Assetmark Inc. Sells 18,229 Shares of Veracyte, Inc. (NASDAQ:VCYT)

Assetmark Inc. cut its position in shares of Veracyte, Inc. (NASDAQ:VCYT) by 86.9% during the third quarter, HoldingsChannel.com reports. The firm owned 2,744 shares of the biotechnology company’s stock after selling 18,229 shares during the period. Assetmark Inc.’s holdings in Veracyte were worth $93,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Blue Trust Inc. increased its position in shares of Veracyte by 2,331.6% during the second 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 period. CWM LLC boosted its stake in Veracyte by 168.3% in the 2nd quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock valued at $33,000 after buying an additional 951 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Veracyte in the 2nd quarter valued at $58,000. Signature Resources Capital Management LLC acquired a new stake in Veracyte in the 2nd quarter valued at $83,000. Finally, nVerses Capital LLC acquired a new stake in Veracyte in the 2nd quarter valued at $85,000.

Wall Street Analyst Weigh In

Several brokerages recently commented on VCYT. Scotiabank boosted their price target on Veracyte from $40.00 to $44.00 and gave the company a “sector outperform” rating in a research note on Friday, November 8th. Morgan Stanley boosted their price target on Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a research note on Monday, August 12th. Leerink Partners boosted their price target on Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Needham & Company LLC boosted their price target on Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. Finally, Guggenheim began coverage on Veracyte in a research note on Thursday, October 10th. They issued a “buy” rating and a $40.00 price target on the stock. One investment analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Veracyte presently has a consensus rating of “Moderate Buy” and an average price target of $41.00.

Veracyte Stock Performance

Veracyte stock opened at $35.94 on Monday. The firm has a market cap of $2.79 billion, a P/E ratio of -239.60 and a beta of 1.67. The business’s fifty day moving average is $34.06 and its two-hundred day moving average is $27.66. Veracyte, Inc. has a 52 week low of $18.61 and a 52 week high of $41.43.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.16. The company had revenue of $115.86 million for the quarter, compared to analyst estimates of $109.81 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The business’s revenue was up 28.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.03) earnings per share. On average, equities research analysts predict that Veracyte, Inc. will post 0.16 earnings per share for the current year.

Insider Transactions at Veracyte

In related news, insider John Leite sold 5,479 shares of the company’s 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 sale, the insider now owns 76,174 shares in the company, valued at approximately $2,268,461.72. This represents a 6.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Evan/ Fa Jones sold 5,173 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $35.23, for a total value of $182,244.79. Following the completion of the sale, the director now owns 34,343 shares of the company’s stock, valued at $1,209,903.89. This represents a 13.09 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by corporate insiders.

Veracyte Profile

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.