Federated Hermes Inc. Sells 52,039 Shares of Veracyte, Inc. $VCYT

Federated Hermes Inc. reduced its stake in Veracyte, Inc. (NASDAQ:VCYT) by 96.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,128 shares of the biotechnology company’s stock after selling 52,039 shares during the period. Federated Hermes Inc.’s holdings in Veracyte were worth $73,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of VCYT. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Veracyte in the second quarter worth approximately $25,000. First Horizon Corp bought a new stake in shares of Veracyte in the 3rd quarter worth $31,000. Osaic Holdings Inc. boosted its position in shares of Veracyte by 289.9% during the second quarter. Osaic Holdings Inc. now owns 1,201 shares of the biotechnology company’s stock valued at $33,000 after buying an additional 893 shares during the last quarter. Headlands Technologies LLC increased its holdings in Veracyte by 74.8% in the 2nd quarter. Headlands Technologies LLC now owns 2,824 shares of the biotechnology company’s stock worth $76,000 after buying an additional 1,208 shares in the last quarter. Finally, Pacer Advisors Inc. purchased a new position in Veracyte in the 3rd quarter worth about $107,000.

Insider Activity

In related news, CEO Marc Stapley sold 7,668 shares of the firm’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $47.09, for a total value of $361,086.12. Following the completion of the transaction, the chief executive officer directly owned 318,603 shares of the company’s stock, valued at approximately $15,003,015.27. This trade represents a 2.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Rebecca Chambers sold 13,278 shares of Veracyte stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $46.84, for a total value of $621,941.52. Following the completion of the transaction, the chief financial officer owned 109,496 shares of the company’s stock, valued at approximately $5,128,792.64. This trade represents a 10.81% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 68,299 shares of company stock worth $3,102,756. 1.40% of the stock is owned by corporate insiders.

Veracyte Trading Up 1.5%

Shares of VCYT stock opened at $36.73 on Tuesday. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of 96.66 and a beta of 1.91. Veracyte, Inc. has a 12-month low of $22.61 and a 12-month high of $50.71. The stock’s 50-day moving average price is $42.04 and its 200-day moving average price is $36.94.

Wall Street Analyst Weigh In

A number of research firms have commented on VCYT. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Veracyte in a research report on Monday, December 29th. UBS Group reiterated a “buy” rating on shares of Veracyte in a research note on Monday, January 12th. Canaccord Genuity Group boosted their target price on shares of Veracyte from $40.00 to $43.00 and gave the company a “hold” rating in a research report on Wednesday, November 5th. Wall Street Zen raised Veracyte from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 27th. Finally, Morgan Stanley lifted their target price on Veracyte from $40.00 to $48.00 and gave the company an “underweight” rating in a research report on Monday, December 1st. Five research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Veracyte currently has a consensus rating of “Hold” and a consensus target price of $46.14.

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.