Charles Schwab Investment Management Inc. Grows Stock Holdings in 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. increased its stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 2.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 740,631 shares of the biotechnology company's stock after acquiring an additional 19,662 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.95% of Veracyte worth $21,960,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Veracyte by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 8,263,643 shares of the biotechnology company's stock worth $245,017,000 after acquiring an additional 52,031 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in Veracyte by 68.6% in the first quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 30,604 shares of the biotechnology company's stock valued at $907,000 after purchasing an additional 12,448 shares during the period. Blair William & Co. IL increased its stake in Veracyte by 3.5% in the first quarter. Blair William & Co. IL now owns 16,092 shares of the biotechnology company's stock valued at $477,000 after purchasing an additional 550 shares during the period. GSA Capital Partners LLP acquired a new position in Veracyte in the first quarter valued at $1,228,000. Finally, Picton Mahoney Asset Management increased its stake in Veracyte by 3,824.9% in the first quarter. Picton Mahoney Asset Management now owns 260,495 shares of the biotechnology company's stock valued at $7,723,000 after purchasing an additional 253,858 shares during the period.

Analysts Set New Price Targets

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

Veracyte Trading Down 1.6%

Shares of NASDAQ:VCYT traded down $0.46 during midday trading on Wednesday, hitting $28.61. The stock had a trading volume of 1,043,236 shares, compared to its average volume of 1,432,117. The company has a market capitalization of $2.25 billion, a PE ratio of 86.70 and a beta of 1.97. The stock has a 50 day moving average price of $26.74 and a two-hundred day moving average price of $29.76. Veracyte, Inc. has a 1 year low of $22.61 and a 1 year high of $47.32.

Veracyte 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.