Veracyte, Inc. $VCYT Shares Acquired by Rhumbline Advisers

Rhumbline Advisers increased its holdings in shares of Veracyte, Inc. (NASDAQ:VCYT) by 85.9% in the third quarter, Holdings Channel reports. The firm owned 222,202 shares of the biotechnology company’s stock after buying an additional 102,653 shares during the quarter. Rhumbline Advisers’ holdings in Veracyte were worth $7,628,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Oppenheimer Asset Management Inc. purchased a new stake in shares of Veracyte in the third quarter valued at about $476,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in Veracyte by 97.3% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 139,109 shares of the biotechnology company’s stock valued at $4,776,000 after acquiring an additional 68,615 shares during the period. Bessemer Group Inc. purchased a new stake in Veracyte during the 3rd quarter valued at approximately $706,000. Envestnet Asset Management Inc. lifted its position in Veracyte by 34.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 92,185 shares of the biotechnology company’s stock worth $3,165,000 after acquiring an additional 23,747 shares during the period. Finally, Allianz Asset Management GmbH grew its stake in shares of Veracyte by 53.2% in the 3rd quarter. Allianz Asset Management GmbH now owns 134,097 shares of the biotechnology company’s stock valued at $4,604,000 after purchasing an additional 46,573 shares during the last quarter.

Veracyte Stock Performance

Veracyte stock opened at $35.63 on Friday. The company has a market cap of $2.82 billion, a P/E ratio of 93.77 and a beta of 1.91. Veracyte, Inc. has a one year low of $22.61 and a one year high of $50.71. The business has a fifty day moving average of $40.47 and a two-hundred day moving average of $37.58.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on VCYT. Needham & Company LLC upped their price target on Veracyte from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Wednesday, November 5th. UBS Group reissued a “buy” rating on shares of Veracyte in a research note on Monday, January 12th. Morgan Stanley raised their target price on shares of Veracyte from $40.00 to $48.00 and gave the stock an “underweight” rating in a research note on Monday, December 1st. Canaccord Genuity Group lifted their target price on shares of Veracyte from $40.00 to $43.00 and gave the company a “hold” rating in a report on Wednesday, November 5th. Finally, Wall Street Zen raised shares of Veracyte from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 27th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Veracyte currently has a consensus rating of “Moderate Buy” and an average price target of $46.14.

Insider Activity

In other news, SVP Annie Mcguire sold 10,739 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $43.13, for a total transaction of $463,173.07. Following the sale, the senior vice president owned 67,760 shares of the company’s stock, valued at $2,922,488.80. The trade was a 13.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Rebecca Chambers sold 13,278 shares of the firm’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $46.84, for a total value of $621,941.52. Following the completion of the transaction, the chief financial officer directly owned 109,496 shares of the company’s stock, valued at $5,128,792.64. The trade was a 10.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 58,299 shares of company stock valued at $2,679,156 in the last quarter. Insiders own 1.40% of the company’s stock.

Veracyte Company Profile

Veracyte, Inc is a genomic diagnostics company focused on improving diagnostic accuracy and patient care through advanced molecular testing. Founded in 2008 and headquartered in South San Francisco, California, the company develops and commercializes minimally invasive genomic tests that aid in the diagnosis of thyroid, lung and other diseases. Veracyte’s proprietary platform analyzes gene expression patterns in clinical samples to help physicians make more informed treatment decisions, reducing unnecessary surgeries and improving patient outcomes.

The company’s flagship product, the Afirma Genomic Sequencing Classifier, is designed to assess thyroid nodules with indeterminate cytology, helping clinicians distinguish benign from suspicious nodules.