Next Century Growth Investors LLC Lowers Stake in 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 lessened its position 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. The firm owned 476,216 shares of the biotechnology company's stock after selling 101,468 shares during the period. Veracyte makes up 1.3% of Next Century Growth Investors LLC's portfolio, making the stock its 24th biggest position. Next Century Growth Investors LLC owned about 0.61% of Veracyte worth $14,120,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its position in Veracyte by 54.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,538 shares of the biotechnology company's stock valued at $400,000 after acquiring an additional 4,792 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in Veracyte by 122.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 18,199 shares of the biotechnology company's stock valued at $540,000 after acquiring an additional 10,022 shares during the period. Bank of New York Mellon Corp grew 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 acquiring an additional 4,772 shares during the period. Principal Financial Group Inc. grew its position in Veracyte by 9.5% during the first quarter. Principal Financial Group Inc. now owns 35,663 shares of the biotechnology company's stock valued at $1,057,000 after acquiring an additional 3,103 shares during the period. Finally, Bayesian Capital Management LP purchased a new stake in Veracyte during the fourth quarter valued at about $693,000.

Wall Street Analysts Forecast Growth

VCYT has been the subject of several analyst reports. Wall Street Zen raised Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. UBS Group decreased their target price on Veracyte from $49.00 to $42.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Needham & Company LLC cut their price target on Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Finally, Morgan Stanley set a $28.00 price target on Veracyte and gave the stock an "underweight" rating in a research note on Friday, August 8th. Eight investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $40.90.

Veracyte Stock Down 1.6%

NASDAQ:VCYT opened at $28.61 on Thursday. The business's 50 day moving average is $26.74 and its two-hundred day moving average is $29.76. Veracyte, Inc. has a 52 week low of $22.61 and a 52 week high of $47.32. The company has a market cap of $2.25 billion, a PE ratio of 86.70 and a beta of 1.97.

Veracyte Company Profile

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.

Want to see what other hedge funds are holding VCYT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Veracyte, Inc. (NASDAQ:VCYT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.