Invesco Ltd. Has $8.87 Million Position in Veracyte, Inc. $VCYT

Key Points

• Invesco Ltd. decreased its stake in Veracyte, Inc. by 9.2%, owning approximately 299,190 shares worth about $8.87 million after selling 30,378 shares in the first quarter.
• Multiple hedge funds have recently adjusted their holdings in Veracyte, with Covestor Ltd. increasing its shares by over 23,900% and Versant Capital Management lifting its stake by over 1,267% during the same period.
• Wall Street analysts have mixed opinions on Veracyte, with a "Moderate Buy" rating from several firms and target prices ranging from $28.00 to $51.00, reflecting variable market sentiment.

Invesco Ltd. lowered its stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 9.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 299,190 shares of the biotechnology company's stock after selling 30,378 shares during the quarter. Invesco Ltd. owned about 0.38% of Veracyte worth $8,871,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in VCYT. Versant Capital Management Inc increased its holdings in Veracyte by 1,267.6% in the first quarter. Versant Capital Management Inc now owns 930 shares of the biotechnology company's stock valued at $28,000 after purchasing an additional 862 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Veracyte in the 1st quarter valued at about $48,000. GF Fund Management CO. LTD. acquired a new stake in shares of Veracyte in the 4th quarter valued at approximately $64,000. Covestor Ltd raised its position in shares of Veracyte by 23,936.4% in the 1st quarter. Covestor Ltd now owns 2,644 shares of the biotechnology company's stock valued at $78,000 after acquiring an additional 2,633 shares during the period. Finally, Neo Ivy Capital Management acquired a new position in Veracyte during the first quarter valued at approximately $173,000.

Veracyte Stock Down 1.6%

Shares of NASDAQ:VCYT traded down $0.46 during mid-day trading on Wednesday, reaching $28.61. 1,043,236 shares of the stock were exchanged, compared to its average volume of 1,432,117. The stock's 50 day simple moving average is $26.74 and its 200-day simple moving average is $29.76. Veracyte, Inc. has a one year low of $22.61 and a one year high of $47.32. The company has a market cap of $2.25 billion, a P/E ratio of 86.70 and a beta of 1.97.

Wall Street Analyst Weigh In

Several brokerages have commented on VCYT. 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 report on Friday, August 8th. UBS Group dropped their price objective on Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Finally, Needham & Company LLC reduced their target price on Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Eight 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's stock. Based on data from MarketBeat.com, Veracyte currently has a consensus 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.