CI Investments Inc. Boosts Holdings in Veracyte, Inc. (NASDAQ:VCYT)

Posted by Defense World Staff on May 28th, 2023

CI Investments Inc. raised its holdings in Veracyte, Inc. (NASDAQ:VCYT – Get Rating) by 358.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,991 shares of the biotechnology company’s stock after purchasing an additional 1,557 shares during the quarter. CI Investments Inc.’s holdings in Veracyte were worth $47,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Castleark Management LLC purchased a new stake in Veracyte in the fourth quarter valued at $730,000. William Blair Investment Management LLC raised its position in shares of Veracyte by 0.8% in the fourth quarter. William Blair Investment Management LLC now owns 558,384 shares of the biotechnology company’s stock worth $13,250,000 after acquiring an additional 4,705 shares during the period. First Trust Advisors LP raised its position in shares of Veracyte by 130.7% in the fourth quarter. First Trust Advisors LP now owns 66,639 shares of the biotechnology company’s stock worth $1,581,000 after acquiring an additional 37,748 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Veracyte by 63.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,317,648 shares of the biotechnology company’s stock worth $31,269,000 after acquiring an additional 510,582 shares during the period. Finally, Mercer Global Advisors Inc. ADV raised its position in shares of Veracyte by 9.5% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 72,033 shares of the biotechnology company’s stock worth $1,709,000 after acquiring an additional 6,273 shares during the period.

Analysts Set New Price Targets

VCYT has been the subject of a number of analyst reports. Needham & Company LLC upped their price objective on shares of Veracyte from $33.00 to $34.00 and gave the stock a “buy” rating in a research report on Thursday, February 23rd. StockNews.com initiated coverage on shares of Veracyte in a research report on Thursday, May 18th. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Veracyte has a consensus rating of “Hold” and a consensus price target of $30.20.

Veracyte Stock Performance

VCYT opened at $25.58 on Friday. Veracyte, Inc. has a twelve month low of $14.92 and a twelve month high of $32.40. The company has a 50-day moving average price of $22.87 and a 200 day moving average price of $24.59.

Veracyte (NASDAQ:VCYT – Get Rating) last released its quarterly earnings results on Thursday, May 4th. The biotechnology company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.03. Veracyte had a negative net margin of 9.70% and a negative return on equity of 2.83%. The firm had revenue of $82.40 million during the quarter, compared to the consensus estimate of $75.75 million. During the same quarter in the prior year, the firm earned ($0.20) EPS. The company’s revenue for the quarter was up 21.5% on a year-over-year basis. As a group, equities analysts forecast that Veracyte, Inc. will post -0.55 EPS for the current fiscal year.

Insider Buying and Selling at Veracyte

In other Veracyte news, Director Bonnie H. Anderson sold 34,000 shares of the stock in a transaction dated Friday, April 14th. The shares were sold at an average price of $22.04, for a total value of $749,360.00. Following the completion of the sale, the director now owns 42,681 shares in the company, valued at approximately $940,689.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.90% of the stock is owned by insiders.

About Veracyte

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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.