Nikko Asset Management Americas Inc. Reduces Stock Position in Veracyte, Inc. (NASDAQ:VCYT)

Nikko Asset Management Americas Inc. lessened its stake in shares of Veracyte, Inc. (NASDAQ:VCYT) by 9.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,493,377 shares of the biotechnology company’s stock after selling 253,025 shares during the quarter. Veracyte makes up approximately 1.1% of Nikko Asset Management Americas Inc.’s holdings, making the stock its 27th largest holding. Nikko Asset Management Americas Inc. owned 3.22% of Veracyte worth $98,663,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. HighTower Advisors LLC purchased a new stake in Veracyte in the 3rd quarter valued at about $554,000. Eventide Asset Management LLC grew its holdings in Veracyte by 20.2% in the 3rd quarter. Eventide Asset Management LLC now owns 677,883 shares of the biotechnology company’s stock valued at $23,075,000 after buying an additional 113,883 shares during the period. Erste Asset Management GmbH purchased a new stake in Veracyte in the 3rd quarter valued at about $574,000. Neo Ivy Capital Management purchased a new stake in Veracyte in the 3rd quarter valued at about $820,000. Finally, Intech Investment Management LLC purchased a new stake in Veracyte in the 3rd quarter valued at about $723,000.

Insiders Place Their Bets

In other Veracyte news, Director Karin Eastham sold 10,000 shares of Veracyte stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $40.30, for a total transaction of $403,000.00. Following the sale, the director now directly owns 18,497 shares in the company, valued at $745,429.10. The trade was a 35.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by company insiders.

Veracyte Stock Performance

Veracyte stock opened at $31.51 on Monday. The stock’s 50 day moving average price is $39.67 and its 200 day moving average price is $37.70. The firm has a market capitalization of $2.46 billion, a PE ratio of -210.07 and a beta of 1.80. Veracyte, Inc. has a one year low of $18.61 and a one year high of $47.32.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.29 by $0.07. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The firm had revenue of $118.63 million for the quarter, compared to analyst estimates of $110.73 million. During the same period in the previous year, the company posted ($0.39) EPS. On average, analysts forecast that Veracyte, Inc. will post 0.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

VCYT has been the subject of several recent analyst reports. StockNews.com cut Veracyte from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. Guggenheim reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Veracyte in a research note on Tuesday, February 25th. UBS Group lifted their price objective on Veracyte from $46.00 to $49.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Needham & Company LLC reaffirmed a “buy” rating and issued a $51.00 price objective on shares of Veracyte in a research note on Tuesday, February 25th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $37.00 price objective (down from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $43.00.

Veracyte Company Profile

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.