Nuveen LLC Acquires Shares of 1,113,072 Veracyte, Inc. $VCYT

Key Points

• Nuveen LLC acquired a new stake in Veracyte, Inc., purchasing over 1.1 million shares valued at approximately $33 million, representing about 1.42% of the company.
• Several other institutional investors significantly increased their stakes in Veracyte, with Marshall Wace LLP expanding its ownership by 768.9% during the last quarter.
• Analysts have mixed opinions on Veracyte's stock, with ratings ranging from "buy" to "underweight" and an average price target set at $40.90.

Nuveen LLC purchased a new stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,113,072 shares of the biotechnology company's stock, valued at approximately $33,003,000. Nuveen LLC owned about 1.42% of Veracyte as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in VCYT. Covestor Ltd raised its position 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 worth $78,000 after acquiring an additional 2,633 shares during the period. Headlands Technologies LLC acquired a new position in shares of Veracyte in the first quarter worth about $48,000. Charles Schwab Investment Management Inc. raised its position in shares of Veracyte by 2.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 740,631 shares of the biotechnology company's stock worth $21,960,000 after acquiring an additional 19,662 shares during the period. Vanguard Group Inc. raised its position in shares of Veracyte by 0.6% in the first quarter. Vanguard Group Inc. now owns 8,263,643 shares of the biotechnology company's stock worth $245,017,000 after acquiring an additional 52,031 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in shares of Veracyte by 68.6% in the first quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 30,604 shares of the biotechnology company's stock worth $907,000 after acquiring an additional 12,448 shares during the period.

Analyst Upgrades and Downgrades

VCYT has been the subject of a number of analyst reports. Morgan Stanley set a $28.00 price objective on shares of Veracyte and gave the stock an "underweight" rating in a research report on Friday, August 8th. 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. Wall Street Zen upgraded shares of Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, Needham & Company LLC decreased their price objective 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. Eight research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $40.90.

Veracyte Stock Performance

Shares of VCYT traded up $1.58 during mid-day trading on Friday, hitting $31.01. 226,589 shares of the company were exchanged, compared to its average volume of 1,159,519. Veracyte, Inc. has a 1-year low of $22.61 and a 1-year high of $47.32. The company has a 50 day moving average of $26.51 and a 200-day moving average of $30.15. The stock has a market cap of $2.44 billion, a price-to-earnings ratio of 93.93 and a beta of 1.97.

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.