Veracyte, Inc. $VCYT Shares Acquired by ARK Investment Management LLC

ARK Investment Management LLC lifted its stake in shares of Veracyte, Inc. (NASDAQ:VCYT) by 17.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,465,775 shares of the biotechnology company’s stock after buying an additional 665,686 shares during the period. ARK Investment Management LLC owned approximately 5.65% of Veracyte worth $153,310,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Veracyte by 5.0% in the 3rd quarter. Vanguard Group Inc. now owns 8,504,088 shares of the biotechnology company’s stock valued at $291,945,000 after acquiring an additional 403,737 shares during the period. Artisan Partners Limited Partnership grew its stake in Veracyte by 16.6% during the 3rd quarter. Artisan Partners Limited Partnership now owns 7,370,467 shares of the biotechnology company’s stock valued at $253,028,000 after purchasing an additional 1,048,692 shares during the last quarter. State Street Corp increased its holdings in shares of Veracyte by 0.4% in the second quarter. State Street Corp now owns 3,169,700 shares of the biotechnology company’s stock valued at $85,677,000 after purchasing an additional 11,461 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Veracyte by 3.2% in the third quarter. Dimensional Fund Advisors LP now owns 3,118,166 shares of the biotechnology company’s stock worth $107,042,000 after purchasing an additional 95,664 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in Veracyte by 31.1% in the second quarter. Bank of America Corp DE now owns 1,519,710 shares of the biotechnology company’s stock valued at $41,078,000 after buying an additional 360,947 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Veracyte in a research report on Monday, December 29th. UBS Group reiterated a “buy” rating on shares of Veracyte in a research note on Monday, January 12th. Wall Street Zen upgraded shares of Veracyte from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 27th. Needham & Company LLC increased their price target on Veracyte from $44.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Finally, Canaccord Genuity Group upped their target price on Veracyte from $40.00 to $43.00 and gave the stock a “hold” rating in a research note on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $46.71.

Veracyte Stock Performance

Veracyte stock opened at $36.27 on Thursday. The stock has a market capitalization of $2.88 billion, a P/E ratio of 43.70 and a beta of 1.91. The company’s fifty day moving average price is $39.42 and its 200 day moving average price is $38.02. Veracyte, Inc. has a 1 year low of $22.61 and a 1 year high of $50.71.

Veracyte (NASDAQ:VCYT) last announced its earnings results on Wednesday, February 25th. The biotechnology company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.12. Veracyte had a net margin of 12.83% and a return on equity of 8.05%. The business had revenue of $140.64 million for the quarter, compared to analyst estimates of $135.79 million. During the same quarter last year, the business earned $0.06 earnings per share. The company’s revenue for the quarter was up 18.5% compared to the same quarter last year. Sell-side analysts predict that Veracyte, Inc. will post 0.68 EPS for the current year.

Insider Activity at Veracyte

In related news, Director Karin Eastham sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $45.45, for a total transaction of $909,000.00. Following the completion of the sale, the director directly owned 13,554 shares in the company, valued at approximately $616,029.30. The trade was a 59.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Annie Mcguire sold 10,739 shares of the firm’s stock in a transaction on Tuesday, December 16th. The shares were sold at an average price of $43.13, for a total value of $463,173.07. Following the completion of the transaction, the senior vice president owned 67,760 shares in the company, valued at $2,922,488.80. The trade was a 13.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.40% of the company’s stock.

About Veracyte

Veracyte, Inc is a genomic diagnostics company focused on improving diagnostic accuracy and patient care through advanced molecular testing. Founded in 2008 and headquartered in South San Francisco, California, the company develops and commercializes minimally invasive genomic tests that aid in the diagnosis of thyroid, lung and other diseases. Veracyte’s proprietary platform analyzes gene expression patterns in clinical samples to help physicians make more informed treatment decisions, reducing unnecessary surgeries and improving patient outcomes.

The company’s flagship product, the Afirma Genomic Sequencing Classifier, is designed to assess thyroid nodules with indeterminate cytology, helping clinicians distinguish benign from suspicious nodules.