Entropy Technologies LP Takes Position in Veracyte, Inc. (NASDAQ:VCYT)

Entropy Technologies LP acquired a new position in Veracyte, Inc. (NASDAQ:VCYT) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 12,836 shares of the biotechnology company’s stock, valued at approximately $437,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Blue Trust Inc. boosted its stake in shares of Veracyte by 2,331.6% during the second quarter. Blue Trust Inc. now owns 1,386 shares of the biotechnology company’s stock valued at $31,000 after purchasing an additional 1,329 shares in the last quarter. CWM LLC raised its position in shares of Veracyte by 168.3% in the 2nd quarter. CWM LLC now owns 1,516 shares of the biotechnology company’s stock worth $33,000 after acquiring an additional 951 shares in the last quarter. Castleview Partners LLC purchased a new position in Veracyte in the third quarter valued at about $87,000. Values First Advisors Inc. bought a new position in Veracyte in the third quarter worth about $91,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Veracyte during the second quarter valued at about $58,000.

Insider Activity

In related news, Director Evan/ Fa Jones sold 5,173 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $35.23, for a total transaction of $182,244.79. Following the sale, the director now owns 34,343 shares in the company, valued at approximately $1,209,903.89. This trade represents a 13.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Leite sold 5,479 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total transaction of $163,164.62. Following the completion of the transaction, the insider now owns 76,174 shares of the company’s stock, valued at approximately $2,268,461.72. This trade represents a 6.71 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

VCYT has been the subject of several recent analyst reports. Guggenheim initiated coverage on shares of Veracyte in a research note on Thursday, October 10th. They set a “buy” rating and a $40.00 price objective for the company. The Goldman Sachs Group increased their price objective on Veracyte from $34.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Morgan Stanley boosted their target price on Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a research note on Monday, August 12th. Wolfe Research started coverage on Veracyte in a research note on Friday. They issued an “outperform” rating and a $50.00 price target for the company. Finally, Leerink Partners boosted their price target on Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $41.00.

Veracyte Stock Down 3.0 %

Shares of NASDAQ VCYT opened at $35.94 on Friday. Veracyte, Inc. has a 52 week low of $18.61 and a 52 week high of $41.43. The business’s 50 day moving average price is $33.92 and its 200 day moving average price is $27.50. The firm has a market cap of $2.79 billion, a P/E ratio of -239.60 and a beta of 1.67.

Veracyte (NASDAQ:VCYT) last issued its earnings results on Wednesday, November 6th. The biotechnology company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.16. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The firm had revenue of $115.86 million during the quarter, compared to analysts’ expectations of $109.81 million. During the same quarter last year, the company posted ($0.03) earnings per share. The firm’s revenue was up 28.6% compared to the same quarter last year. As a group, research analysts expect that Veracyte, Inc. will post 0.16 earnings per share for the current year.

Veracyte Profile

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.