Skandinaviska Enskilda Banken AB publ Trims Stock Position in Veracyte, Inc. (NASDAQ:VCYT)

Posted by Defense World Staff on Feb 24th, 2023

Skandinaviska Enskilda Banken AB publ cut its stake in shares of Veracyte, Inc. (NASDAQ:VCYT – Get Rating) by 10.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 40,839 shares of the biotechnology company’s stock after selling 4,804 shares during the period. Skandinaviska Enskilda Banken AB publ owned approximately 0.06% of Veracyte worth $678,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Credit Suisse AG increased its position in Veracyte by 0.6% during the 3rd quarter. Credit Suisse AG now owns 74,016 shares of the biotechnology company’s stock worth $1,229,000 after purchasing an additional 454 shares during the period. Synovus Financial Corp increased its position in Veracyte by 3.2% during the 2nd quarter. Synovus Financial Corp now owns 19,417 shares of the biotechnology company’s stock worth $382,000 after purchasing an additional 611 shares during the period. EFG Asset Management Americas Corp. increased its position in Veracyte by 6.1% during the 3rd quarter. EFG Asset Management Americas Corp. now owns 15,154 shares of the biotechnology company’s stock worth $252,000 after purchasing an additional 872 shares during the period. Strs Ohio increased its position in Veracyte by 2.0% during the 3rd quarter. Strs Ohio now owns 45,600 shares of the biotechnology company’s stock worth $756,000 after purchasing an additional 900 shares during the period. Finally, Lazard Asset Management LLC increased its position in Veracyte by 27.4% during the 2nd quarter. Lazard Asset Management LLC now owns 4,346 shares of the biotechnology company’s stock worth $86,000 after purchasing an additional 936 shares during the period.

Veracyte Price Performance

Shares of Veracyte stock opened at $23.93 on Friday. Veracyte, Inc. has a fifty-two week low of $14.85 and a fifty-two week high of $32.40. The business’s fifty day moving average is $25.28 and its two-hundred day moving average is $23.03.

Veracyte (NASDAQ:VCYT – Get Rating) last issued its quarterly earnings results on Wednesday, February 22nd. The biotechnology company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.10. Veracyte had a negative return on equity of 3.43% and a negative net margin of 12.33%. The company had revenue of $80.30 million for the quarter, compared to analyst estimates of $74.92 million. During the same quarter in the prior year, the company posted ($0.15) EPS. The business’s revenue for the quarter was up 19.2% compared to the same quarter last year. As a group, equities analysts expect that Veracyte, Inc. will post -0.52 EPS for the current year.

Insiders Place Their Bets

In related news, insider Bonnie H. Anderson sold 80,000 shares of the stock in a transaction on Thursday, December 1st. The stock was sold at an average price of $28.26, for a total value of $2,260,800.00. Following the transaction, the insider now directly owns 65,003 shares of the company’s stock, valued at approximately $1,836,984.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Bonnie H. Anderson sold 80,000 shares of the stock in a transaction on Thursday, December 1st. The stock was sold at an average price of $28.26, for a total value of $2,260,800.00. Following the transaction, the insider now directly owns 65,003 shares of the company’s stock, valued at approximately $1,836,984.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Bonnie H. Anderson sold 63,247 shares of the stock in a transaction on Wednesday, January 11th. The stock was sold at an average price of $25.13, for a total value of $1,589,397.11. Following the completion of the transaction, the director now directly owns 62,961 shares in the company, valued at $1,582,209.93. The disclosure for this sale can be found here. Insiders have sold a total of 179,937 shares of company stock valued at $4,824,942 in the last quarter. 2.90% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Morgan Stanley lowered their price target on Veracyte from $23.00 to $22.00 and set an “underweight” rating on the stock in a report on Friday, November 4th. StockNews.com upgraded Veracyte from a “sell” rating to a “hold” rating in a report on Tuesday, February 7th. Needham & Company LLC upped their price target on Veracyte from $33.00 to $34.00 and gave the stock a “buy” rating in a report on Thursday. Raymond James cut Veracyte from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 18th. Finally, SVB Leerink increased their target price on Veracyte from $30.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, November 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Veracyte has an average rating of “Moderate Buy” and an average target price of $35.00.

Veracyte Profile

(Get Rating)

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.