Mirae Asset Global Investments Co. Ltd. cut its stake in Veracyte, Inc. (NASDAQ:VCYT – Get Rating) by 14.3% in the first quarter, HoldingsChannel reports. The fund owned 440,782 shares of the biotechnology company's stock after selling 73,702 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Veracyte were worth $12,152,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently bought and sold shares of the stock. Teacher Retirement System of Texas lifted its holdings in Veracyte by 4.7% in the first quarter. Teacher Retirement System of Texas now owns 14,482 shares of the biotechnology company's stock valued at $399,000 after acquiring an additional 650 shares during the period. Lazard Asset Management LLC increased its position in shares of Veracyte by 46.3% in the first quarter. Lazard Asset Management LLC now owns 3,410 shares of the biotechnology company's stock valued at $94,000 after buying an additional 1,079 shares in the last quarter. Royal Bank of Canada increased its position in shares of Veracyte by 3.6% in the first quarter. Royal Bank of Canada now owns 30,866 shares of the biotechnology company's stock valued at $850,000 after buying an additional 1,082 shares in the last quarter. Advisor Group Holdings Inc. increased its position in shares of Veracyte by 21.8% in the fourth quarter. Advisor Group Holdings Inc. now owns 6,092 shares of the biotechnology company's stock valued at $252,000 after buying an additional 1,090 shares in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of Veracyte in the first quarter valued at approximately $33,000.
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Veracyte Stock Performance
Shares of VCYT opened at $18.63 on Tuesday. Veracyte, Inc. has a one year low of $14.85 and a one year high of $54.13. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of -27.40 and a beta of 1.17. The stock has a 50 day moving average price of $23.24 and a 200 day moving average price of $22.34.
Veracyte (NASDAQ:VCYT – Get Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The biotechnology company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.08. Veracyte had a negative return on equity of 4.05% and a negative net
margin of 18.13%. The firm had revenue of $72.86 million during the quarter, compared to analysts' expectations of $67.37 million. On average, analysts predict that Veracyte, Inc. will post -0.8 earnings per share for the current year.
Analysts Set New Price Targets
A number of analysts have recently commented on VCYT shares. Needham & Company LLC boosted their price objective on Veracyte from $26.00 to $31.00 and gave the company a "buy" rating in a research report on Wednesday, August 3rd. Raymond James boosted their price objective on Veracyte from $30.00 to $31.00 and gave the company an "outperform" rating in a research report on Thursday, August 4th. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Veracyte has an average rating of "Moderate Buy" and a consensus price target of $42.50.
About Veracyte
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Veracyte, Inc operates as a diagnostics company worldwide. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas, which are used to determine patients with indeterminate results are benign to avoid unnecessary surgery; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Genomic Sequencing Classifier and Percepta Nasal Swab Test for lung cancer diagnosis; Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis; and Immunoscore Colon Cancer test for colon cancer diagnosis.
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