Driehaus Capital Management LLC Grows Stock Holdings in Veracyte, Inc. $VCYT

Key Points

• Driehaus Capital Management LLC has increased its stake in Veracyte, Inc. by 14.2%, owning a total of 1,351,370 shares valued at about $40 million.
• Veracyte shares are currently trading at $29.95, with a market capitalization of $2.36 billion and varying price targets set by analysts.
• Analysts have mixed ratings on Veracyte, with eight giving it a Buy rating, while the average consensus price target is $40.90.

Driehaus Capital Management LLC raised its holdings in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 14.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,351,370 shares of the biotechnology company's stock after purchasing an additional 167,604 shares during the quarter. Driehaus Capital Management LLC owned about 1.73% of Veracyte worth $40,068,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of VCYT. Versant Capital Management Inc increased its stake in Veracyte by 1,267.6% in the first 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 period. Headlands Technologies LLC acquired a new position in Veracyte in the first quarter valued at $48,000. GF Fund Management CO. LTD. acquired a new position in Veracyte in the fourth quarter valued at $64,000. Covestor Ltd increased its stake in Veracyte by 23,936.4% in the first quarter. Covestor Ltd now owns 2,644 shares of the biotechnology company's stock valued at $78,000 after purchasing an additional 2,633 shares during the period. Finally, Neo Ivy Capital Management acquired a new position in Veracyte in the first quarter valued at $173,000.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. 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. Morgan Stanley set a $28.00 target price on shares of Veracyte and gave the company an "underweight" rating in a report on Friday, August 8th. UBS Group lowered their target price on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, Wall Street Zen raised shares of Veracyte from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Eight analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $40.90.

Veracyte Stock Performance

VCYT stock traded up $0.26 during trading on Wednesday, reaching $30.37. 266,235 shares of the company were exchanged, compared to its average volume of 1,148,031. The company has a market cap of $2.39 billion, a P/E ratio of 91.91 and a beta of 2.07. Veracyte, Inc. has a 52-week low of $22.61 and a 52-week high of $47.32. The stock's 50 day moving average price is $27.02 and its 200 day moving average price is $29.39.

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.