Charles Schwab Investment Management Inc. Acquires 19,662 Shares of Veracyte, Inc. $VCYT

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Veracyte, Inc. by 2.7% during the first quarter, owning approximately $21.96 million in shares.
• Several institutional investors, including Allspring Global Investments, significantly increased their positions in Veracyte in the first quarter, indicating growing interest in the company.
• Veracyte's stock has a current market capitalization of $2.32 billion with a consensus target price of $40.90, reflecting a "Moderate Buy" average rating among analysts.

Charles Schwab Investment Management Inc. boosted its position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 2.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 740,631 shares of the biotechnology company's stock after buying an additional 19,662 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.95% of Veracyte worth $21,960,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Versant Capital Management Inc boosted its stake in shares of Veracyte by 1,267.6% in the 1st quarter. Versant Capital Management Inc now owns 930 shares of the biotechnology company's stock valued at $28,000 after purchasing an additional 862 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Veracyte during the 4th quarter valued at $64,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Veracyte in the 4th quarter valued at $152,000. Neo Ivy Capital Management acquired a new position in shares of Veracyte in the 1st quarter valued at $173,000. Finally, Xponance Inc. boosted its position in shares of Veracyte by 5.7% in the 1st quarter. Xponance Inc. now owns 6,860 shares of the biotechnology company's stock worth $203,000 after purchasing an additional 370 shares during the last quarter.

Veracyte Price Performance

Shares of Veracyte stock traded up $1.57 during trading hours on Friday, hitting $31.00. The company's stock had a trading volume of 1,047,699 shares, compared to its average volume of 2,469,436. The company has a market capitalization of $2.44 billion, a PE ratio of 93.94 and a beta of 1.97. The stock has a 50 day moving average of $26.60 and a 200 day moving average of $29.86. Veracyte, Inc. has a 12 month low of $22.61 and a 12 month high of $47.32.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Morgan Stanley set a $28.00 price objective on Veracyte and gave the company an "underweight" rating in a report on Friday, August 8th. Wall Street Zen upgraded Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. UBS Group cut their price target on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Finally, Needham & Company LLC reduced their price objective on shares of Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Eight analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Veracyte has an average rating of "Moderate Buy" and a consensus price target of $40.90.

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.