Wellington Management Group LLP Cuts Stock Holdings in Veracyte, Inc. $VCYT

Key Points

• Wellington Management Group LLP has decreased its stake in Veracyte, Inc. to approximately $114.25 million, after selling 231,438 shares, now holding 3,853,121 shares.
• Various institutional investors like Raymond James and EverSource Wealth Advisors have significantly increased their stakes, showing growing interest in Veracyte.
• Analysts have mixed opinions on Veracyte's stock, with some upgrading their ratings and others reducing price targets, resulting in an average target price of $40.90 and a rating of "Moderate Buy."

Wellington Management Group LLP reduced its stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 5.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,853,121 shares of the biotechnology company's stock after selling 231,438 shares during the quarter. Wellington Management Group LLP owned 4.92% of Veracyte worth $114,245,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in VCYT. Allspring Global Investments Holdings LLC grew its position in shares of Veracyte by 54.8% in the first 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 during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Veracyte by 122.6% in the first 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 during the last quarter. Bank of New York Mellon Corp grew its position in shares of Veracyte by 2.0% in the first 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 during the last quarter. Principal Financial Group Inc. grew its position in shares of Veracyte by 9.5% in the first 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 during the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in shares of Veracyte in the fourth quarter valued at approximately $693,000.

Veracyte Stock Down 1.6%

Shares of VCYT traded down $0.46 on Wednesday, hitting $28.61. 1,043,236 shares of the stock traded hands, compared to its average volume of 1,432,117. The firm has a market capitalization of $2.25 billion, a P/E ratio of 86.70 and a beta of 1.97. The stock's 50 day moving average is $26.74 and its two-hundred day moving average is $29.76. Veracyte, Inc. has a 1 year low of $22.61 and a 1 year high of $47.32.

Wall Street Analysts Forecast Growth

VCYT has been the topic of several research reports. Needham & Company LLC lowered their price target on shares of Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Morgan Stanley set a $28.00 price target on shares of Veracyte and gave the company an "underweight" rating in a research report on Friday, August 8th. Wall Street Zen upgraded shares of Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, UBS Group lowered 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. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average 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.