Veracyte, Inc. (NASDAQ:VCYT) Shares Bought by Prudential Financial Inc.

Prudential Financial Inc. grew its holdings in shares of Veracyte, Inc. (NASDAQ:VCYT) by 602.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 122,003 shares of the biotechnology company’s stock after purchasing an additional 104,639 shares during the period. Prudential Financial Inc. owned approximately 0.16% of Veracyte worth $4,831,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cerity Partners LLC acquired a new position in Veracyte during the 3rd quarter valued at about $431,000. Daiwa Securities Group Inc. boosted its holdings in shares of Veracyte by 2,188.3% in the third quarter. Daiwa Securities Group Inc. now owns 6,087 shares of the biotechnology company’s stock valued at $207,000 after acquiring an additional 5,821 shares in the last quarter. FMR LLC increased its stake in shares of Veracyte by 33.4% during the third quarter. FMR LLC now owns 65,977 shares of the biotechnology company’s stock valued at $2,246,000 after acquiring an additional 16,536 shares during the period. BNP Paribas Financial Markets raised its holdings in Veracyte by 438.5% during the third quarter. BNP Paribas Financial Markets now owns 98,422 shares of the biotechnology company’s stock worth $3,350,000 after purchasing an additional 80,145 shares in the last quarter. Finally, Verition Fund Management LLC acquired a new stake in Veracyte in the third quarter worth approximately $1,316,000.

Insider Transactions at Veracyte

In related news, Director Karin Eastham sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $40.30, for a total value of $403,000.00. Following the transaction, the director now owns 18,497 shares in the company, valued at approximately $745,429.10. This represents a 35.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.30% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on VCYT. StockNews.com downgraded Veracyte from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $37.00 price target (down from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. Guggenheim restated a “buy” rating and set a $45.00 price objective on shares of Veracyte in a research report on Tuesday, February 25th. UBS Group boosted their target price on shares of Veracyte from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Finally, Needham & Company LLC restated a “buy” rating and set a $51.00 target price on shares of Veracyte in a report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $43.40.

Veracyte Stock Performance

Veracyte stock opened at $29.65 on Tuesday. Veracyte, Inc. has a twelve month low of $18.61 and a twelve month high of $47.32. The firm has a market cap of $2.31 billion, a PE ratio of -197.67 and a beta of 1.80. The firm’s 50 day moving average price is $37.35 and its two-hundred day moving average price is $37.79.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.07. The business had revenue of $118.63 million for the quarter, compared to the consensus estimate of $110.73 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. During the same period in the prior year, the business posted ($0.39) earnings per share. Equities analysts anticipate that Veracyte, Inc. will post 0.68 EPS for the current fiscal year.

About Veracyte

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.