Bosun Asset Management LLC Makes New $604,000 Investment in Veracyte, Inc. (NASDAQ:VCYT)

Bosun Asset Management LLC acquired a new stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 15,261 shares of the biotechnology company's stock, valued at approximately $604,000.

A number of other hedge funds have also modified their holdings of the business. Barclays PLC boosted its stake in shares of Veracyte by 138.6% during the third quarter. Barclays PLC now owns 146,402 shares of the biotechnology company's stock worth $4,983,000 after buying an additional 85,033 shares during the period. Synovus Financial Corp grew its stake in shares of Veracyte by 16.2% in the 3rd quarter. Synovus Financial Corp now owns 22,865 shares of the biotechnology company's stock valued at $778,000 after purchasing an additional 3,195 shares during the last quarter. Nordea Investment Management AB increased its holdings in shares of Veracyte by 4.4% in the fourth quarter. Nordea Investment Management AB now owns 261,214 shares of the biotechnology company's stock valued at $10,415,000 after purchasing an additional 11,078 shares during the period. Avanza Fonder AB purchased a new stake in shares of Veracyte during the fourth quarter worth approximately $1,379,000. Finally, Legal Advantage Investments Inc. purchased a new position in Veracyte in the 4th quarter valued at $250,000.

Wall Street Analysts Forecast Growth

VCYT has been the topic of several analyst reports. Needham & Company LLC lowered their target price on shares of Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday. Stephens restated an "overweight" rating and issued a $45.00 price target on shares of Veracyte in a research note on Wednesday, March 26th. Guggenheim reduced their target price on Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. StockNews.com cut shares of Veracyte from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. Finally, Craig Hallum initiated coverage on shares of Veracyte in a research note on Thursday, March 20th. They issued a "buy" rating and a $45.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $40.90.

Veracyte Stock Down 5.9 %

Shares of Veracyte stock traded down $1.84 during trading on Friday, hitting $29.37. 1,498,608 shares of the company were exchanged, compared to its average volume of 885,471. Veracyte, Inc. has a fifty-two week low of $19.73 and a fifty-two week high of $47.32. The firm has a 50 day moving average price of $31.05 and a 200 day moving average price of $37.09. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of -195.80 and a beta of 2.14.

Veracyte (NASDAQ:VCYT - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.07. The company had revenue of $118.63 million during the quarter, compared to analysts' expectations of $110.73 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. During the same period in the previous year, the firm posted ($0.39) earnings per share. Analysts predict that Veracyte, Inc. will post 0.68 earnings per share for the current year.

About Veracyte

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.