Convergence Investment Partners LLC Purchases New Shares in Veracyte, Inc. (NASDAQ:VCYT)

Convergence Investment Partners LLC purchased a new stake in shares of Veracyte, Inc. (NASDAQ:VCYT) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 8,074 shares of the biotechnology company’s stock, valued at approximately $320,000.

Several other hedge funds have also recently modified their holdings of VCYT. Jennison Associates LLC lifted its position in shares of Veracyte by 116.3% during the 4th quarter. Jennison Associates LLC now owns 833,754 shares of the biotechnology company’s stock worth $33,017,000 after buying an additional 448,251 shares in the last quarter. Lord Abbett & CO. LLC bought a new stake in Veracyte during the third quarter worth $9,498,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Veracyte by 288.6% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 360,871 shares of the biotechnology company’s stock worth $12,284,000 after acquiring an additional 268,000 shares during the period. Jane Street Group LLC raised its stake in shares of Veracyte by 276.4% during the 3rd quarter. Jane Street Group LLC now owns 301,652 shares of the biotechnology company’s stock worth $10,268,000 after purchasing an additional 221,504 shares during the period. Finally, Castleark Management LLC bought a new stake in shares of Veracyte during the 3rd quarter worth $6,010,000.

Veracyte Stock Performance

NASDAQ:VCYT opened at $42.11 on Thursday. Veracyte, Inc. has a 52-week low of $18.61 and a 52-week high of $47.32. The firm has a market cap of $3.26 billion, a price-to-earnings ratio of -280.73 and a beta of 1.71. The business’s fifty day moving average is $42.11 and its 200 day moving average is $37.20.

Analysts Set New Price Targets

VCYT has been the topic of several research reports. Scotiabank lifted their price objective on shares of Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Friday, November 8th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $37.00 price target (down previously from $38.00) on shares of Veracyte in a report on Thursday, December 5th. Wolfe Research initiated coverage on shares of Veracyte in a report on Friday, November 15th. They issued an “outperform” rating and a $50.00 price target on the stock. UBS Group lifted their price target on shares of Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, Morgan Stanley boosted their target price on Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a research note on Monday, November 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

Insider Activity

In other news, CAO Jonathan Wygant sold 956 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $43.36, for a total value of $41,452.16. Following the transaction, the chief accounting officer now owns 40,270 shares of the company’s stock, valued at approximately $1,746,107.20. This represents a 2.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider John Leite sold 1,050 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.25, for a total value of $45,412.50. Following the completion of the transaction, the insider now owns 73,810 shares in the company, valued at $3,192,282.50. This represents a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,565 shares of company stock worth $1,031,406 over the last ninety days. Company insiders own 1.30% of the company’s stock.

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.