Raymond James Financial Inc. Raises Stake in Veracyte, Inc. $VCYT

Key Points

• Raymond James Financial Inc. significantly increased its stake in Veracyte, Inc. by 418.9% during the first quarter, acquiring an additional 172,010 shares, bringing its total holdings to 213,074 shares valued at approximately $6.3 million.
• Several other large investors, including Vanguard Group Inc. and GW&K Investment Management LLC, also adjusted their positions, indicating a growing interest in Veracyte's stock.
• According to analyst reports, Veracyte has a consensus rating of "Moderate Buy" with an average target price of $40.90, following upgrades and adjustments from various financial institutions.

Raymond James Financial Inc. boosted its position in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 418.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 213,074 shares of the biotechnology company's stock after purchasing an additional 172,010 shares during the quarter. Raymond James Financial Inc. owned about 0.27% of Veracyte worth $6,318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Nuveen LLC bought a new position in shares of Veracyte in the 1st quarter worth $33,003,000. Driehaus Capital Management LLC grew its holdings in shares of Veracyte by 226.8% during the 4th quarter. Driehaus Capital Management LLC now owns 1,183,766 shares of the biotechnology company's stock valued at $46,877,000 after purchasing an additional 821,554 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Veracyte during the 4th quarter valued at $20,717,000. Assenagon Asset Management S.A. grew its holdings in shares of Veracyte by 1,705.1% during the 1st 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 last quarter. Finally, Picton Mahoney Asset Management grew its holdings in shares of Veracyte by 3,824.9% during the 1st 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 last quarter.

Insider Activity at Veracyte

In other news, CEO Marc Stapley sold 7,667 shares of the firm's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $30.41, for a total value of $233,153.47. Following the completion of the sale, the chief executive officer directly owned 334,185 shares of the company's stock, valued at approximately $10,162,565.85. This trade represents a 2.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.40% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Morgan Stanley set a $28.00 target price on shares of Veracyte and gave the company an "underweight" rating in a report on Friday, August 8th. Wall Street Zen raised shares of Veracyte from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Veracyte presently has an average rating of "Moderate Buy" and a consensus target price of $40.90.

Veracyte Price Performance

Veracyte stock traded down $0.71 during trading hours on Tuesday, reaching $31.75. The stock had a trading volume of 113,554 shares, compared to its average volume of 1,150,842. The stock has a market cap of $2.50 billion, a PE ratio of 96.06 and a beta of 2.07. Veracyte, Inc. has a 52 week low of $22.61 and a 52 week high of $47.32. The company has a fifty day simple moving average of $27.40 and a 200-day simple moving average of $29.06.

Veracyte Company 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.