Nuveen LLC Purchases New Position in Veracyte, Inc. (NASDAQ: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 shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VCYT. Marshall Wace LLP boosted its stake in Veracyte by 768.9% during the fourth quarter. Marshall Wace LLP now owns 956,577 shares of the biotechnology company's stock valued at $37,880,000 after buying an additional 846,487 shares during the last quarter. Driehaus Capital Management LLC boosted its stake in Veracyte by 226.8% during the fourth quarter. Driehaus Capital Management LLC now owns 1,183,766 shares of the biotechnology company's stock valued at $46,877,000 after buying an additional 821,554 shares during the last quarter. Point72 Asset Management L.P. bought a new position in Veracyte during the fourth quarter valued at approximately $20,717,000. Assenagon Asset Management S.A. raised its position in Veracyte by 1,705.1% during the first quarter. Assenagon Asset Management S.A. now owns 488,061 shares of the biotechnology company's stock valued at $14,471,000 after purchasing an additional 461,023 shares during the period. Finally, Picton Mahoney Asset Management raised its position in Veracyte by 3,824.9% during the first quarter. Picton Mahoney Asset Management now owns 260,495 shares of the biotechnology company's stock valued at $7,723,000 after purchasing an additional 253,858 shares during the period.

Veracyte Stock Performance

Shares of NASDAQ VCYT opened at $30.22 on Friday. The business's 50 day moving average price is $26.34 and its 200-day moving average price is $30.48. Veracyte, Inc. has a fifty-two week low of $22.61 and a fifty-two week high of $47.32. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 91.58 and a beta of 1.97.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on VCYT shares. Wall Street Zen upgraded Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. UBS Group decreased their price objective on Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Needham & Company LLC decreased their price objective on Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Finally, Morgan Stanley set a $28.00 price objective on Veracyte and gave the company an "underweight" rating in a research report on Friday, August 8th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $40.90.

About Veracyte

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.

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