Veracyte, Inc. (NASDAQ:VCYT) Shares Sold by Nikko Asset Management Americas Inc.

Nikko Asset Management Americas Inc. cut its stake in Veracyte, Inc. (NASDAQ:VCYT) by 9.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,493,377 shares of the biotechnology company’s stock after selling 253,025 shares during the period. Veracyte accounts for approximately 1.1% of Nikko Asset Management Americas Inc.’s investment portfolio, making the stock its 27th largest holding. Nikko Asset Management Americas Inc.’s holdings in Veracyte were worth $98,663,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. HighTower Advisors LLC acquired a new stake in Veracyte in the third quarter worth $554,000. Eventide Asset Management LLC increased its position in Veracyte by 20.2% in the third quarter. Eventide Asset Management LLC now owns 677,883 shares of the biotechnology company’s stock worth $23,075,000 after buying an additional 113,883 shares during the period. Erste Asset Management GmbH acquired a new stake in Veracyte in the third quarter worth $574,000. Neo Ivy Capital Management acquired a new stake in Veracyte in the third quarter worth $820,000. Finally, Intech Investment Management LLC acquired a new stake in Veracyte in the third quarter worth $723,000.

Veracyte Stock Up 3.5 %

Shares of VCYT stock opened at $31.51 on Monday. The stock has a 50-day simple moving average of $39.67 and a 200 day simple moving average of $37.70. Veracyte, Inc. has a fifty-two week low of $18.61 and a fifty-two week high of $47.32. The stock has a market capitalization of $2.46 billion, a P/E ratio of -210.07 and a beta of 1.80.

Veracyte (NASDAQ:VCYT) last announced its earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.07. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The business had revenue of $118.63 million during the quarter, compared to analysts’ expectations of $110.73 million. During the same quarter last year, the business posted ($0.39) earnings per share. On average, sell-side analysts anticipate that Veracyte, Inc. will post 0.68 earnings per share for the current year.

Insider Activity at Veracyte

In related news, Director Karin Eastham sold 10,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was 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 owns 18,497 shares in the company, valued at $745,429.10. This trade represents a 35.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have weighed in on VCYT. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $37.00 target price (down from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. StockNews.com cut Veracyte from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. Guggenheim reissued a “buy” rating and issued a $45.00 price target on shares of Veracyte in a research note on Tuesday, February 25th. UBS Group increased their price target on Veracyte from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Finally, Morgan Stanley increased their price target on Veracyte from $26.00 to $28.00 and gave the stock an “underweight” rating in a research note on Monday, November 18th. One 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $43.00.

About Veracyte

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.