Bridgeway Capital Management LLC Decreases Stock Position in Veracyte, Inc. $VCYT

Key Points

• Bridgeway Capital Management LLC has reduced its stake in Veracyte, Inc. by 24.4%, selling 41,300 shares, leaving it with approximately 0.16% ownership valued at $3.8 million.
• Recent price performance shows Veracyte stock opened at $32.43, with a 1-year range between $22.61 and $47.32, and a market capitalization of $2.55 billion.
• Wall Street analysts show a favorable outlook, with an average rating of "Moderate Buy" and a consensus price target of $40.90.

Bridgeway Capital Management LLC decreased its stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 24.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 128,100 shares of the biotechnology company's stock after selling 41,300 shares during the quarter. Bridgeway Capital Management LLC owned approximately 0.16% of Veracyte worth $3,798,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Royal Bank of Canada raised its stake in shares of Veracyte by 23.3% during the first quarter. Royal Bank of Canada now owns 28,712 shares of the biotechnology company's stock valued at $852,000 after acquiring an additional 5,435 shares in the last quarter. Graham Capital Management L.P. grew its stake in Veracyte by 30.2% in the first quarter. Graham Capital Management L.P. now owns 28,363 shares of the biotechnology company's stock worth $841,000 after purchasing an additional 6,576 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in Veracyte by 1.1% during the 1st quarter. Panagora Asset Management Inc. now owns 208,184 shares of the biotechnology company's stock worth $6,173,000 after purchasing an additional 2,251 shares during the period. Magnetar Financial LLC purchased a new stake in shares of Veracyte in the 1st quarter worth $651,000. Finally, Driehaus Capital Management LLC lifted its holdings in shares of Veracyte by 14.2% in the 1st quarter. Driehaus Capital Management LLC now owns 1,351,370 shares of the biotechnology company's stock worth $40,068,000 after buying an additional 167,604 shares during the period.

Insider Buying and Selling

In other Veracyte news, CEO Marc Stapley sold 7,667 shares of the firm's stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $30.41, for a total value of $233,153.47. Following the completion of 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 ownership of the stock. 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 insiders.

Veracyte Price Performance

Veracyte stock traded up $1.04 during trading hours on Thursday, reaching $31.86. The stock had a trading volume of 907,724 shares, compared to its average volume of 972,672. The company has a market cap of $2.51 billion, a price-to-earnings ratio of 96.55 and a beta of 2.07. The business's 50 day moving average price is $27.65 and its 200-day moving average price is $29.04. Veracyte, Inc. has a 52 week low of $22.61 and a 52 week high of $47.32.

Wall Street Analyst Weigh In

Several analysts recently weighed in on VCYT shares. Wall Street Zen upgraded Veracyte from a "hold" rating to a "buy" rating in a report 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 report on Friday, August 8th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Veracyte currently has an average rating of "Moderate Buy" and an average target price of $40.90.

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.