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 grew its position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 25.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 115,041 shares of the biotechnology company's stock after purchasing an additional 23,047 shares during the quarter. Exchange Traded Concepts LLC owned approximately 0.15% of Veracyte worth $3,110,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Voya Investment Management LLC boosted its stake in shares of Veracyte by 79.7% during the first quarter. Voya Investment Management LLC now owns 41,452 shares of the biotechnology company's stock valued at $1,229,000 after purchasing an additional 18,386 shares in the last quarter. Inspire Investing LLC lifted its stake in shares of Veracyte by 14.9% in the first quarter. Inspire Investing LLC now owns 11,591 shares of the biotechnology company's stock worth $344,000 after acquiring an additional 1,506 shares during the period. Strs Ohio acquired a new position in shares of Veracyte in the first quarter worth approximately $848,000. Intech Investment Management LLC lifted its stake in shares of Veracyte by 54.1% in the first quarter. Intech Investment Management LLC now owns 42,762 shares of the biotechnology company's stock worth $1,268,000 after acquiring an additional 15,017 shares during the period. Finally, Jane Street Group LLC lifted its stake in shares of Veracyte by 94.7% in the first quarter. Jane Street Group LLC now owns 216,909 shares of the biotechnology company's stock worth $6,431,000 after acquiring an additional 105,499 shares during the period.

Analysts Set New Price Targets

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

Insider Activity at Veracyte

In other news, CEO Marc Stapley sold 7,667 shares of the business's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $30.41, for a total transaction of $233,153.47. Following the completion of the sale, the chief executive officer owned 334,185 shares in the company, valued at $10,162,565.85. The trade was a 2.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Veracyte Trading Up 1.6%

VCYT stock traded up $0.55 during mid-day trading on Tuesday, reaching $34.48. The company's stock had a trading volume of 237,077 shares, compared to its average volume of 1,143,486. The company has a market cap of $2.71 billion, a price-to-earnings ratio of 104.52 and a beta of 2.07. The business's 50 day moving average price is $28.44 and its 200 day moving average price is $28.92. Veracyte, Inc. has a 12 month low of $22.61 and a 12 month high of $47.32.

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.