Envestnet Asset Management Inc. Increases Position in Veracyte, Inc. (NASDAQ:VCYT)

Envestnet Asset Management Inc. grew its position in shares of Veracyte, Inc. (NASDAQ:VCYT – Get Rating) by 7.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 139,438 shares of the biotechnology company’s stock after buying an additional 9,946 shares during the quarter. Envestnet Asset Management Inc. owned 0.19% of Veracyte worth $3,309,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Synovus Financial Corp grew its position in Veracyte by 3.9% during the fourth quarter. Synovus Financial Corp now owns 21,007 shares of the biotechnology company’s stock valued at $499,000 after buying an additional 782 shares during the period. Lisanti Capital Growth LLC acquired a new stake in shares of Veracyte during the fourth quarter worth approximately $2,666,000. Fisher Asset Management LLC lifted its stake in Veracyte by 20.0% in the fourth quarter. Fisher Asset Management LLC now owns 2,085,604 shares of the biotechnology company’s stock valued at $49,491,000 after buying an additional 348,096 shares during the last quarter. SG Americas Securities LLC increased its stake in Veracyte by 20.2% in the 4th quarter. SG Americas Securities LLC now owns 12,012 shares of the biotechnology company’s stock worth $285,000 after purchasing an additional 2,020 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Veracyte by 8.9% during the 4th quarter. ProShare Advisors LLC now owns 15,155 shares of the biotechnology company’s stock valued at $360,000 after buying an additional 1,234 shares during the last quarter.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on VCYT shares. Needham & Company LLC lifted their price target on shares of Veracyte from $33.00 to $34.00 and gave the stock a “buy” rating in a research report on Thursday, February 23rd. StockNews.com initiated coverage on Veracyte in a research report on Thursday, March 16th. They issued a “hold” rating on the stock. Finally, Raymond James cut Veracyte from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $30.20.

Veracyte Price Performance

NASDAQ VCYT opened at $24.58 on Wednesday. The company’s 50 day simple moving average is $22.46 and its 200 day simple moving average is $24.44. The firm has a market capitalization of $1.78 billion, a PE ratio of -59.95 and a beta of 1.40. Veracyte, Inc. has a 12 month low of $14.92 and a 12 month high of $32.40.

Veracyte (NASDAQ:VCYT – Get Rating) last announced its quarterly earnings data on Thursday, May 4th. The biotechnology company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.14) by $0.03. Veracyte had a negative net margin of 9.70% and a negative return on equity of 2.83%. The firm had revenue of $82.40 million for the quarter, compared to analyst estimates of $75.75 million. During the same quarter in the prior year, the business earned ($0.20) earnings per share. The business’s quarterly revenue was up 21.5% compared to the same quarter last year. Sell-side analysts anticipate that Veracyte, Inc. will post -0.52 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Veracyte news, Director Bonnie H. Anderson sold 34,000 shares of the company’s stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $22.76, for a total value of $773,840.00. Following the sale, the director now owns 53,967 shares of the company’s stock, valued at $1,228,288.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.90% of the company’s stock.

About Veracyte

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Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.