Envestnet Asset Management Inc. Has $3.17 Million Stake in Veracyte, Inc. $VCYT

Envestnet Asset Management Inc. lifted its position in Veracyte, Inc. (NASDAQ:VCYT) by 34.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 92,185 shares of the biotechnology company’s stock after buying an additional 23,747 shares during the quarter. Envestnet Asset Management Inc. owned about 0.12% of Veracyte worth $3,165,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional 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 Veracyte in the second quarter valued at approximately $25,000. First Horizon Corp bought a new position in shares of Veracyte during the 3rd quarter valued at $31,000. Osaic Holdings Inc. lifted its stake in shares of Veracyte by 289.9% in 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 during the last quarter. Headlands Technologies LLC boosted its holdings in Veracyte by 74.8% in the second quarter. Headlands Technologies LLC now owns 2,824 shares of the biotechnology company’s stock worth $76,000 after purchasing an additional 1,208 shares in the last quarter. Finally, Pacer Advisors Inc. acquired a new position in Veracyte during the third quarter worth $107,000.

Veracyte Stock Up 0.1%

Shares of VCYT stock opened at $35.72 on Thursday. Veracyte, Inc. has a 12 month low of $22.61 and a 12 month high of $50.71. The firm has a market cap of $2.82 billion, a PE ratio of 94.00 and a beta of 1.91. The stock has a 50 day moving average of $40.04 and a 200-day moving average of $37.78.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Morgan Stanley boosted their price target on Veracyte from $40.00 to $48.00 and gave the stock an “underweight” rating in a research report on Monday, December 1st. Zacks Research raised Veracyte from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. Wall Street Zen upgraded Veracyte from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 27th. Canaccord Genuity Group boosted their price objective on shares of Veracyte from $40.00 to $43.00 and gave the stock a “hold” rating in a research note on Wednesday, November 5th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Veracyte in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $46.14.

Insider Buying and Selling

In related news, CFO Rebecca Chambers sold 13,278 shares of Veracyte stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $46.84, for a total transaction of $621,941.52. Following the sale, the chief financial officer directly owned 109,496 shares of the company’s stock, valued at $5,128,792.64. This trade represents a 10.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karin Eastham sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $45.45, for a total value of $909,000.00. Following the completion of the transaction, the director directly owned 13,554 shares of the company’s stock, valued at approximately $616,029.30. This trade represents a 59.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 54,385 shares of company stock worth $2,483,179. 1.40% of the stock is currently owned by corporate insiders.

About Veracyte

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.