Assenagon Asset Management S.A. Increases Stake in Veracyte, Inc. $VCYT

Key Points

• Assenagon Asset Management S.A. increased its holdings in Veracyte, Inc. by 70.1% during Q2, now owning approximately 1.06% of the company valued at $22.4 million.
• Veracyte has received an overall consensus rating of "Moderate Buy" from analysts, with a price target of $40.90 following recent upgrades.
• CEO Marc Stapley sold 7,667 shares of Veracyte at an average price of $30.41, reducing his ownership by 2.24%.

Assenagon Asset Management S.A. increased its stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 70.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 830,099 shares of the biotechnology company's stock after acquiring an additional 342,038 shares during the quarter. Assenagon Asset Management S.A. owned about 1.06% of Veracyte worth $22,438,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its position in shares of Veracyte by 54.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,538 shares of the biotechnology company's stock worth $400,000 after acquiring an additional 4,792 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Veracyte by 122.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 18,199 shares of the biotechnology company's stock worth $540,000 after acquiring an additional 10,022 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Veracyte by 2.0% during the first quarter. Bank of New York Mellon Corp now owns 248,224 shares of the biotechnology company's stock worth $7,360,000 after acquiring an additional 4,772 shares during the last quarter. Principal Financial Group Inc. raised its stake in Veracyte by 9.5% during the first quarter. Principal Financial Group Inc. now owns 35,663 shares of the biotechnology company's stock valued at $1,057,000 after purchasing an additional 3,103 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Veracyte by 4,351.0% during the first quarter. GAMMA Investing LLC now owns 19,273 shares of the biotechnology company's stock valued at $571,000 after purchasing an additional 18,840 shares in the last quarter.

Insider Transactions at Veracyte

In other Veracyte news, CEO Marc Stapley sold 7,667 shares of the stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $30.41, for a total transaction of $233,153.47. Following the transaction, the chief executive officer directly owned 334,185 shares in the company, 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 currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Wall Street Zen raised shares of Veracyte from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Morgan Stanley set a $28.00 price target on shares of Veracyte and gave the company an "underweight" rating in a research note on Friday, August 8th. Eight research 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. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $40.90.

Veracyte Stock Down 0.5%

VCYT stock traded down $0.18 during trading on Monday, hitting $33.93. The company had a trading volume of 1,318,235 shares, compared to its average volume of 952,005. The firm has a market capitalization of $2.67 billion, a P/E ratio of 102.82 and a beta of 2.07. Veracyte, Inc. has a 52-week low of $22.61 and a 52-week high of $47.32. The company has a 50 day simple moving average of $28.44 and a 200-day simple moving average of $28.92.

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.