Hillsdale Investment Management Inc. Increases Position in Veracyte Inc (NASDAQ:VCYT)

Share on StockTwits

Hillsdale Investment Management Inc. grew its stake in Veracyte Inc (NASDAQ:VCYT) by 22.5% during the second quarter, HoldingsChannel reports. The fund owned 35,900 shares of the biotechnology company’s stock after acquiring an additional 6,600 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in Veracyte were worth $1,024,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Advisor Group Inc. purchased a new position in Veracyte during the 2nd quarter worth $29,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Veracyte during the 2nd quarter worth about $78,000. Metropolitan Life Insurance Co. NY lifted its position in Veracyte by 356.6% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 10,544 shares of the biotechnology company’s stock worth $133,000 after acquiring an additional 8,235 shares during the period. BNP Paribas Arbitrage SA lifted its position in Veracyte by 65,322.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 5,888 shares of the biotechnology company’s stock worth $147,000 after acquiring an additional 5,879 shares during the period. Finally, Convergence Investment Partners LLC acquired a new stake in Veracyte during the 2nd quarter worth about $149,000. Institutional investors and hedge funds own 83.48% of the company’s stock.

A number of analysts have commented on the company. ValuEngine cut Veracyte from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 1st. Zacks Investment Research raised Veracyte from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a research report on Saturday, May 4th. BidaskClub cut Veracyte from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 3rd. Lake Street Capital assumed coverage on Veracyte in a research report on Wednesday, July 31st. They set a “buy” rating and a $35.00 price target for the company. Finally, TheStreet raised Veracyte from a “d” rating to a “c-” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $25.06.

VCYT traded up $0.76 on Friday, reaching $25.64. 299,800 shares of the stock were exchanged, compared to its average volume of 746,824. The company’s 50-day moving average price is $27.71 and its 200 day moving average price is $24.30. Veracyte Inc has a fifty-two week low of $8.77 and a fifty-two week high of $31.18. The firm has a market capitalization of $1.21 billion, a PE ratio of -41.35 and a beta of 0.96.

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

In other news, CEO Bonnie H. Anderson sold 8,000 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $25.28, for a total value of $202,240.00. Following the completion of the transaction, the chief executive officer now owns 121,414 shares of the company’s stock, valued at approximately $3,069,345.92. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Evan/ Fa Jones sold 15,000 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $26.38, for a total value of $395,700.00. Following the completion of the transaction, the director now directly owns 25,000 shares of the company’s stock, valued at approximately $659,500. The disclosure for this sale can be found here. In the last three months, insiders sold 67,257 shares of company stock valued at $1,756,063. Insiders own 8.30% of the company’s stock.

About Veracyte

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: Marijuana Stocks Investing Considerations

Want to see what other hedge funds are holding VCYT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Veracyte Inc (NASDAQ:VCYT).

Institutional Ownership by Quarter for Veracyte (NASDAQ:VCYT)

Receive News & Ratings for Veracyte Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veracyte and related companies with MarketBeat.com's FREE daily email newsletter.