Northwest & Ethical Investments L.P. Takes $456,000 Position 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 first 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.

A number of other hedge funds have also modified their holdings of VCYT. Versant Capital Management Inc raised its position in shares of 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 buying an additional 862 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Veracyte in the first quarter valued at about $48,000. GF Fund Management CO. LTD. purchased a new stake in shares of Veracyte in the fourth quarter valued at about $64,000. Covestor Ltd grew its holdings in shares of 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 period. Finally, Sterling Capital Management LLC grew its holdings in shares of 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 period.

Veracyte Price Performance

Shares of NASDAQ VCYT traded up $1.57 during midday trading on Friday, hitting $31.00. The company's stock had a trading volume of 1,047,699 shares, compared to its average volume of 2,469,436. The business's fifty day simple moving average is $26.60 and its two-hundred day simple moving average is $30.06. Veracyte, Inc. has a 1 year low of $22.61 and a 1 year high of $47.32. The firm has a market capitalization of $2.44 billion, a price-to-earnings ratio of 93.94 and a beta of 1.97.

Analyst Ratings Changes

A number of brokerages recently issued reports on VCYT. Wall Street Zen raised shares of Veracyte from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. UBS Group dropped their price objective on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Needham & Company LLC dropped their price objective on shares of Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Finally, Morgan Stanley set a $28.00 price objective on shares of Veracyte and gave the company an "underweight" rating in a report on Friday, August 8th. Eight equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $40.90.

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.