Sumitomo Mitsui Trust Group Inc. reduced its position in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 9.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,493,377 shares of the biotechnology company's stock after selling 259,006 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 3.22% of Veracyte worth $98,738,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jennison Associates LLC raised its position in shares of Veracyte by 116.3% in the 4th quarter. Jennison Associates LLC now owns 833,754 shares of the biotechnology company's stock worth $33,017,000 after acquiring an additional 448,251 shares in the last quarter. Lord Abbett & CO. LLC purchased a new stake in Veracyte during the 3rd quarter valued at $9,498,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Veracyte by 288.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 360,871 shares of the biotechnology company's stock valued at $12,284,000 after purchasing an additional 268,000 shares during the last quarter. Jane Street Group LLC boosted its stake in Veracyte by 276.4% during the 3rd quarter. Jane Street Group LLC now owns 301,652 shares of the biotechnology company's stock valued at $10,268,000 after purchasing an additional 221,504 shares during the last quarter. Finally, Castleark Management LLC purchased a new position in shares of Veracyte in the 3rd quarter worth $6,010,000.
Veracyte Trading Down 1.4 %
Shares of VCYT stock traded down $0.59 during trading hours on Wednesday, reaching $40.38. 881,862 shares of the company's stock were exchanged, compared to its average volume of 792,016. The stock's 50 day moving average is $42.42 and its 200-day moving average is $36.55. The company has a market cap of $3.13 billion, a price-to-earnings ratio of -269.20 and a beta of 1.71. Veracyte, Inc. has a fifty-two week low of $18.61 and a fifty-two week high of $47.32.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on the company. Needham & Company LLC lifted their target price on Veracyte from $44.00 to $51.00 and gave the company a "buy" rating in a research report on Wednesday, January 29th. Scotiabank lifted their target price on Veracyte from $40.00 to $44.00 and gave the stock a "sector outperform" rating in a report on Friday, November 8th. Morgan Stanley lifted their target price on Veracyte from $26.00 to $28.00 and gave the stock an "underweight" rating in a report on Monday, November 18th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $37.00 price target (down previously from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. Finally, StockNews.com upgraded Veracyte from a "hold" rating to a "buy" rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $42.00.
Check Out Our Latest Analysis on VCYT
Insider Buying and Selling at Veracyte
In other news, CFO Rebecca Chambers sold 7,000 shares of the firm's stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $43.23, for a total transaction of $302,610.00. Following the completion of the sale, the chief financial officer now owns 114,037 shares in the company, valued at $4,929,819.51. This trade represents a 5.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Karin Eastham sold 10,000 shares of the firm's 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 owns 18,497 shares of the company's stock, valued at $745,429.10. This represents a 35.09 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,565 shares of company stock valued at $1,031,406. 1.30% of the stock is owned by insiders.
Veracyte Profile
(
Free Report)
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.
See Also
Before you consider Veracyte, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Veracyte wasn't on the list.
While Veracyte currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
