Aberdeen Group plc Buys Shares of 181,923 Veracyte, Inc. $VCYT

Key Points

• Aberdeen Group plc acquired a new stake in Veracyte, Inc., purchasing 181,923 shares valued at approximately $4.9 million, bringing their total ownership to about 0.23% as of Q2.
• Wall Street analysts have issued mixed ratings on Veracyte, with one upgrading it to a "strong buy" while others maintain a "hold" or "sell" rating, leading to an average rating of "Moderate Buy".
• Veracyte's stock opened at $35.81 with a market cap of $2.82 billion, showing a significant rise from its 1-year low of $22.61.

Aberdeen Group plc bought a new stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 181,923 shares of the biotechnology company's stock, valued at approximately $4,917,000. Aberdeen Group plc owned approximately 0.23% of Veracyte at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. QRG Capital Management Inc. raised its stake in Veracyte by 2.4% during the 2nd quarter. QRG Capital Management Inc. now owns 142,629 shares of the biotechnology company's stock valued at $3,855,000 after acquiring an additional 3,297 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Veracyte by 70.1% during the 2nd 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 during the period. Exchange Traded Concepts LLC increased its position in shares of Veracyte by 25.1% during the 2nd quarter. Exchange Traded Concepts LLC now owns 115,041 shares of the biotechnology company's stock valued at $3,110,000 after purchasing an additional 23,047 shares during the period. Voya Investment Management LLC increased its position in shares of Veracyte by 79.7% during the 1st quarter. Voya Investment Management LLC now owns 41,452 shares of the biotechnology company's stock valued at $1,229,000 after purchasing an additional 18,386 shares during the period. Finally, Inspire Investing LLC increased its position in shares of Veracyte by 14.9% during the 1st quarter. Inspire Investing LLC now owns 11,591 shares of the biotechnology company's stock valued at $344,000 after purchasing an additional 1,506 shares during the period.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on VCYT. Wall Street Zen upgraded Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Zacks Research upgraded Veracyte from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 6th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Veracyte in a research report on Wednesday, October 8th. Finally, Morgan Stanley set a $28.00 target price on Veracyte and gave the stock an "underweight" rating in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $41.00.

Veracyte Trading Up 3.0%

Shares of VCYT stock opened at $35.81 on Friday. Veracyte, Inc. has a 1-year low of $22.61 and a 1-year high of $47.32. The company has a market capitalization of $2.82 billion, a price-to-earnings ratio of 108.52 and a beta of 2.11. The stock's fifty day simple moving average is $32.11 and its 200-day simple moving average is $29.37.

Insider Activity

In related news, CEO Marc Stapley sold 7,667 shares of Veracyte stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $30.41, for a total transaction 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 approximately $10,162,565.85. This trade represents a 2.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Phillip G. Febbo sold 8,349 shares of Veracyte stock in a transaction on Monday, October 6th. The shares were sold at an average price of $36.02, for a total value of $300,730.98. Following the sale, the insider directly owned 92,441 shares of the company's stock, valued at approximately $3,329,724.82. The trade was a 8.28% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,299 shares of company stock worth $610,799. 1.40% of the stock is owned by corporate insiders.

About Veracyte

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.

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