Cannon Global Investment Management LLC Invests $419,000 in Veracyte, Inc. $VCYT

Key Points

• Cannon Global Investment Management LLC has acquired a new position in Veracyte, Inc. by purchasing 15,500 shares valued at approximately $419,000.
• Veracyte's stock performance shows a current price of $35.83, with a market cap of $2.82 billion and a one-year trading range between $22.61 and $47.32.
• Analyst ratings for Veracyte vary, with Zacks Research upgrading it to a "strong-buy", while others like Morgan Stanley have set a lower target price of $28.00.

Cannon Global Investment Management LLC purchased a new position in Veracyte, Inc. (NASDAQ:VCYT - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,500 shares of the biotechnology company's stock, valued at approximately $419,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Headlands Technologies LLC purchased a new stake in shares of Veracyte in the first quarter worth approximately $48,000. Covestor Ltd raised its holdings in shares of Veracyte by 23,936.4% in the first quarter. Covestor Ltd now owns 2,644 shares of the biotechnology company's stock worth $78,000 after buying an additional 2,633 shares during the period. Neo Ivy Capital Management purchased a new stake in shares of Veracyte in the first quarter worth approximately $173,000. Xponance Inc. raised its holdings in shares of Veracyte by 5.7% in the first quarter. Xponance Inc. now owns 6,860 shares of the biotechnology company's stock worth $203,000 after buying an additional 370 shares during the period. Finally, Yorktown Management & Research Co Inc purchased a new position in Veracyte during the 1st quarter worth $264,000.

Veracyte Stock Performance

Shares of VCYT opened at $35.83 on Friday. The stock has a 50-day moving average of $32.28 and a two-hundred day moving average of $29.41. Veracyte, Inc. has a one year low of $22.61 and a one year high of $47.32. The stock has a market cap of $2.82 billion, a P/E ratio of 108.58 and a beta of 2.11.

Insider Buying and Selling at Veracyte

In other Veracyte news, SVP Annie Mcguire sold 2,283 shares of Veracyte stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $33.69, for a total transaction of $76,914.27. Following the completion of the transaction, the senior vice president owned 91,599 shares in the company, valued at approximately $3,085,970.31. This trade represents a 2.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Phillip G. Febbo sold 8,349 shares of Veracyte stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $36.02, for a total value of $300,730.98. Following the transaction, the insider owned 92,441 shares of the company's stock, valued at $3,329,724.82. The trade was a 8.28% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,299 shares of company stock worth $610,799. Insiders own 1.40% of the company's stock.

Analyst Ratings Changes

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

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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