ARK Investment Management LLC Has $102.72 Million Stake in Veracyte, Inc. $VCYT

Key Points

• ARK Investment Management LLC has reduced its stake in Veracyte, Inc. by 3.5%, owning approximately $102.72 million worth of shares at the end of the last quarter.
• Veracyte's stock is currently trading at $36.10, reflecting a 1.5% decline recently, with the company having a market cap of $2.84 billion.
• Analysts have mixed forecasts for Veracyte; while Zacks Research upgraded it to a "strong-buy," Morgan Stanley set a price target of $28.00 with an "underweight" rating.

ARK Investment Management LLC decreased its holdings in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 3.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,800,089 shares of the biotechnology company's stock after selling 139,213 shares during the quarter. ARK Investment Management LLC owned 4.85% of Veracyte worth $102,716,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Veracyte during the second quarter worth about $305,000. Cannon Global Investment Management LLC acquired a new position in Veracyte during the second quarter worth about $419,000. Huntleigh Advisors Inc. raised its stake in Veracyte by 4.2% during the second quarter. Huntleigh Advisors Inc. now owns 21,809 shares of the biotechnology company's stock worth $590,000 after acquiring an additional 876 shares in the last quarter. Nordea Investment Management AB raised its stake in Veracyte by 1.2% during the second quarter. Nordea Investment Management AB now owns 266,074 shares of the biotechnology company's stock worth $7,322,000 after acquiring an additional 3,162 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its stake in Veracyte by 10.4% during the second quarter. Allianz Asset Management GmbH now owns 87,524 shares of the biotechnology company's stock worth $2,366,000 after acquiring an additional 8,214 shares in the last quarter.

Veracyte Stock Down 1.5%

VCYT opened at $36.10 on Wednesday. Veracyte, Inc. has a twelve month low of $22.61 and a twelve month high of $47.32. The company has a fifty day moving average of $32.60 and a 200-day moving average of $29.51. The stock has a market cap of $2.84 billion, a PE ratio of 109.40 and a beta of 2.11.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on VCYT shares. Zacks Research raised Veracyte from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 6th. Canaccord Genuity Group initiated coverage on shares of Veracyte in a research report on Monday. They issued a "hold" rating and a $40.00 price target for the company. Wall Street Zen upgraded shares of Veracyte from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Morgan Stanley set a $28.00 price objective on Veracyte and gave the company an "underweight" rating in a report on Friday, August 8th. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Veracyte in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $40.90.

Insider Buying and Selling at Veracyte

In other Veracyte news, SVP Annie Mcguire sold 2,283 shares of the company's stock in a transaction on Friday, September 19th. The shares were sold at an average price of $33.69, for a total transaction of $76,914.27. Following the sale, the senior vice president owned 91,599 shares of the company's stock, valued at approximately $3,085,970.31. This represents a 2.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Marc Stapley sold 7,667 shares of the company's stock in a transaction on Thursday, September 4th. The shares were 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 in the company, valued at $10,162,565.85. This trade represents a 2.24% 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 valued at $610,799. 1.40% of the stock is currently owned by 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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