Summit Global Investments Purchases 15,228 Shares of Veracyte, Inc. $VCYT

Summit Global Investments boosted its position in shares of Veracyte, Inc. (NASDAQ:VCYT) by 318.0% in the third quarter, HoldingsChannel.com reports. The fund owned 20,017 shares of the biotechnology company’s stock after acquiring an additional 15,228 shares during the quarter. Summit Global Investments’ holdings in Veracyte were worth $922,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in VCYT. BlackRock Inc. acquired a new position in shares of Veracyte in the second quarter valued at about $792,058,000. Dimensional Fund Advisors LP raised its stake in shares of Veracyte by 2.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,881,090 shares of the biotechnology company’s stock worth $92,787,000 after purchasing an additional 80,614 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Veracyte by 64.9% during the first quarter. First Trust Advisors LP now owns 2,117,046 shares of the biotechnology company’s stock worth $68,190,000 after purchasing an additional 833,543 shares during the period. Congress Asset Management Co. acquired a new stake in shares of Veracyte during the third quarter worth about $89,971,000. Finally, Bank of America Corp DE lifted its holdings in shares of Veracyte by 14.7% during the first quarter. Bank of America Corp DE now owns 1,448,897 shares of the biotechnology company’s stock worth $46,669,000 after purchasing an additional 185,929 shares during the period.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Piper Sandler dropped their target price on Veracyte from $66.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 4th. Needham & Company LLC reissued a “buy” rating on shares of Veracyte in a research report on Tuesday, September 15th. Morgan Stanley decreased their price objective on shares of Veracyte from $47.00 to $44.00 and set an “underweight” rating for the company in a research note on Tuesday, August 4th. Stephens dropped their price objective on shares of Veracyte from $68.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, August 4th. Finally, UBS Group upped their price objective on shares of Veracyte from $52.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Veracyte presently has a consensus rating of “Moderate Buy” and an average price target of $55.78.

Veracyte Stock Performance

Shares of NASDAQ VCYT opened at $49.00 on Tuesday. The company’s fifty day moving average price is $44.55 and its 200 day moving average price is $42.95. Veracyte, Inc. has a 1 year low of $29.45 and a 1 year high of $60.91. The company has a market capitalization of $3.94 billion, a PE ratio of 33.10 and a beta of 1.95.

Insider Buying and Selling

In other news, insider Phillip G. Febbo sold 13,110 shares of the stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $43.05, for a total transaction of $564,385.50. Following the sale, the insider directly owned 133,048 shares of the company’s stock, valued at $5,727,716.40. This represents a 8.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karin Eastham sold 14,850 shares of the firm’s stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $50.00, for a total value of $742,500.00. Following the sale, the director owned 10,247 shares in the company, valued at $512,350. This trade represents a 59.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 62,609 shares of company stock valued at $2,858,904 in the last ninety days. Company insiders own 1.60% of the company’s stock.

Veracyte Company Profile

Veracyte, Inc is a diagnostics company that develops genomic tests to help physicians diagnose cancer, assess disease risk and guide treatment decisions. Its tests are designed to provide additional molecular information from patient samples, often helping reduce uncertainty and support more personalized care.

The company’s portfolio includes Afirma tests for thyroid nodules, Decipher tests for prostate cancer, Percepta tests for lung cancer and Envisio tests for breast cancer. Veracyte also develops and commercializes additional genomic assays intended for use across various cancer types and clinical settings.

Founded in 2008 and headquartered in South San Francisco, California, Veracyte primarily serves the U.S.