Nikko Asset Management Americas Inc. Sells 231,498 Shares of 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. lowered its position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 9.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm 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 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Synovus Financial Corp raised its holdings in shares of Veracyte by 1.2% during the fourth quarter. Synovus Financial Corp now owns 23,132 shares of the biotechnology company's stock valued at $916,000 after purchasing an additional 267 shares during the last quarter. HighTower Advisors LLC raised its holdings in shares of Veracyte by 1.9% during the fourth quarter. HighTower Advisors LLC now owns 16,630 shares of the biotechnology company's stock valued at $659,000 after purchasing an additional 305 shares during the last quarter. Xponance Inc. raised its holdings in shares of Veracyte by 5.7% during the first quarter. Xponance Inc. now owns 6,860 shares of the biotechnology company's stock valued at $203,000 after purchasing an additional 370 shares during the last quarter. Sherbrooke Park Advisers LLC raised its holdings in shares of Veracyte by 7.0% during the fourth quarter. Sherbrooke Park Advisers LLC now owns 9,493 shares of the biotechnology company's stock valued at $376,000 after purchasing an additional 618 shares during the last quarter. Finally, Cerity Partners LLC increased its holdings in Veracyte by 6.4% during the fourth quarter. Cerity Partners LLC now owns 13,486 shares of the biotechnology company's stock valued at $524,000 after buying an additional 814 shares during the last quarter.

Veracyte Price Performance

Veracyte stock traded down $0.23 during mid-day trading on Monday, hitting $25.02. The company's stock had a trading volume of 15,568,823 shares, compared to its average volume of 1,061,774. The firm's 50 day moving average is $26.62 and its 200 day moving average is $32.08. The company has a market cap of $1.96 billion, a PE ratio of 27.75 and a beta of 2.07. Veracyte, Inc. has a 52-week low of $19.73 and a 52-week high of $47.32.

Analyst Upgrades and Downgrades

VCYT has been the subject of a number of research reports. Needham & Company LLC dropped their target price on shares of Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Guggenheim dropped their target price on shares of Veracyte from $45.00 to $37.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Wall Street Zen upgraded shares of Veracyte from a "hold" rating to a "buy" rating in a report on Saturday. Finally, UBS Group decreased their price objective on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. One equities research 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.com, the company has a consensus rating of "Moderate Buy" and a consensus 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.