Veracyte, Inc. $VCYT Shares Sold by Moore Capital Management LP

Moore Capital Management LP decreased its stake in shares of Veracyte, Inc. (NASDAQ:VCYT) by 47.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 42,106 shares of the biotechnology company’s stock after selling 37,654 shares during the period. Moore Capital Management LP’s holdings in Veracyte were worth $2,473,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allworth Financial LP acquired a new stake in Veracyte during the second quarter valued at approximately $50,000. Empowered Funds LLC purchased a new stake in shares of Veracyte in the 4th quarter valued at approximately $42,000. Northwestern Mutual Wealth Management Co. acquired a new position in Veracyte in the 2nd quarter worth approximately $62,000. Smartleaf Asset Management LLC raised its stake in Veracyte by 159.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,104 shares of the biotechnology company’s stock valued at $47,000 after purchasing an additional 679 shares during the period. Finally, GAMMA Investing LLC boosted its position in shares of Veracyte by 21.2% in the second quarter. GAMMA Investing LLC now owns 1,121 shares of the biotechnology company’s stock worth $66,000 after buying an additional 196 shares during the period.

Insider Activity at Veracyte

In related news, Director Karin Eastham sold 3,729 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $52.89, for a total transaction of $197,226.81. Following the completion of the sale, the director directly owned 15,097 shares of the company’s stock, valued at $798,480.33. This trade represents a 19.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Annie Mcguire sold 3,176 shares of Veracyte stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $49.76, for a total value of $158,037.76. Following the completion of the transaction, the executive vice president owned 137,240 shares of the company’s stock, valued at approximately $6,829,062.40. The trade was a 2.26% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 162,492 shares of company stock valued at $8,151,197. Insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on VCYT shares. Morgan Stanley reduced their price objective on Veracyte from $47.00 to $44.00 and set an “underweight” rating for the company in a research note on Tuesday, August 4th. Wolfe Research assumed coverage on Veracyte in a research note on Tuesday, June 2nd. They set an “outperform” rating and a $55.00 target price on the stock. Wall Street Zen upgraded Veracyte from a “buy” rating to a “strong-buy” rating in a report on Sunday, July 12th. Piper Sandler reduced their price target on shares of Veracyte from $66.00 to $54.00 and set an “overweight” rating for the company in a research report on Tuesday, August 4th. Finally, UBS Group raised their price target on shares of Veracyte from $48.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $54.33.

Veracyte Stock Performance

Shares of VCYT opened at $43.19 on Tuesday. The company has a 50-day simple moving average of $51.72 and a 200-day simple moving average of $42.94. Veracyte, Inc. has a 52 week low of $29.38 and a 52 week high of $60.91. The firm has a market capitalization of $3.47 billion, a P/E ratio of 30.63 and a beta of 1.95.

Veracyte (NASDAQ:VCYT) last issued its earnings results on Thursday, July 30th. The biotechnology company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.13. Veracyte had a return on equity of 9.26% and a net margin of 20.37%.The business had revenue of $150.32 million during the quarter, compared to analyst estimates of $144.59 million. During the same period in the prior year, the company posted $0.44 earnings per share. Veracyte’s revenue was up 15.5% on a year-over-year basis. As a group, equities analysts forecast that Veracyte, Inc. will post 1.32 earnings per share for the current year.

Veracyte Company Profile

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.