E Fund Management Co. Ltd. Takes $253,000 Position in Veracyte, Inc. (NASDAQ:VCYT)

E Fund Management Co. Ltd. bought a new position in Veracyte, Inc. (NASDAQ:VCYT) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,392 shares of the biotechnology company’s stock, valued at approximately $253,000.

Several other hedge funds have also modified their holdings of VCYT. Jennison Associates LLC raised its stake in Veracyte by 116.3% during the fourth quarter. Jennison Associates LLC now owns 833,754 shares of the biotechnology company’s stock worth $33,017,000 after purchasing an additional 448,251 shares during the period. Lord Abbett & CO. LLC acquired a new stake in shares of Veracyte during the 3rd quarter worth $9,498,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Veracyte by 288.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 360,871 shares of the biotechnology company’s stock worth $12,284,000 after buying an additional 268,000 shares during the period. Jane Street Group LLC boosted its holdings in Veracyte by 276.4% in the third quarter. Jane Street Group LLC now owns 301,652 shares of the biotechnology company’s stock valued at $10,268,000 after acquiring an additional 221,504 shares during the last quarter. Finally, Castleark Management LLC purchased a new stake in Veracyte during the third quarter valued at about $6,010,000.

Veracyte Stock Down 1.5 %

Shares of NASDAQ:VCYT opened at $32.02 on Friday. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of -213.47 and a beta of 1.80. The company has a 50 day moving average of $40.61 and a two-hundred day moving average of $37.69. Veracyte, Inc. has a 52-week low of $18.61 and a 52-week high of $47.32.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $118.63 million during the quarter, compared to analyst estimates of $110.73 million. During the same period last year, the business earned ($0.39) EPS. On average, equities analysts anticipate that Veracyte, Inc. will post 0.68 earnings per share for the current year.

Insider Activity

In related news, Director Karin Eastham sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $40.30, for a total value of $403,000.00. Following the completion of the transaction, the director now owns 18,497 shares of the company’s stock, valued at approximately $745,429.10. This represents a 35.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on VCYT. Guggenheim restated a “buy” rating and issued a $45.00 price objective on shares of Veracyte in a report on Tuesday, February 25th. Morgan Stanley raised their price target on shares of Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a report on Monday, November 18th. Needham & Company LLC reiterated a “buy” rating and set a $51.00 price objective on shares of Veracyte in a research note on Tuesday, February 25th. StockNews.com lowered shares of Veracyte from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Finally, Wolfe Research assumed coverage on shares of Veracyte in a report on Friday, November 15th. They set an “outperform” rating and a $50.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $43.00.

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.