Vestmark Advisory Solutions Inc. Cuts Position in Veracyte, Inc. $VCYT

Key Points

• Vestmark Advisory Solutions Inc. has reduced its stake in Veracyte, Inc. by 30%, now owning approximately 96,205 shares valued at about $2.85 million.
• A significant number of hedge funds have increased their positions in Veracyte, including Versant Capital Management, which boosted its holdings by 1,267.6% during the first quarter.
• Analysts have mixed views on Veracyte, with average ratings indicating a "Moderate Buy" and a target price around $40.90, despite varying individual target prices among firms.

Vestmark Advisory Solutions Inc. decreased its position in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 30.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 96,205 shares of the biotechnology company's stock after selling 41,162 shares during the quarter. Vestmark Advisory Solutions Inc. owned about 0.12% of Veracyte worth $2,852,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. E Fund Management Co. Ltd. grew its position in shares of Veracyte by 62.2% in the first quarter. E Fund Management Co. Ltd. now owns 10,371 shares of the biotechnology company's stock valued at $308,000 after purchasing an additional 3,979 shares during the last quarter. Nuveen LLC acquired a new position in shares of Veracyte in the first quarter valued at approximately $33,003,000. Covestor Ltd boosted its stake in shares of Veracyte by 23,936.4% in the first quarter. Covestor Ltd now owns 2,644 shares of the biotechnology company's stock valued at $78,000 after buying an additional 2,633 shares during the period. Headlands Technologies LLC bought a new stake in shares of Veracyte in the first quarter valued at approximately $48,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Veracyte by 2.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 740,631 shares of the biotechnology company's stock valued at $21,960,000 after buying an additional 19,662 shares during the period.

Veracyte Trading Down 0.5%

Shares of VCYT stock traded down $0.15 during trading hours on Monday, hitting $30.07. 634,393 shares of the company were exchanged, compared to its average volume of 2,458,525. The firm has a fifty day simple moving average of $26.39 and a 200 day simple moving average of $30.27. Veracyte, Inc. has a 52-week low of $22.61 and a 52-week high of $47.32. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of 91.12 and a beta of 1.97.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on VCYT. Needham & Company LLC cut their price target on Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Morgan Stanley set a $28.00 price target on Veracyte and gave the company an "underweight" rating in a research note on Friday, August 8th. UBS Group cut their price target on Veracyte from $49.00 to $42.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Finally, Wall Street Zen upgraded Veracyte from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price 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.