Northwest & Ethical Investments L.P. Invests $456,000 in Veracyte, Inc. $VCYT

Key Points

• Northwest & Ethical Investments L.P. acquired 15,400 shares of Veracyte, Inc. (NASDAQ: VCYT), valued at approximately $456,000, during Q1 2023.
• Several prominent investment firms have increased their stakes in Veracyte, with Wells Fargo raising its holdings by 28.7% to over $2 million.
• Analysts have mixed opinions on Veracyte's stock, with a consensus rating of "Moderate Buy" and a consensus price target of $40.90.

Northwest & Ethical Investments L.P. bought a new stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 15,400 shares of the biotechnology company's stock, valued at approximately $456,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its stake in Veracyte by 1,267.6% in the first quarter. Versant Capital Management Inc now owns 930 shares of the biotechnology company's stock valued at $28,000 after purchasing an additional 862 shares during the last quarter. Headlands Technologies LLC acquired a new position in Veracyte in the first quarter valued at $48,000. GF Fund Management CO. LTD. acquired a new position in Veracyte in the fourth quarter valued at $64,000. Covestor Ltd increased its stake in Veracyte by 23,936.4% in the first quarter. Covestor Ltd now owns 2,644 shares of the biotechnology company's stock valued at $78,000 after purchasing an additional 2,633 shares during the last quarter. Finally, Sterling Capital Management LLC increased its stake in Veracyte by 810.2% in the fourth quarter. Sterling Capital Management LLC now owns 2,421 shares of the biotechnology company's stock valued at $96,000 after purchasing an additional 2,155 shares during the last quarter.

Veracyte Stock Down 4.7%

Shares of NASDAQ VCYT traded down $1.45 on Monday, hitting $29.55. The company had a trading volume of 683,113 shares, compared to its average volume of 2,253,758. Veracyte, Inc. has a 12-month low of $22.61 and a 12-month high of $47.32. The business has a 50 day moving average of $26.65 and a two-hundred day moving average of $29.78. The firm has a market capitalization of $2.32 billion, a P/E ratio of 89.55 and a beta of 1.97.

Analyst Ratings Changes

Several equities analysts recently commented on the company. UBS Group dropped their target price on Veracyte from $49.00 to $42.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Morgan Stanley set a $28.00 target price on Veracyte and gave the company an "underweight" rating in a research note on Friday, August 8th. Wall Street Zen raised Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, Needham & Company LLC lowered their price target on Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Veracyte presently has an average rating of "Moderate Buy" and an average target price of $40.90.

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.