Veracyte, Inc. (NASDAQ:VCYT) Shares Sold by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC reduced its stake in Veracyte, Inc. by 39.8% in the first quarter, now owning 0.30% of the company valued at $6.96 million.
• Investor activity includes significant increases in stakes by Versant Capital Management Inc (1,267.6% increase) and Covestor Ltd (23,936.4% increase) in the same quarter.
• Analysts have mixed views, with nine ratings at "buy", one at "sell," and a revised target price range from $28.00 to $51.00 across different firms.

Lord Abbett & CO. LLC cut its stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 39.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 234,692 shares of the biotechnology company's stock after selling 154,914 shares during the period. Lord Abbett & CO. LLC owned 0.30% of Veracyte worth $6,959,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its position in Veracyte by 1,267.6% in the first 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 acquired a new stake in Veracyte in the first quarter worth $48,000. GF Fund Management CO. LTD. acquired a new stake in Veracyte in the fourth quarter worth $64,000. Covestor Ltd increased its position in 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 buying an additional 2,633 shares during the period. Finally, Sterling Capital Management LLC increased its position in Veracyte by 810.2% in the fourth quarter. Sterling Capital Management LLC now owns 2,421 shares of the biotechnology company's stock worth $96,000 after buying an additional 2,155 shares during the period.

Analyst Ratings Changes

Several equities research analysts have weighed in on VCYT shares. Needham & Company LLC dropped their target price 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 report on Saturday, July 26th. Morgan Stanley set a $28.00 price target on Veracyte and gave the company an "underweight" rating in a report on Friday, August 8th. Finally, UBS Group lowered their price target on Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Veracyte presently has an average rating of "Moderate Buy" and an average target price of $40.90.

Veracyte Stock Up 0.6%

Shares of VCYT stock opened at $30.22 on Friday. The stock has a 50-day simple moving average of $26.34 and a 200 day simple moving average of $30.48. Veracyte, Inc. has a fifty-two week low of $22.61 and a fifty-two week high of $47.32. The stock has a market capitalization of $2.38 billion, a P/E ratio of 91.58 and a beta of 1.97.

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.

Want to see what other hedge funds are holding VCYT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Veracyte, Inc. (NASDAQ:VCYT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.