Exchange Traded Concepts LLC Purchases 23,047 Shares of Veracyte, Inc. $VCYT

Key Points

• Exchange Traded Concepts LLC increased its position in Veracyte, Inc. by 25.1% during the 2nd quarter, acquiring an additional 23,047 shares and bringing its total ownership to 115,041 shares.
• Analysts have mixed ratings on Veracyte, with eight analysts giving a Buy rating, one a Hold, and one a Sell, resulting in an average target price of $40.90.
• Veracyte's CEO, Marc Stapley, sold 7,667 shares at an average price of $30.41, decreasing his ownership by 2.24%, while still holding shares valued at approximately $10.16 million.

Exchange Traded Concepts LLC increased its stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 25.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 115,041 shares of the biotechnology company's stock after purchasing an additional 23,047 shares during the period. Exchange Traded Concepts LLC owned approximately 0.15% of Veracyte worth $3,110,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of VCYT. Allspring Global Investments Holdings LLC grew its holdings 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 purchasing an additional 4,792 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Veracyte by 122.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 18,199 shares of the biotechnology company's stock worth $540,000 after purchasing an additional 10,022 shares in the last quarter. Bank of New York Mellon Corp raised its position in 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 valued at $7,360,000 after purchasing an additional 4,772 shares during the period. Principal Financial Group Inc. grew its stake in Veracyte by 9.5% in the first quarter. Principal Financial Group Inc. now owns 35,663 shares of the biotechnology company's stock worth $1,057,000 after purchasing an additional 3,103 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in Veracyte by 4,351.0% during the 1st quarter. GAMMA Investing LLC now owns 19,273 shares of the biotechnology company's stock worth $571,000 after buying an additional 18,840 shares during the last quarter.

Veracyte Stock Performance

Shares of NASDAQ VCYT traded up $0.88 during trading hours on Friday, reaching $34.11. 2,782,902 shares of the stock were exchanged, compared to its average volume of 952,005. The stock's fifty day simple moving average is $28.29 and its 200 day simple moving average is $28.91. The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of 103.37 and a beta of 2.07. Veracyte, Inc. has a 52 week low of $22.61 and a 52 week high of $47.32.

Insider Activity

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 value of $233,153.47. Following the completion of the sale, the chief executive officer owned 334,185 shares in the company, valued at approximately $10,162,565.85. This trade represents a 2.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented 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 objective on shares of Veracyte and gave the company an "underweight" rating in a research note on Friday, August 8th. Eight equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus 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.