ARK Investment Management LLC grew its stake in shares of Veracyte, Inc. (NASDAQ:VCYT – Get Rating) by 1.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,856,245 shares of the biotechnology company's stock after acquiring an additional 100,221 shares during the period. Veracyte accounts for 0.9% of ARK Investment Management LLC's investment portfolio, making the stock its 28th biggest holding. ARK Investment Management LLC owned 12.40% of Veracyte worth $155,693,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also modified their holdings of VCYT. Teacher Retirement System of Texas increased its position in Veracyte by 4.7% in the 1st quarter. Teacher Retirement System of Texas now owns 14,482 shares of the biotechnology company's stock worth $399,000 after purchasing an additional 650 shares during the last quarter. Lazard Asset Management LLC grew its stake in shares of Veracyte by 46.3% in the 1st 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 holdings in Veracyte by 3.6% in the first quarter. Royal Bank of Canada now owns 30,866 shares of the biotechnology company's stock worth $850,000 after buying an additional 1,082 shares during the last quarter. Advisor Group Holdings Inc. increased its holdings in Veracyte by 21.8% in the fourth quarter. Advisor Group Holdings Inc. now owns 6,092 shares of the biotechnology company's stock worth $252,000 after buying an additional 1,090 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in Veracyte during the first quarter valued at approximately $33,000.
Get Veracyte alerts:Analysts Set New Price Targets
Several research firms have commented on VCYT. Raymond James boosted their target price on shares of Veracyte from $30.00 to $31.00 and gave the stock an "outperform" rating in a research report on Thursday, August 4th. Needham & Company LLC increased their target price on shares of Veracyte from $26.00 to $31.00 and gave the stock a "buy" rating in a research report on Wednesday, August 3rd. One research analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $42.50.
Veracyte Trading Down 5.8 %
NASDAQ:VCYT opened at $18.47 on Friday. Veracyte, Inc. has a 1 year low of $14.85 and a 1 year high of $54.13. The firm's fifty day simple moving average is $23.36 and its 200 day simple moving average is $22.41.Veracyte (NASDAQ:VCYT – Get Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, beating 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 company had revenue of $72.86 million for the quarter, compared to the consensus estimate of $67.37 million. As a group, equities research analysts predict that Veracyte, Inc. will post -0.8 earnings per share for the current year.
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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