Perkins Capital Management Inc. Has $3.20 Million Stake in Veracyte, Inc. (NASDAQ:VCYT)

Perkins Capital Management Inc. trimmed its stake in Veracyte, Inc. (NASDAQ:VCYT) by 5.0% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 93,930 shares of the biotechnology company’s stock after selling 4,900 shares during the quarter. Veracyte makes up about 3.0% of Perkins Capital Management Inc.’s investment portfolio, making the stock its 8th largest holding. Perkins Capital Management Inc. owned about 0.12% of Veracyte worth $3,197,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of VCYT. Blue Trust Inc. lifted its position in Veracyte by 2,331.6% in the 2nd quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 1,329 shares during the last quarter. CWM LLC boosted its position in shares of Veracyte by 168.3% during the second quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock worth $33,000 after buying an additional 951 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in Veracyte in the 2nd quarter worth approximately $58,000. Signature Resources Capital Management LLC bought a new position in Veracyte in the 2nd quarter worth approximately $83,000. Finally, nVerses Capital LLC acquired a new stake in Veracyte in the 2nd quarter valued at approximately $85,000.

Veracyte Trading Up 1.8 %

NASDAQ:VCYT opened at $36.59 on Thursday. The company has a 50-day moving average of $33.06 and a 200-day moving average of $26.79. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of -48.79 and a beta of 1.67. Veracyte, Inc. has a twelve month low of $18.61 and a twelve month high of $37.40.

Veracyte (NASDAQ:VCYT) last issued its earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.10. The firm had revenue of $114.43 million during the quarter, compared to analysts’ expectations of $100.27 million. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The firm’s revenue for the quarter was up 26.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.12) earnings per share. On average, research analysts forecast that Veracyte, Inc. will post 0.16 earnings per share for the current year.

Insider Activity

In other news, Director Evan/ Fa Jones sold 1,032 shares of the business’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $30.03, for a total transaction of $30,990.96. Following the sale, the director now directly owns 46,413 shares of the company’s stock, valued at $1,393,782.39. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction of $163,164.62. Following the transaction, the insider now directly owns 76,174 shares in the company, valued at approximately $2,268,461.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Evan/ Fa Jones sold 1,032 shares of Veracyte stock in a transaction on Friday, August 9th. The shares were sold at an average price of $30.03, for a total value of $30,990.96. Following the transaction, the director now owns 46,413 shares in the company, valued at $1,393,782.39. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,141 shares of company stock worth $1,035,116. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on VCYT. UBS Group initiated coverage on Veracyte in a research note on Wednesday, October 16th. They issued a “buy” rating and a $43.00 price target for the company. Guggenheim began coverage on shares of Veracyte in a research report on Thursday, October 10th. They issued a “buy” rating and a $40.00 target price for the company. Needham & Company LLC boosted their price target on shares of Veracyte from $31.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Morgan Stanley increased their price objective on shares of Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a report on Monday, August 12th. Finally, Leerink Partners boosted their target price on Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $35.67.

Veracyte Company Profile

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.