset Management North America Corp. acquired a new position in Veracyte during the 4th quarter valued at about $10,808,000. Fisher Asset Management LLC lifted its position in Veracyte by 22.2% during the 4th quarter. Fisher Asset Management LLC now owns 1,169,618 shares of the biotechnology company’s stock valued at $48,188,000 after purchasing an additional 212,117 shares during the period. Finally, Jennison Associates LLC lifted its position in Veracyte by 41.8% during the 4th quarter. Jennison Associates LLC now owns 664,828 shares of the biotechnology company’s stock valued at $27,391,000 after purchasing an additional 196,068 shares during the period.
Wall Street Analysts Forecast Growth
Separately, Needham & Company LLC cut their target price on shares of Veracyte from $31.00 to $26.00 in a research report on Wednesday, May 4th. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $42.17.
Insiders Place Their Bets
Veracyte Price Performance
Shares of NASDAQ:VCYT opened at $26.34 on Friday. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of -38.73 and a beta of 0.98. The firm’s 50 day simple moving average is $21.08 and its 200 day simple moving average is $23.87. Veracyte, Inc. has a fifty-two week low of $14.85 and a fifty-two week high of $54.13.
Veracyte (NASDAQ:VCYT – Get Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The biotechnology company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.03. The business had revenue of $67.78 million for the quarter, compared to the consensus estimate of $61.98 million. Veracyte had a negative net margin of 19.22% and a negative return on equity of 4.09%. During the same period last year, the company posted ($0.11) EPS. Equities research analysts expect that Veracyte, Inc. will post -0.86 earnings per share for the current year.
Veracyte, Inc operates as a diagnostics company worldwide. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas, which are used to determine patients with indeterminate results are benign to avoid unnecessary surgery; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Genomic Sequencing Classifier and Percepta Nasal Swab Test for lung cancer diagnosis; Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis; and Immunoscore Colon Cancer test for colon cancer diagnosis.
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