Man Group takes new $1.31M stake in Veracyte as revenue climbs 15.5%
What's the deal? Man Group plcDealroom has a profile for this one. Try Dealroom → bought a new stake in Veracyte during the second quarter, according to its latest filing with the Securities and Exchange Commission. The firm acquired 22,291 shares of the biotechnology company, valued at roughly $1.31 million.
What does Veracyte do? The NASDAQ-listed company sells genomic diagnostic tests. It reported a net margin of 20.37% and a return on equity of 9.26% in its most recent quarter.
How are the numbers? Veracyte posted $150.32 million in revenue for the quarter ended June 30, up 15.5% year on year and ahead of the $144.59 million consensus. Earnings of $0.54 per share beat estimates of $0.41.
Who else is buying? Several institutions adjusted their positions. Northwestern Mutual Wealth ManagementDealroom has a profile for this one. Try Dealroom → opened a $62,000 stake, GAMMA InvestingDealroom has a profile for this one. Try Dealroom → raised its holding 21.2% to 1,121 shares, and Smartleaf Asset ManagementDealroom has a profile for this one. Try Dealroom → lifted its position 159.8%.
Where insiders stand: Director Karin Eastham sold 3,729 shares on June 18 at an average $52.89, a total of $197,227, under a pre-arranged Rule 10b5-1 plan. That cut her direct holding 19.81% to 15,097 shares. Insiders own 1.60% of the company.
What Wall Street thinks: Analysts rate the stock a "Moderate Buy" with a consensus price target of $54.33. Two rate it strong buy, six buy, two hold, and one sell.
The signal: Veracyte carries a $3.61 billion market capitalisation and a price-to-earnings ratio of 31.83. Shares opened at $44.88, within a 52-week range of $29.45 to $60.91 — leaving Man Group's fresh position tied to whether the diagnostics maker can sustain double-digit revenue growth.
Read more: tickerreport.com
Image credit: Centers for Disease Control and Prevention
