Nikko Asset Management Americas Inc. Decreases Stock Position in Veracyte, Inc. (NASDAQ:VCYT)

Key Points

• Nikko Asset Management Americas Inc. reduced its stake in Veracyte, Inc. by 9.3%, now holding approximately 2.29% of the company, worth about $67 million.
• Several institutional investors, including Vanguard Group Inc., increased their positions in Veracyte, with Vanguard now owning over 8.2 million shares valued at approximately $325 million.
• Veracyte's stock has experienced a 7.0% increase recently, with analysts generally rating it as a "Moderate Buy" and setting a consensus target price of $40.90.

Nikko Asset Management Americas Inc. decreased its position in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 9.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,261,879 shares of the biotechnology company's stock after selling 231,498 shares during the period. Nikko Asset Management Americas Inc. owned about 2.89% of Veracyte worth $67,019,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in VCYT. Marshall Wace LLP raised its position in shares of Veracyte by 768.9% in the 4th quarter. Marshall Wace LLP now owns 956,577 shares of the biotechnology company's stock worth $37,880,000 after acquiring an additional 846,487 shares in the last quarter. Driehaus Capital Management LLC raised its holdings in Veracyte by 226.8% in 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 in the last quarter. Point72 Asset Management L.P. purchased a new position in Veracyte during the fourth quarter valued at $20,717,000. Vanguard Group Inc. boosted its holdings in shares of Veracyte by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 8,211,612 shares of the biotechnology company's stock valued at $325,180,000 after buying an additional 463,098 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of Veracyte by 1,705.1% in the 1st quarter. Assenagon Asset Management S.A. now owns 488,061 shares of the biotechnology company's stock worth $14,471,000 after buying an additional 461,023 shares during the period.

Veracyte Trading Down 0.1%

VCYT stock traded down $0.02 on Wednesday, hitting $24.45. The company had a trading volume of 712,036 shares, compared to its average volume of 1,117,885. The stock's 50-day simple moving average is $26.45 and its 200 day simple moving average is $31.92. Veracyte, Inc. has a 12-month low of $19.73 and a 12-month high of $47.32. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 59.68 and a beta of 2.07.

Analyst Ratings Changes

A number of brokerages have weighed in on VCYT. Wall Street Zen raised shares of Veracyte from a "hold" rating to a "buy" rating in a research note on Saturday. Guggenheim reduced their price objective on Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. Needham & Company LLC lowered their price objective on Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Finally, UBS Group cut their target price on Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Veracyte presently has an average rating of "Moderate Buy" and an average target price of $40.90.

Veracyte 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.