Sumitomo Mitsui Trust Group Inc. Has $67.13 Million Stock Holdings in Veracyte, Inc. (NASDAQ:VCYT)

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 9.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,263,939 shares of the biotechnology company's stock after selling 229,438 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 2.90% of Veracyte worth $67,126,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in VCYT. Bayesian Capital Management LP bought a new position in Veracyte during the 4th quarter worth $693,000. Price T Rowe Associates Inc. MD raised its position in Veracyte by 3.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 48,414 shares of the biotechnology company's stock worth $1,918,000 after purchasing an additional 1,816 shares during the last quarter. Proficio Capital Partners LLC bought a new position in Veracyte during the 4th quarter worth $1,179,000. GAMMA Investing LLC raised its position in Veracyte by 4,351.0% during the 1st quarter. GAMMA Investing LLC now owns 19,273 shares of the biotechnology company's stock worth $571,000 after purchasing an additional 18,840 shares during the last quarter. Finally, Mariner LLC raised its position in Veracyte by 30.1% during the 4th quarter. Mariner LLC now owns 8,988 shares of the biotechnology company's stock worth $356,000 after purchasing an additional 2,077 shares during the last quarter.

Veracyte Stock Up 1.1%

Veracyte stock traded up $0.29 during trading hours on Tuesday, reaching $27.32. 1,073,442 shares of the company's stock were exchanged, compared to its average volume of 913,434. The firm's 50 day simple moving average is $28.44 and its 200 day simple moving average is $34.15. Veracyte, Inc. has a twelve month low of $19.73 and a twelve month high of $47.32. The firm has a market capitalization of $2.14 billion, a PE ratio of 66.64 and a beta of 2.10.

Analyst Upgrades and Downgrades

VCYT has been the subject of several analyst reports. Craig Hallum assumed coverage on Veracyte in a research report on Thursday, March 20th. They set a "buy" rating and a $45.00 target price for the company. Needham & Company LLC decreased their price objective on shares of Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Stephens reiterated an "overweight" rating and set a $45.00 price objective on shares of Veracyte in a research report on Wednesday, March 26th. UBS Group decreased their price objective on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Guggenheim decreased their price target on Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock 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.