Veracyte, Inc. (NASDAQ:VCYT) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lessened its stake in Veracyte, Inc. (NASDAQ:VCYT) by 13.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,752,383 shares of the biotechnology company’s stock after selling 429,209 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 3.58% of Veracyte worth $93,691,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Entropy Technologies LP purchased a new position in shares of Veracyte during the 3rd quarter valued at approximately $437,000. Peregrine Asset Advisers Inc. purchased a new position in shares of Veracyte during the 3rd quarter valued at approximately $4,681,000. Axxcess Wealth Management LLC purchased a new position in shares of Veracyte during the 3rd quarter valued at approximately $263,000. Quantum Private Wealth LLC bought a new position in Veracyte during the third quarter worth $226,000. Finally, QRG Capital Management Inc. lifted its stake in Veracyte by 4.2% during the third quarter. QRG Capital Management Inc. now owns 134,816 shares of the biotechnology company’s stock worth $4,589,000 after purchasing an additional 5,400 shares during the last quarter.

Veracyte Stock Performance

Shares of VCYT opened at $39.53 on Thursday. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of -263.53 and a beta of 1.67. Veracyte, Inc. has a one year low of $18.61 and a one year high of $41.43. The stock’s fifty day moving average is $33.77 and its 200-day moving average is $27.43.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 EPS for the quarter, beating 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 company’s quarterly revenue was up 28.6% compared to the same quarter last year. During the same period last year, the company earned ($0.03) earnings per share. Analysts forecast that Veracyte, Inc. will post 0.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on VCYT. The Goldman Sachs Group raised their price objective on Veracyte from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Needham & Company LLC raised their price objective on Veracyte from $37.00 to $44.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. Morgan Stanley raised their price objective on Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a research note on Monday, August 12th. UBS Group increased their target price on Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Finally, Leerink Partners increased their target price on Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $39.71.

Insider Buying and Selling

In other news, Director Evan/ Fa Jones sold 5,173 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $35.23, for a total transaction of $182,244.79. Following the completion of the transaction, the director now owns 34,343 shares in the company, valued at approximately $1,209,903.89. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Veracyte news, insider John Leite sold 5,479 shares of Veracyte stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total value of $163,164.62. Following the transaction, the insider now owns 76,174 shares in the company, valued at approximately $2,268,461.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Evan/ Fa Jones sold 5,173 shares of Veracyte stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total transaction of $182,244.79. Following the completion of the transaction, the director now owns 34,343 shares in the company, valued at approximately $1,209,903.89. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.30% of the stock is owned by corporate insiders.

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.