Veracyte Inc (NASDAQ:VCYT) Shares Sold by First Light Asset Management LLC

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First Light Asset Management LLC reduced its stake in shares of Veracyte Inc (NASDAQ:VCYT) by 23.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 589,099 shares of the biotechnology company’s stock after selling 183,480 shares during the quarter. Veracyte accounts for approximately 2.3% of First Light Asset Management LLC’s portfolio, making the stock its 18th largest holding. First Light Asset Management LLC’s holdings in Veracyte were worth $16,795,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in VCYT. Advisor Group Inc. purchased a new position in shares of Veracyte in the 2nd quarter valued at $29,000. NumerixS Investment Technologies Inc purchased a new position in shares of Veracyte in the 2nd quarter valued at $54,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Veracyte in the 2nd quarter valued at $78,000. US Bancorp DE raised its stake in shares of Veracyte by 540.9% in the 2nd quarter. US Bancorp DE now owns 2,916 shares of the biotechnology company’s stock valued at $83,000 after acquiring an additional 2,461 shares during the period. Finally, BNP Paribas Arbitrage SA raised its stake in shares of Veracyte by 65,322.2% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,888 shares of the biotechnology company’s stock valued at $147,000 after acquiring an additional 5,879 shares during the period. Institutional investors and hedge funds own 99.42% of the company’s stock.

VCYT opened at $26.50 on Friday. The company has a fifty day simple moving average of $25.62 and a 200 day simple moving average of $25.35. Veracyte Inc has a twelve month low of $8.77 and a twelve month high of $31.18.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Tuesday, July 30th. The biotechnology company reported ($0.05) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.04. The business had revenue of $30.14 million during the quarter, compared to analyst estimates of $29.20 million. Veracyte had a negative net margin of 11.01% and a negative return on equity of 10.26%. Equities analysts forecast that Veracyte Inc will post -0.23 earnings per share for the current year.

In other Veracyte news, insider John Walter Hanna, Jr. sold 18,593 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $25.66, for a total transaction of $477,096.38. Following the completion of the transaction, the insider now directly owns 84,085 shares of the company’s stock, valued at approximately $2,157,621.10. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Giulia C. Kennedy sold 28,257 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $25.38, for a total transaction of $717,162.66. Following the completion of the transaction, the insider now owns 56,575 shares in the company, valued at $1,435,873.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 110,881 shares of company stock valued at $2,860,284. Company insiders own 8.30% of the company’s stock.

A number of brokerages have recently commented on VCYT. BidaskClub downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. Needham & Company LLC set a $34.00 target price on shares of Veracyte and gave the company a “buy” rating in a research note on Wednesday, July 31st. ValuEngine lowered shares of Veracyte from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. Lake Street Capital began coverage on shares of Veracyte in a report on Wednesday, July 31st. They set a “buy” rating and a $35.00 price target for the company. Finally, TheStreet raised shares of Veracyte from a “d” rating to a “c-” rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Veracyte has an average rating of “Buy” and an average target price of $25.06.

Veracyte Company Profile

Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.

Further Reading: Outperform Rating

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Institutional Ownership by Quarter for Veracyte (NASDAQ:VCYT)

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