The Manufacturers Life Insurance Company acquired a new position in Veracyte, Inc. (NASDAQ:VCYT – Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 37,565 shares of the biotechnology company’s stock, valued at approximately $2,206,000.
Several other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in Veracyte in the 2nd quarter valued at $792,058,000. William Blair Investment Management LLC acquired a new position in Veracyte during the 2nd quarter worth $84,078,000. Fuller & Thaler Asset Management Inc. bought a new stake in Veracyte during the fourth quarter valued at about $58,158,000. First Trust Advisors LP boosted its holdings in Veracyte by 64.9% during the first quarter. First Trust Advisors LP now owns 2,117,046 shares of the biotechnology company’s stock valued at $68,190,000 after acquiring an additional 833,543 shares during the period. Finally, Squarepoint Ops LLC grew its position in shares of Veracyte by 770.6% in the second quarter. Squarepoint Ops LLC now owns 897,387 shares of the biotechnology company’s stock valued at $24,256,000 after purchasing an additional 794,307 shares during the last quarter.
Veracyte Stock Performance
NASDAQ:VCYT opened at $44.88 on Thursday. The firm’s 50-day moving average is $51.28 and its 200-day moving average is $43.06. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 31.83 and a beta of 1.93. Veracyte, Inc. has a 52-week low of $29.45 and a 52-week high of $60.91.
Insider Buying and Selling at Veracyte
In other news, Director Karin Eastham sold 3,729 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $52.89, for a total value of $197,226.81. Following the completion of the transaction, the director directly owned 15,097 shares of the company’s stock, valued at approximately $798,480.33. This represents a 19.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.60% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on the company. Wall Street Zen upgraded Veracyte from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 12th. Stephens decreased their target price on Veracyte from $68.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. Canaccord Genuity Group lowered their target price on Veracyte from $60.00 to $50.00 and set a “hold” rating on the stock in a report on Monday, August 3rd. Guggenheim lifted their price target on Veracyte from $45.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, June 29th. Finally, Needham & Company LLC upped their price target on Veracyte from $57.00 to $69.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.33.
Veracyte Company Profile
Veracyte, Inc is a genomic diagnostics company focused on improving diagnostic accuracy and patient care through advanced molecular testing. Founded in 2008 and headquartered in South San Francisco, California, the company develops and commercializes minimally invasive genomic tests that aid in the diagnosis of thyroid, lung and other diseases. Veracyte’s proprietary platform analyzes gene expression patterns in clinical samples to help physicians make more informed treatment decisions, reducing unnecessary surgeries and improving patient outcomes.
The company’s flagship product, the Afirma Genomic Sequencing Classifier, is designed to assess thyroid nodules with indeterminate cytology, helping clinicians distinguish benign from suspicious nodules.
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