Corebridge Financial Inc. Lowers Stake in Veracyte, Inc. (NASDAQ:VCYT)

Corebridge Financial Inc. decreased its position in shares of Veracyte, Inc. (NASDAQ:VCYT) by 7.0% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 38,204 shares of the biotechnology company’s stock after selling 2,885 shares during the quarter. Corebridge Financial Inc.’s holdings in Veracyte were worth $1,513,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Jones Financial Companies Lllp lifted its stake in shares of Veracyte by 49.7% during the 4th quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock worth $28,000 after purchasing an additional 237 shares during the period. Arizona State Retirement System lifted its position in Veracyte by 1.2% during the fourth quarter. Arizona State Retirement System now owns 22,276 shares of the biotechnology company’s stock worth $882,000 after buying an additional 264 shares during the period. HighTower Advisors LLC boosted its stake in Veracyte by 1.9% in the 4th quarter. HighTower Advisors LLC now owns 16,630 shares of the biotechnology company’s stock worth $659,000 after buying an additional 305 shares during the last quarter. Principal Securities Inc. grew its holdings in Veracyte by 34.1% in the 4th quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock valued at $76,000 after buying an additional 485 shares during the period. Finally, US Bancorp DE increased its stake in shares of Veracyte by 57.4% during the 4th quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock valued at $70,000 after acquiring an additional 647 shares during the last quarter.

Veracyte Stock Performance

VCYT stock opened at $30.13 on Thursday. The firm has a market cap of $2.35 billion, a P/E ratio of -200.87 and a beta of 1.80. Veracyte, Inc. has a 1 year low of $18.61 and a 1 year high of $47.32. The stock has a 50-day simple moving average of $36.81 and a 200-day simple moving average of $37.72.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.07. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The company had revenue of $118.63 million during the quarter, compared to the consensus estimate of $110.73 million. During the same quarter last year, the company earned ($0.39) earnings per share. On average, equities research analysts predict that Veracyte, Inc. will post 0.68 EPS for the current year.

Analyst Upgrades and Downgrades

VCYT has been the subject of a number of recent analyst reports. Craig Hallum initiated coverage on shares of Veracyte in a report on Thursday, March 20th. They issued a “buy” rating and a $45.00 target price for the company. The Goldman Sachs Group reissued a “neutral” rating and set a $37.00 price objective (down from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. Needham & Company LLC reaffirmed a “buy” rating and issued a $51.00 target price on shares of Veracyte in a research report on Tuesday, February 25th. StockNews.com downgraded Veracyte from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Finally, Guggenheim restated a “buy” rating and issued a $45.00 price objective on shares of Veracyte in a report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Veracyte presently has an average rating of “Moderate Buy” and a consensus price target of $43.40.

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.