Mirae Asset Global Investments Co. Ltd. Cuts Holdings in Veracyte, Inc. (NASDAQ:VCYT)

Mirae Asset Global Investments Co. Ltd. reduced its position in Veracyte, Inc. (NASDAQ:VCYT – Get Rating) by 22.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 465,275 shares of the biotechnology company’s stock after selling 131,336 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.65% of Veracyte worth $11,041,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of VCYT. JPMorgan Chase & Co. grew its holdings in Veracyte by 21.0% in the first quarter. JPMorgan Chase & Co. now owns 55,320 shares of the biotechnology company’s stock worth $1,525,000 after purchasing an additional 9,589 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Veracyte by 48.8% in the first quarter. PNC Financial Services Group Inc. now owns 5,959 shares of the biotechnology company’s stock worth $164,000 after purchasing an additional 1,953 shares during the last quarter. MetLife Investment Management LLC grew its holdings in Veracyte by 54.5% in the first quarter. MetLife Investment Management LLC now owns 37,950 shares of the biotechnology company’s stock worth $1,046,000 after purchasing an additional 13,393 shares during the last quarter. Synovus Financial Corp grew its holdings in Veracyte by 65.4% in the first quarter. Synovus Financial Corp now owns 18,806 shares of the biotechnology company’s stock worth $515,000 after purchasing an additional 7,434 shares during the last quarter. Finally, Candriam Luxembourg S.C.A. purchased a new position in Veracyte in the first quarter worth $10,440,000.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on VCYT. 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 report on Thursday, February 23rd. StockNews.com began coverage on shares of Veracyte in a research note on Thursday. They set a “hold” rating for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $30.20.

Insider Activity at Veracyte

In related news, Director Bonnie H. Anderson sold 34,000 shares of the business’s stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $22.76, for a total transaction of $773,840.00. Following the completion of the transaction, the director now directly owns 53,967 shares in the company, valued at $1,228,288.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.90% of the stock is currently owned by insiders.

Veracyte Trading Down 0.8 %

NASDAQ:VCYT opened at $24.39 on Friday. Veracyte, Inc. has a 12 month low of $14.92 and a 12 month high of $32.40. The firm has a fifty day simple moving average of $22.58 and a 200-day simple moving average of $24.51.

Veracyte (NASDAQ:VCYT – Get Rating) last posted its earnings results on Thursday, May 4th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.03. The company had revenue of $82.40 million during the quarter, compared to the consensus estimate of $75.75 million. Veracyte had a negative net margin of 9.70% and a negative return on equity of 2.83%. The firm’s quarterly revenue was up 21.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.20) earnings per share. On average, sell-side analysts predict that Veracyte, Inc. will post -0.55 earnings per share for the current year.

Veracyte Profile

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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.