Veracyte, Inc. (NASDAQ:VCYT) Stake Lessened by ARK Investment Management LLC

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 cut its stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 6.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,939,302 shares of the biotechnology company's stock after selling 264,649 shares during the period. Veracyte accounts for 1.2% of ARK Investment Management LLC's portfolio, making the stock its 25th largest position. ARK Investment Management LLC owned approximately 5.03% of Veracyte worth $116,800,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Veracyte Stock Performance

Veracyte stock opened at $25.25 on Friday. Veracyte, Inc. has a one year low of $19.73 and a one year high of $47.32. The company has a 50-day simple moving average of $26.62 and a 200-day simple moving average of $32.24. The firm has a market capitalization of $1.98 billion, a P/E ratio of 61.59 and a beta of 2.07.

Analysts Set New Price Targets

Several research firms recently issued reports on VCYT. Needham & Company LLC dropped their price target on Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. UBS Group lowered their target price on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Wall Street Zen upgraded shares of Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Guggenheim decreased their price target on shares of Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, Veracyte has an average rating of "Moderate Buy" and an average target price of $40.90.

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.

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