Northern Trust Corp Sells 24,656 Shares of Veracyte, Inc. $VCYT

Key Points

• Northern Trust Corp has reduced its stake in Veracyte, Inc. by 2.3%, now holding 1,044,531 shares valued at approximately $30.97 million.
• Analysts' price targets for Veracyte have varied, with UBS Group reducing their target from $49.00 to $42.00 while Needham & Company also cut theirs from $51.00 to $41.00, indicating mixed sentiments on the stock's future.
• Veracyte's current stock price is $30.34, with a market cap of $2.39 billion and a consensus rating of "Moderate Buy" from eight analysts.

Northern Trust Corp cut its stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 2.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,044,531 shares of the biotechnology company's stock after selling 24,656 shares during the period. Northern Trust Corp owned 1.33% of Veracyte worth $30,970,000 at the end of the most recent quarter.

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

Veracyte Trading Up 1.0%

VCYT stock traded up $0.30 during mid-day trading on Wednesday, reaching $30.41. The company's stock had a trading volume of 565,896 shares, compared to its average volume of 1,149,959. Veracyte, Inc. has a 12 month low of $22.61 and a 12 month high of $47.32. The business's 50 day moving average price is $27.02 and its 200 day moving average price is $29.39. The company has a market cap of $2.39 billion, a price-to-earnings ratio of 91.99 and a beta of 2.07.

Analyst Ratings Changes

A number of research firms have recently weighed in on VCYT. Morgan Stanley set a $28.00 target price on Veracyte and gave the company an "underweight" rating in a research report on Friday, August 8th. Wall Street Zen raised shares of Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Needham & Company LLC reduced their price objective 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. Finally, UBS Group dropped their target price 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. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Veracyte presently has a consensus 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.