Granite Investment Partners LLC Has $16.38 Million Stock Position in Veracyte, Inc. $VCYT

Granite Investment Partners LLC reduced its position in shares of Veracyte, Inc. (NASDAQ:VCYT) by 25.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 476,983 shares of the biotechnology company’s stock after selling 159,240 shares during the period. Veracyte comprises about 0.9% of Granite Investment Partners LLC’s investment portfolio, making the stock its 25th biggest position. Granite Investment Partners LLC owned 0.60% of Veracyte worth $16,375,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Veracyte during the second quarter worth approximately $25,000. First Horizon Corp acquired a new stake in Veracyte during the 3rd quarter valued at $31,000. Osaic Holdings Inc. increased its holdings in Veracyte by 289.9% during the 2nd quarter. Osaic Holdings Inc. now owns 1,201 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 893 shares in the last quarter. Headlands Technologies LLC raised its position in Veracyte by 74.8% in the 2nd quarter. Headlands Technologies LLC now owns 2,824 shares of the biotechnology company’s stock valued at $76,000 after purchasing an additional 1,208 shares during the last quarter. Finally, Pacer Advisors Inc. acquired a new position in Veracyte in the third quarter worth $107,000.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on VCYT shares. Morgan Stanley raised their target price on Veracyte from $40.00 to $48.00 and gave the company an “underweight” rating in a research note on Monday, December 1st. UBS Group restated a “buy” rating on shares of Veracyte in a research report on Monday, January 12th. Guggenheim boosted their target price on shares of Veracyte from $45.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, January 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Veracyte in a research note on Monday, December 29th. Finally, Needham & Company LLC raised their price target on shares of Veracyte from $41.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Veracyte currently has a consensus rating of “Moderate Buy” and an average price target of $46.14.

Insider Transactions at Veracyte

In other news, CEO Marc Stapley sold 7,668 shares of the stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $47.09, for a total value of $361,086.12. Following the transaction, the chief executive officer owned 318,603 shares of the company’s stock, valued at $15,003,015.27. This represents a 2.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karin Eastham sold 20,000 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $45.45, for a total value of $909,000.00. Following the completion of the transaction, the director owned 13,554 shares in the company, valued at $616,029.30. This represents a 59.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 58,299 shares of company stock valued at $2,679,156. 1.40% of the stock is currently owned by company insiders.

Veracyte Trading Down 1.8%

Veracyte stock opened at $35.63 on Monday. The company has a market cap of $2.82 billion, a PE ratio of 93.77 and a beta of 1.91. Veracyte, Inc. has a 1 year low of $22.61 and a 1 year high of $50.71. The company’s 50-day moving average is $40.47 and its two-hundred day moving average is $37.68.

Veracyte 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.