Sumitomo Mitsui Trust Group Inc. Reduces Position in Veracyte, Inc. $VCYT

Sumitomo Mitsui Trust Group Inc. lessened its stake in shares of Veracyte, Inc. (NASDAQ:VCYT) by 27.2% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,647,177 shares of the biotechnology company’s stock after selling 616,762 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Veracyte were worth $44,523,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Veracyte by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 8,263,643 shares of the biotechnology company’s stock valued at $245,017,000 after purchasing an additional 52,031 shares in the last quarter. Driehaus Capital Management LLC raised its position in Veracyte by 14.2% during the 1st quarter. Driehaus Capital Management LLC now owns 1,351,370 shares of the biotechnology company’s stock valued at $40,068,000 after purchasing an additional 167,604 shares in the last quarter. GW&K Investment Management LLC raised its position in Veracyte by 3.7% during the 1st quarter. GW&K Investment Management LLC now owns 1,256,893 shares of the biotechnology company’s stock valued at $37,267,000 after purchasing an additional 44,826 shares in the last quarter. Nuveen LLC bought a new stake in Veracyte during the 1st quarter valued at $33,003,000. Finally, Jennison Associates LLC raised its position in Veracyte by 20.0% during the 1st quarter. Jennison Associates LLC now owns 1,000,359 shares of the biotechnology company’s stock valued at $29,661,000 after purchasing an additional 166,605 shares in the last quarter.

Analyst Ratings Changes

A number of equities research analysts have weighed in on VCYT shares. Zacks Research raised Veracyte from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 6th. Canaccord Genuity Group started coverage on Veracyte in a research report on Monday, October 20th. They set a “hold” rating and a $40.00 target price for the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Veracyte in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Veracyte from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Finally, Morgan Stanley set a $28.00 price objective on shares of Veracyte and gave the stock an “underweight” rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.90.

Veracyte Trading Down 2.1%

Shares of VCYT stock opened at $35.97 on Tuesday. The business’s fifty day simple moving average is $33.04 and its 200-day simple moving average is $29.65. The company has a market cap of $2.83 billion, a PE ratio of 109.00 and a beta of 2.11. Veracyte, Inc. has a 12-month low of $22.61 and a 12-month high of $47.32.

Insider Transactions at Veracyte

In related news, CEO Marc Stapley sold 7,667 shares of Veracyte stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $30.41, for a total value of $233,153.47. Following the completion of the sale, the chief executive officer directly owned 334,185 shares in the company, valued at $10,162,565.85. This trade represents a 2.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Annie Mcguire sold 2,283 shares of Veracyte stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $33.69, for a total transaction of $76,914.27. Following the completion of the sale, the senior vice president owned 91,599 shares of the company’s stock, valued at $3,085,970.31. This trade represents a 2.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,299 shares of company stock valued at $610,799. Corporate insiders own 1.40% of the company’s stock.

Veracyte 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.