Russell Investments Group Ltd. Cuts Holdings in Veracyte, Inc. $VCYT

Key Points

• Russell Investments Group Ltd. reduced its stake in Veracyte, Inc. by 43.7%, selling 28,644 shares to hold a total of 36,897 shares worth approximately $1.09 million as of the last quarter.
• Shares of Veracyte, Inc. have experienced a 4.7% increase, trading at $29.95, while analysts have given the stock a consensus rating of "Moderate Buy" with an average target price of $40.90.
• Recent institutional investments include notable increases from Xponance Inc. and Blair William & Co. IL, while Versant Capital Management showed a significant boost of 1,267.6% in its holdings during the first quarter.

Russell Investments Group Ltd. decreased its position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 43.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 36,897 shares of the biotechnology company's stock after selling 28,644 shares during the period. Russell Investments Group Ltd.'s holdings in Veracyte were worth $1,094,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in VCYT. Nuveen LLC purchased a new stake in shares of Veracyte in the 1st quarter worth approximately $33,003,000. Driehaus Capital Management LLC grew its stake in shares of Veracyte by 226.8% in the 4th quarter. Driehaus Capital Management LLC now owns 1,183,766 shares of the biotechnology company's stock worth $46,877,000 after buying an additional 821,554 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Veracyte in the 4th quarter worth approximately $20,717,000. Assenagon Asset Management S.A. lifted its position in Veracyte by 1,705.1% in 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 acquiring an additional 461,023 shares in the last quarter. Finally, Picton Mahoney Asset Management lifted its position in Veracyte by 3,824.9% in the 1st quarter. Picton Mahoney Asset Management now owns 260,495 shares of the biotechnology company's stock valued at $7,723,000 after acquiring an additional 253,858 shares in the last quarter.

Veracyte Price Performance

Shares of NASDAQ:VCYT traded down $0.50 during midday trading on Tuesday, hitting $29.85. The company had a trading volume of 306,562 shares, compared to its average volume of 1,150,442. The company has a market cap of $2.35 billion, a price-to-earnings ratio of 90.38 and a beta of 2.07. Veracyte, Inc. has a 12-month low of $22.61 and a 12-month high of $47.32. The company has a fifty day moving average of $26.95 and a two-hundred day moving average of $29.39.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on VCYT. Needham & Company LLC lowered 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. Wall Street Zen raised Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. UBS Group lowered 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. 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. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Veracyte currently has a consensus rating of "Moderate Buy" and a consensus 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.