ARK Investment Management LLC Sells 264,649 Shares of Veracyte, Inc. (NASDAQ:VCYT)

Key Points

• ARK Investment Management LLC has reduced its stake in Veracyte, Inc. by 6.3%, now holding approximately 3.9 million shares, which represents 1.2% of its portfolio.
• Other institutional investors such as Allspring Global Investments and Wealth Enhancement Advisory Services increased their holdings in Veracyte by 54.8% and 122.6% respectively during the first quarter.
• Recent analyst reports have revised Veracyte's price targets downward, with Needham and UBS lowering their targets to $41.00 and $42.00, while the company holds an average rating of "Moderate Buy" with a target price of $40.90.

ARK Investment Management LLC lessened its position in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 6.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,939,302 shares of the biotechnology company's stock after selling 264,649 shares during the quarter. Veracyte makes up about 1.2% of ARK Investment Management LLC's holdings, making the stock its 25th biggest holding. ARK Investment Management LLC owned 5.03% of Veracyte worth $116,800,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its holdings in shares of Veracyte by 54.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,538 shares of the biotechnology company's stock valued at $400,000 after purchasing an additional 4,792 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Veracyte by 122.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 18,199 shares of the biotechnology company's stock valued at $540,000 after purchasing an additional 10,022 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Veracyte by 2.0% during the 1st quarter. Bank of New York Mellon Corp now owns 248,224 shares of the biotechnology company's stock valued at $7,360,000 after purchasing an additional 4,772 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Veracyte by 9.5% during the 1st quarter. Principal Financial Group Inc. now owns 35,663 shares of the biotechnology company's stock valued at $1,057,000 after purchasing an additional 3,103 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new position in Veracyte in the 4th quarter valued at $693,000.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Needham & Company LLC lowered their target price on shares of Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Guggenheim decreased their price target on shares of Veracyte from $45.00 to $37.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. UBS Group decreased their price target 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. Finally, Wall Street Zen upgraded shares of Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $40.90.

Veracyte Trading Up 0.1%

VCYT stock traded up $0.03 during trading on Wednesday, hitting $24.50. 753,765 shares of the stock traded hands, compared to its average volume of 1,118,369. Veracyte, Inc. has a one year low of $19.73 and a one year high of $47.32. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 59.74 and a beta of 2.07. The company has a 50 day simple moving average of $26.45 and a 200 day simple moving average of $31.92.

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.