Invesco Ltd. Lowers Position in Veracyte, Inc. $VCYT

Invesco Ltd. lessened its stake in Veracyte, Inc. (NASDAQ:VCYT) by 9.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 299,190 shares of the biotechnology company’s stock after selling 30,378 shares during the quarter. Invesco Ltd. owned approximately 0.38% of Veracyte worth $8,871,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Versant Capital Management Inc lifted its holdings in shares of Veracyte by 1,267.6% in the first quarter. Versant Capital Management Inc now owns 930 shares of the biotechnology company’s stock worth $28,000 after buying an additional 862 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Veracyte in the first quarter worth $48,000. GF Fund Management CO. LTD. purchased a new position in shares of Veracyte in the fourth quarter valued at $64,000. Covestor Ltd grew its holdings in shares of Veracyte by 23,936.4% in the first quarter. Covestor Ltd now owns 2,644 shares of the biotechnology company’s stock valued at $78,000 after purchasing an additional 2,633 shares in the last quarter. Finally, Captrust Financial Advisors purchased a new position in shares of Veracyte in the fourth quarter valued at $206,000.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on VCYT. Needham & Company LLC cut their target price on shares of Veracyte from $51.00 to $41.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Morgan Stanley set a $28.00 target price on shares of Veracyte and gave the company an “underweight” rating in a 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. Finally, UBS Group cut their target price on shares of Veracyte from $49.00 to $42.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Eight research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $40.90.

Veracyte Stock Performance

NASDAQ:VCYT opened at $31.00 on Monday. The stock’s fifty day moving average is $26.60 and its 200 day moving average is $29.86. Veracyte, Inc. has a fifty-two week low of $22.61 and a fifty-two week high of $47.32. The firm has a market capitalization of $2.44 billion, a PE ratio of 93.94 and a beta of 1.97.

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.