Parkman Healthcare Partners LLC Raises Holdings in Veracyte, Inc. $VCYT

Key Points

• Parkman Healthcare Partners LLC increased its stake in Veracyte, Inc. by 65.8%, owning 166,278 shares valued at approximately $4.93 million.
• Veracyte has garnered a consensus rating of "Moderate Buy" from analysts, with eight analysts recommending Buy and an average target price of $40.90.
• The company's stock has a market cap of $2.55 billion and reported a one-year price range between $22.61 and $47.32.

Parkman Healthcare Partners LLC grew its stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 65.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 166,278 shares of the biotechnology company's stock after acquiring an additional 65,977 shares during the period. Parkman Healthcare Partners LLC owned 0.21% of Veracyte worth $4,930,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Veracyte by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 8,263,643 shares of the biotechnology company's stock worth $245,017,000 after purchasing an additional 52,031 shares during the period. Driehaus Capital Management LLC grew its position in shares of Veracyte by 14.2% during the 1st quarter. Driehaus Capital Management LLC now owns 1,351,370 shares of the biotechnology company's stock worth $40,068,000 after buying an additional 167,604 shares in the last quarter. GW&K Investment Management LLC raised its holdings 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 valued at $37,267,000 after acquiring an additional 44,826 shares in the last quarter. Nuveen Asset Management LLC raised its holdings 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 valued at $47,298,000 after acquiring an additional 8,797 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Veracyte in the first quarter worth about $33,003,000.

Veracyte Trading Up 3.4%

Shares of NASDAQ:VCYT traded up $1.06 during trading on Thursday, reaching $31.88. The stock had a trading volume of 907,667 shares, compared to its average volume of 1,152,018. The firm's 50-day simple moving average is $27.56 and its 200 day simple moving average is $29.09. Veracyte, Inc. has a one year low of $22.61 and a one year high of $47.32. The company has a market capitalization of $2.51 billion, a P/E ratio of 96.61 and a beta of 2.07.

Analyst Upgrades and Downgrades

VCYT has been the topic of a number of research reports. Morgan Stanley set a $28.00 target price on shares of Veracyte and gave the company an "underweight" rating in a research report on Friday, August 8th. Wall Street Zen raised shares of Veracyte from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Veracyte presently has a consensus rating of "Moderate Buy" and an average price target of $40.90.

Insiders Place Their Bets

In other Veracyte news, CEO Marc Stapley sold 7,667 shares of Veracyte stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $30.41, for a total value of $233,153.47. Following the transaction, the chief executive officer directly owned 334,185 shares of the company's stock, valued at approximately $10,162,565.85. The trade was a 2.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is currently owned by company insiders.

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.