Bessemer Group Inc. Takes $706,000 Position in Veracyte, Inc. $VCYT

Bessemer Group Inc. purchased a new position in shares of Veracyte, Inc. (NASDAQ:VCYT) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 20,580 shares of the biotechnology company’s stock, valued at approximately $706,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Royal Bank of Canada boosted its position in Veracyte by 23.3% during the 1st quarter. Royal Bank of Canada now owns 28,712 shares of the biotechnology company’s stock worth $852,000 after buying an additional 5,435 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Veracyte by 12.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 195,793 shares of the biotechnology company’s stock valued at $5,805,000 after acquiring an additional 21,330 shares during the last quarter. Jane Street Group LLC lifted its holdings in shares of Veracyte by 94.7% during the first quarter. Jane Street Group LLC now owns 216,909 shares of the biotechnology company’s stock worth $6,431,000 after purchasing an additional 105,499 shares during the period. Intech Investment Management LLC grew its stake in shares of Veracyte by 54.1% in the first quarter. Intech Investment Management LLC now owns 42,762 shares of the biotechnology company’s stock worth $1,268,000 after purchasing an additional 15,017 shares during the last quarter. Finally, Aberdeen Group plc bought a new stake in shares of Veracyte in the second quarter worth $4,917,000.

Analyst Ratings Changes

Several research analysts have commented on VCYT shares. Morgan Stanley lifted their target price on Veracyte from $40.00 to $48.00 and gave the stock an “underweight” rating in a report on Monday, December 1st. Canaccord Genuity Group raised their price objective on Veracyte from $40.00 to $43.00 and gave the stock a “hold” rating in a research report on Wednesday, November 5th. Wall Street Zen upgraded Veracyte from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 27th. Needham & Company LLC raised their price target on shares of Veracyte from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Finally, Zacks Research downgraded shares of Veracyte from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 13th. Five investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $46.14.

Insider Buying and Selling

In related news, insider John Leite sold 1,278 shares of the stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $47.51, for a total transaction of $60,717.78. Following the transaction, the insider directly owned 82,113 shares of the company’s stock, valued at $3,901,188.63. This represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karin Eastham sold 20,000 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $45.45, for a total transaction of $909,000.00. Following the transaction, the director owned 13,554 shares in the company, valued at $616,029.30. This represents a 59.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 68,299 shares of company stock worth $3,102,756 over the last ninety days. 1.40% of the stock is owned by company insiders.

Veracyte Trading Up 0.8%

VCYT stock opened at $37.03 on Wednesday. The stock has a 50-day moving average price of $41.85 and a 200-day moving average price of $37.02. Veracyte, Inc. has a 1-year low of $22.61 and a 1-year high of $50.71. The firm has a market cap of $2.93 billion, a PE ratio of 97.45 and a beta of 1.91.

Veracyte Company 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.