Next Century Growth Investors LLC Sells 101,468 Shares of Veracyte, Inc. $VCYT

Key Points

• Next Century Growth Investors LLC reduced its stake in Veracyte, Inc. by 17.6%, selling 101,468 shares in the first quarter, while still holding approximately 0.61% of the company valued at $14.12 million.
• Several other institutional investors increased their stakes in Veracyte, with Wealth Enhancement Advisory Services LLC growing its position by 122.6% during the same period.
• Veracyte's stock has received mixed ratings from Wall Street analysts, with a consensus rating of "Moderate Buy" and an average price target of $40.90.

Next Century Growth Investors LLC trimmed its stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 17.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 476,216 shares of the biotechnology company's stock after selling 101,468 shares during the quarter. Veracyte comprises approximately 1.3% of Next Century Growth Investors LLC's investment portfolio, making the stock its 24th biggest position. Next Century Growth Investors LLC owned about 0.61% of Veracyte worth $14,120,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in VCYT. Nuveen LLC bought a new position in Veracyte during the first quarter worth $33,003,000. Driehaus Capital Management LLC boosted its position in Veracyte by 226.8% during the fourth quarter. Driehaus Capital Management LLC now owns 1,183,766 shares of the biotechnology company's stock worth $46,877,000 after purchasing an additional 821,554 shares during the period. Point72 Asset Management L.P. bought a new position in Veracyte during the fourth quarter worth $20,717,000. Assenagon Asset Management S.A. boosted its position in Veracyte by 1,705.1% during the first quarter. Assenagon Asset Management S.A. now owns 488,061 shares of the biotechnology company's stock worth $14,471,000 after purchasing an additional 461,023 shares during the period. Finally, Picton Mahoney Asset Management grew its stake in shares of Veracyte by 3,824.9% in the first quarter. Picton Mahoney Asset Management now owns 260,495 shares of the biotechnology company's stock valued at $7,723,000 after acquiring an additional 253,858 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Morgan Stanley set a $28.00 price target on shares of Veracyte and gave the company an "underweight" rating in a research note on Friday, August 8th. Needham & Company LLC decreased their price target on shares of Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Wall Street Zen upgraded shares of Veracyte from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, UBS Group decreased their price target on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has 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 $40.90.

Veracyte Stock Down 2.5%

Shares of NASDAQ:VCYT traded down $0.76 during midday trading on Tuesday, hitting $29.58. The stock had a trading volume of 247,026 shares, compared to its average volume of 1,149,944. The company's 50-day moving average price is $26.95 and its 200-day moving average price is $29.39. The company has a market capitalization of $2.33 billion, a P/E ratio of 89.70 and a beta of 2.07. Veracyte, Inc. has a fifty-two week low of $22.61 and a fifty-two week 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.