Wakefield Asset Management LLLP Acquires New Position in Veracyte, Inc. $VCYT

Wakefield Asset Management LLLP acquired a new stake in Veracyte, Inc. (NASDAQ:VCYT) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 38,885 shares of the biotechnology company’s stock, valued at approximately $1,051,000.

A number of other hedge funds have also added to or reduced their stakes in VCYT. Wealth Enhancement Advisory Services LLC increased its stake in 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 acquiring an additional 10,022 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in 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 acquiring an additional 4,792 shares during the last quarter. Principal Financial Group Inc. increased its stake in 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 acquiring an additional 3,103 shares during the last quarter. Bank of New York Mellon Corp increased its stake in 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 acquiring an additional 4,772 shares during the last quarter. Finally, Palisades Investment Partners LLC increased its stake in Veracyte by 2.0% in the first quarter. Palisades Investment Partners LLC now owns 167,142 shares of the biotechnology company’s stock valued at $4,956,000 after acquiring an additional 3,333 shares during the last quarter.

Analysts Set New Price Targets

A number of brokerages recently issued reports on VCYT. Canaccord Genuity Group initiated coverage on shares of Veracyte in a research note on Monday, October 20th. They issued a “hold” rating and a $40.00 price objective on the stock. 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 upgraded shares of Veracyte from a “hold” rating to a “buy” rating in a research report on Saturday, July 26th. Weiss Ratings restated a “sell (d+)” rating on shares of Veracyte in a research report on Wednesday, October 8th. Finally, Zacks Research upgraded shares of Veracyte from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Veracyte presently has an average rating of “Moderate Buy” and an average price target of $40.90.

Veracyte Price Performance

Shares of Veracyte stock opened at $36.08 on Friday. The firm has a market capitalization of $2.84 billion, a P/E ratio of 109.34 and a beta of 2.11. The company’s 50 day moving average price is $33.50 and its two-hundred day moving average price is $29.77. Veracyte, Inc. has a fifty-two week low of $22.61 and a fifty-two week high of $47.32.

Insider Transactions at Veracyte

In other news, SVP Annie Mcguire sold 2,283 shares of Veracyte stock in a transaction on Friday, September 19th. The shares were sold at an average price of $33.69, for a total transaction of $76,914.27. Following the transaction, the senior vice president owned 91,599 shares in the company, valued at approximately $3,085,970.31. The trade was a 2.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Marc Stapley sold 7,667 shares of Veracyte stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $30.41, for a total transaction of $233,153.47. Following the transaction, the chief executive officer owned 334,185 shares in the company, valued at approximately $10,162,565.85. This trade represents a 2.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 18,299 shares of company stock worth $610,799. Company insiders own 1.40% of the company’s stock.

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.