Veracyte, Inc. $VCYT Stock Acquired by Summit Global Investments

Summit Global Investments grew its stake in Veracyte, Inc. (NASDAQ:VCYT) by 318.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,017 shares of the biotechnology company’s stock after acquiring an additional 15,228 shares during the quarter. Summit Global Investments’ holdings in Veracyte were worth $922,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in shares of Veracyte during the 2nd quarter worth $792,058,000. Dimensional Fund Advisors LP grew its stake in Veracyte by 2.9% in the first quarter. Dimensional Fund Advisors LP now owns 2,881,090 shares of the biotechnology company’s stock valued at $92,787,000 after purchasing an additional 80,614 shares during the last quarter. Congress Asset Management Co. purchased a new position in Veracyte in the third quarter valued at about $89,971,000. William Blair Investment Management LLC bought a new position in Veracyte in the second quarter worth about $84,078,000. Finally, First Trust Advisors LP raised its holdings in Veracyte by 64.9% in the first quarter. First Trust Advisors LP now owns 2,117,046 shares of the biotechnology company’s stock worth $68,190,000 after purchasing an additional 833,543 shares in the last quarter.

Analysts Set New Price Targets

Several analysts have commented on VCYT shares. Zacks Research lowered shares of Veracyte from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. Weiss Ratings downgraded shares of Veracyte from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, September 24th. Stephens reduced their price objective on shares of Veracyte from $68.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. Piper Sandler reduced their price objective on shares of Veracyte from $66.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. Finally, Needham & Company LLC reissued a “buy” rating on shares of Veracyte in a research report on Tuesday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $55.78.

Insider Activity

In related news, insider Phillip G. Febbo sold 13,110 shares of Veracyte stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $43.05, for a total value of $564,385.50. Following the completion of the sale, the insider directly owned 133,048 shares in the company, valued at $5,727,716.40. This trade represents a 8.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karin Eastham sold 14,850 shares of Veracyte stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $50.00, for a total transaction of $742,500.00. Following the completion of the sale, the director owned 10,247 shares of the company’s stock, valued at $512,350. This trade represents a 59.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 62,609 shares of company stock valued at $2,858,904. 1.60% of the stock is owned by company insiders.

Veracyte Stock Performance

Veracyte stock opened at $49.00 on Tuesday. The stock has a 50-day moving average of $44.55 and a two-hundred day moving average of $42.95. Veracyte, Inc. has a one year low of $29.45 and a one year high of $60.91. The stock has a market cap of $3.94 billion, a PE ratio of 33.10 and a beta of 1.95.

Veracyte Company Profile

Veracyte, Inc is a diagnostics company that develops genomic tests to help physicians diagnose cancer, assess disease risk and guide treatment decisions. Its tests are designed to provide additional molecular information from patient samples, often helping reduce uncertainty and support more personalized care.

The company’s portfolio includes Afirma tests for thyroid nodules, Decipher tests for prostate cancer, Percepta tests for lung cancer and Envisio tests for breast cancer. Veracyte also develops and commercializes additional genomic assays intended for use across various cancer types and clinical settings.

Founded in 2008 and headquartered in South San Francisco, California, Veracyte primarily serves the U.S.