Lord Abbett & CO. LLC Has $6.96 Million Position in Veracyte, Inc. $VCYT

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 lowered its stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 39.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 234,692 shares of the biotechnology company's stock after selling 154,914 shares during the quarter. Lord Abbett & CO. LLC owned about 0.30% of Veracyte worth $6,959,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Veracyte by 0.6% in the first quarter. Vanguard Group Inc. now owns 8,263,643 shares of the biotechnology company's stock valued at $245,017,000 after buying an additional 52,031 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its position in shares of Veracyte by 3.3% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 3,080,027 shares of the biotechnology company's stock worth $121,969,000 after purchasing an additional 97,824 shares in the last quarter. GW&K Investment Management LLC lifted its position in shares of Veracyte by 3.7% in the first quarter. GW&K Investment Management LLC now owns 1,256,893 shares of the biotechnology company's stock worth $37,267,000 after purchasing an additional 44,826 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of Veracyte by 0.7% in the fourth quarter. Nuveen Asset Management LLC now owns 1,194,392 shares of the biotechnology company's stock worth $47,298,000 after purchasing an additional 8,797 shares in the last quarter. Finally, Driehaus Capital Management LLC lifted its position in shares of Veracyte by 226.8% in the fourth quarter. Driehaus Capital Management LLC now owns 1,183,766 shares of the biotechnology company's stock worth $46,877,000 after purchasing an additional 821,554 shares in the last quarter.

Analyst Ratings Changes

A number of brokerages have recently commented on VCYT. 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. Needham & Company LLC cut their price objective on shares of 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 shares of Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, UBS Group cut their price objective on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a research report on Thursday, May 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.com, Veracyte presently has an average rating of "Moderate Buy" and a consensus target price of $40.90.

Veracyte Stock Performance

VCYT traded up $1.62 during trading on Friday, reaching $31.05. 342,175 shares of the stock were exchanged, compared to its average volume of 1,160,469. The stock has a market cap of $2.44 billion, a P/E ratio of 94.11 and a beta of 1.97. Veracyte, Inc. has a twelve month low of $22.61 and a twelve month high of $47.32. The stock's 50 day moving average price is $26.51 and its two-hundred day moving average price is $30.15.

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.