Veracyte, Inc. (NASDAQ:VCYT) Holdings Boosted by Synovus Financial Corp

Synovus Financial Corp boosted its holdings in Veracyte, Inc. (NASDAQ:VCYT) by 16.2% during the third quarter, HoldingsChannel.com reports. The fund owned 22,865 shares of the biotechnology company’s stock after acquiring an additional 3,195 shares during the period. Synovus Financial Corp’s holdings in Veracyte were worth $778,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Eventide Asset Management LLC lifted its holdings in Veracyte by 20.2% in the third quarter. Eventide Asset Management LLC now owns 677,883 shares of the biotechnology company’s stock worth $23,075,000 after acquiring an additional 113,883 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Veracyte in the third quarter valued at approximately $574,000. Intech Investment Management LLC acquired a new stake in shares of Veracyte in the third quarter valued at approximately $723,000. Neo Ivy Capital Management acquired a new stake in shares of Veracyte in the third quarter valued at approximately $820,000. Finally, Cerity Partners LLC acquired a new stake in shares of Veracyte in the third quarter valued at approximately $431,000.

Insiders Place Their Bets

In related news, insider John Leite sold 1,050 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $43.25, for a total value of $45,412.50. Following the completion of the transaction, the insider now owns 73,810 shares of the company’s stock, valued at approximately $3,192,282.50. This trade represents a 1.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Evan/ Fa Jones sold 5,173 shares of the firm’s stock in a transaction that occurred on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total transaction of $182,244.79. Following the completion of the transaction, the director now directly owns 34,343 shares of the company’s stock, valued at $1,209,903.89. This represents a 13.09 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,211 shares of company stock worth $787,542. 1.30% of the stock is owned by insiders.

Veracyte Stock Performance

Veracyte stock opened at $42.24 on Wednesday. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of -281.67 and a beta of 1.69. Veracyte, Inc. has a 1 year low of $18.61 and a 1 year high of $46.00. The firm’s 50 day moving average price is $37.90 and its two-hundred day moving average price is $30.77.

Veracyte (NASDAQ:VCYT) last posted its quarterly 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. The firm had revenue of $115.86 million for the quarter, compared to analyst estimates of $109.81 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The firm’s quarterly revenue was up 28.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.03) earnings per share. As a group, equities analysts predict that Veracyte, Inc. will post 0.38 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

VCYT has been the topic of several analyst reports. Guggenheim initiated coverage on shares of Veracyte in a research note on Thursday, October 10th. They issued a “buy” rating and a $40.00 price target on the stock. UBS Group raised their price target on shares of Veracyte from $43.00 to $46.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. The Goldman Sachs Group restated a “neutral” rating and issued a $37.00 price target (down previously from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. Wolfe Research began coverage on shares of Veracyte in a research note on Friday, November 15th. They set an “outperform” rating and a $50.00 price objective on the stock. Finally, Needham & Company LLC raised their price objective on shares of Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $41.13.

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.