Veracyte, Inc. (NASDAQ:VCYT) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. raised its holdings in shares of Veracyte, Inc. (NASDAQ:VCYT) by 27.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,323 shares of the biotechnology company’s stock after acquiring an additional 1,571 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Veracyte were worth $201,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. OLD National Bancorp IN acquired a new position in Veracyte in the fourth quarter valued at approximately $205,000. Aigen Investment Management LP purchased a new position in shares of Veracyte in the 4th quarter valued at $220,000. China Universal Asset Management Co. Ltd. raised its stake in Veracyte by 353.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 8,448 shares of the biotechnology company’s stock worth $232,000 after acquiring an additional 6,586 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in Veracyte in the fourth quarter valued at $264,000. Finally, Wrapmanager Inc. boosted its stake in Veracyte by 28.7% in the fourth quarter. Wrapmanager Inc. now owns 11,726 shares of the biotechnology company’s stock valued at $323,000 after acquiring an additional 2,617 shares in the last quarter.

Veracyte Stock Performance

Shares of NASDAQ:VCYT opened at $21.26 on Wednesday. Veracyte, Inc. has a one year low of $18.61 and a one year high of $30.52. The company has a 50-day simple moving average of $21.34 and a 200-day simple moving average of $23.10. The stock has a market capitalization of $1.63 billion, a price-to-earnings ratio of -22.62 and a beta of 1.65.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Tuesday, May 7th. The biotechnology company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.17. The company had revenue of $96.84 million during the quarter, compared to analysts’ expectations of $93.35 million. Veracyte had a negative return on equity of 1.42% and a negative net margin of 18.16%. The firm’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period last year, the firm earned ($0.11) EPS. As a group, research analysts forecast that Veracyte, Inc. will post -0.05 EPS for the current fiscal year.

Insider Buying and Selling at Veracyte

In other news, Director Muna Bhanji sold 3,870 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $20.32, for a total value of $78,638.40. Following the completion of the sale, the director now owns 23,105 shares in the company, valued at approximately $469,493.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Muna Bhanji sold 3,870 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $20.32, for a total value of $78,638.40. Following the completion of the sale, the director now directly owns 23,105 shares of the company’s stock, valued at approximately $469,493.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Karin Eastham sold 2,500 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $20.97, for a total value of $52,425.00. Following the transaction, the director now directly owns 33,125 shares in the company, valued at approximately $694,631.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,909 shares of company stock valued at $163,382. 1.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on VCYT. The Goldman Sachs Group cut their target price on Veracyte from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, April 15th. Needham & Company LLC reduced their price objective on Veracyte from $33.00 to $27.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Veracyte presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.50.

About Veracyte

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.