Inspire Investing LLC Buys 2,833 Shares of Veracyte, Inc. $VCYT

Inspire Investing LLC lifted its stake in Veracyte, Inc. (NASDAQ:VCYT) by 24.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,424 shares of the biotechnology company’s stock after buying an additional 2,833 shares during the period. Inspire Investing LLC’s holdings in Veracyte were worth $390,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in VCYT. Nuveen LLC acquired a new position in Veracyte during the first quarter valued at approximately $33,003,000. Assenagon Asset Management S.A. raised its position in Veracyte by 70.1% during the second quarter. Assenagon Asset Management S.A. now owns 830,099 shares of the biotechnology company’s stock valued at $22,438,000 after purchasing an additional 342,038 shares in the last quarter. Picton Mahoney Asset Management raised its position in Veracyte by 3,824.9% during the first quarter. Picton Mahoney Asset Management now owns 260,495 shares of the biotechnology company’s stock valued at $7,723,000 after purchasing an additional 253,858 shares in the last quarter. Aberdeen Group plc acquired a new position in Veracyte during the second quarter valued at approximately $4,917,000. Finally, Raymond James Financial Inc. raised its position in Veracyte by 418.9% during the first quarter. Raymond James Financial Inc. now owns 213,074 shares of the biotechnology company’s stock valued at $6,318,000 after purchasing an additional 172,010 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Weiss Ratings reiterated a “sell (d+)” rating on shares of Veracyte in a report on Wednesday, October 8th. Morgan Stanley set a $28.00 price target on shares of Veracyte and gave the stock an “underweight” rating in a report on Friday, August 8th. Wall Street Zen upgraded shares of Veracyte from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Finally, Zacks Research upgraded shares of Veracyte from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $40.90.

Insider Activity at Veracyte

In related news, insider Phillip G. Febbo sold 8,349 shares of the stock in a transaction on Monday, October 6th. The stock was sold at an average price of $36.02, for a total value of $300,730.98. Following the completion of the sale, the insider directly owned 92,441 shares in the company, valued at $3,329,724.82. This represents a 8.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Marc Stapley sold 7,667 shares of the stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $30.41, for a total value of $233,153.47. Following the completion of the sale, the chief executive officer owned 334,185 shares of the company’s stock, valued at $10,162,565.85. The trade was a 2.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,299 shares of company stock worth $610,799 over the last three months. Company insiders own 1.40% of the company’s stock.

Veracyte Stock Up 2.4%

NASDAQ VCYT opened at $34.78 on Thursday. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of 105.40 and a beta of 2.11. Veracyte, Inc. has a twelve month low of $22.61 and a twelve month high of $47.32. The stock has a fifty day simple moving average of $31.95 and a 200 day simple moving average of $29.32.

Veracyte 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.