Cibc World Markets Corp Invests $285,000 in Veracyte, Inc. (NASDAQ:VCYT)

Cibc World Markets Corp bought a new stake in Veracyte, Inc. (NASDAQ:VCYT) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 7,191 shares of the biotechnology company’s stock, valued at approximately $285,000.

Several other institutional investors have also recently bought and sold shares of VCYT. HighTower Advisors LLC acquired a new position in Veracyte during the third quarter worth $554,000. Eventide Asset Management LLC boosted its stake in shares of Veracyte by 20.2% during the 3rd 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 last quarter. Erste Asset Management GmbH acquired a new position in shares of Veracyte during the 3rd quarter worth about $574,000. Neo Ivy Capital Management bought a new position in shares of Veracyte in the 3rd quarter valued at about $820,000. Finally, Intech Investment Management LLC acquired a new stake in shares of Veracyte in the third quarter valued at about $723,000.

Veracyte Price Performance

Shares of VCYT opened at $33.69 on Wednesday. The company’s 50-day moving average is $38.19 and its 200-day moving average is $37.78. The firm has a market capitalization of $2.63 billion, a PE ratio of -224.60 and a beta of 1.80. Veracyte, Inc. has a fifty-two week low of $18.61 and a fifty-two week high of $47.32.

Veracyte (NASDAQ:VCYT) last released its quarterly 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. The firm had revenue of $118.63 million for the quarter, compared to analysts’ expectations of $110.73 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. During the same period in the prior year, the firm earned ($0.39) EPS. Analysts predict that Veracyte, Inc. will post 0.68 earnings per share for the current fiscal year.

Insider Transactions at Veracyte

In related news, Director Karin Eastham sold 10,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $40.30, for a total value of $403,000.00. Following the transaction, the director now directly owns 18,497 shares in the company, valued at approximately $745,429.10. This represents a 35.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

VCYT has been the subject of several recent research reports. Craig Hallum initiated coverage on Veracyte in a research report on Thursday, March 20th. They set a “buy” rating and a $45.00 price target for the company. Guggenheim reissued a “buy” rating and issued a $45.00 target price on shares of Veracyte in a research note on Tuesday, February 25th. Needham & Company LLC restated a “buy” rating and set a $51.00 target price on shares of Veracyte in a report on Tuesday, February 25th. StockNews.com cut shares of Veracyte from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. Finally, UBS Group boosted their price objective on shares of Veracyte from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.22.

Veracyte Company Profile

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.