AQR Capital Management LLC Sells 34,410 Shares of Veracyte, Inc. $VCYT

Key Points

• AQR Capital Management LLC reduced its stake in Veracyte, Inc. by 14.9%, now owning approximately 195,889 shares valued at $5.8 million.
• Other hedge funds like Allspring Global Investments and Wealth Enhancement Advisory Services significantly increased their positions in Veracyte by 54.8% and 122.6%, respectively, during the same period.
• Veracyte has received a consensus rating of "Moderate Buy" from analysts, with an average price target of $40.90, despite Morgan Stanley giving it an "underweight" rating with a target of $28.00.

AQR Capital Management LLC trimmed its holdings in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 14.9% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 195,889 shares of the biotechnology company's stock after selling 34,410 shares during the quarter. AQR Capital Management LLC owned about 0.25% of Veracyte worth $5,808,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of VCYT. Versant Capital Management Inc increased its holdings in Veracyte by 1,267.6% in the 1st quarter. Versant Capital Management Inc now owns 930 shares of the biotechnology company's stock worth $28,000 after buying an additional 862 shares in the last quarter. Headlands Technologies LLC bought a new stake in Veracyte in the 1st quarter worth about $48,000. GF Fund Management CO. LTD. bought a new stake in Veracyte in the 4th quarter worth about $64,000. Covestor Ltd grew its stake in shares of Veracyte by 23,936.4% during the 1st 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, Neo Ivy Capital Management bought a new stake in shares of Veracyte during the 1st quarter valued at about $173,000.

Analysts Set New Price Targets

VCYT has been the subject of a number of recent research reports. Morgan Stanley set a $28.00 price target on Veracyte and gave the company an "underweight" rating in a research note on Friday, August 8th. Wall Street Zen upgraded Veracyte from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Veracyte has a consensus rating of "Moderate Buy" and an average price target of $40.90.

Veracyte Stock Up 4.4%

NASDAQ VCYT traded up $1.40 during trading hours on Thursday, reaching $33.23. The company's stock had a trading volume of 767,368 shares, compared to its average volume of 864,529. The firm's 50-day moving average price is $28.15 and its 200-day moving average price is $28.96. 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 $2.61 billion, a price-to-earnings ratio of 100.70 and a beta of 2.07.

Insider Activity

In other news, CEO Marc Stapley sold 7,667 shares of the company's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 334,185 shares of the company's stock, valued at $10,162,565.85. This represents a 2.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.40% of the stock is owned by company 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.