Bank of New York Mellon Corp Purchases 20,906 Shares of Veracyte, Inc. (NASDAQ:VCYT)

Bank of New York Mellon Corp boosted its position in Veracyte, Inc. (NASDAQ:VCYT) by 9.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 243,452 shares of the biotechnology company’s stock after purchasing an additional 20,906 shares during the quarter. Bank of New York Mellon Corp owned about 0.31% of Veracyte worth $9,641,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd acquired a new position in Veracyte in the 4th quarter valued at $846,000. O Neil Global Advisors Inc. acquired a new position in shares of Veracyte during the 4th quarter worth $751,000. Ieq Capital LLC acquired a new position in shares of Veracyte during the 4th quarter worth $580,000. Convergence Investment Partners LLC acquired a new position in shares of Veracyte during the 4th quarter worth $320,000. Finally, New York State Common Retirement Fund raised its holdings in shares of Veracyte by 0.4% during the 4th quarter. New York State Common Retirement Fund now owns 785,971 shares of the biotechnology company’s stock worth $31,124,000 after buying an additional 3,111 shares in the last quarter.

Analysts Set New Price Targets

VCYT has been the topic of a number of research reports. The Goldman Sachs Group restated a “neutral” rating and set a $37.00 price objective (down previously 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. Needham & Company LLC restated a “buy” rating and set a $51.00 price objective on shares of Veracyte in a research report on Tuesday, February 25th. UBS Group boosted their price objective on Veracyte from $46.00 to $49.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Finally, Wolfe Research initiated coverage on Veracyte in a research report on Friday, November 15th. They set an “outperform” rating and a $50.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

Veracyte Stock Up 3.5 %

NASDAQ VCYT opened at $31.51 on Friday. The stock’s 50-day simple moving average is $39.67 and its two-hundred day simple moving average is $37.61. Veracyte, Inc. has a twelve month low of $18.61 and a twelve month high of $47.32. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of -210.07 and a beta of 1.80.

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

Insider Buying and Selling at Veracyte

In related news, Director Karin Eastham sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $40.30, for a total value of $403,000.00. Following the completion of the transaction, the director now directly owns 18,497 shares in the company, valued at $745,429.10. The trade was a 35.09 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.30% of the company’s stock.

Veracyte Company Profile

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.