EverSource Wealth Advisors LLC Increases Stock Holdings in Veracyte, Inc. $VCYT

Key Points

• EverSource Wealth Advisors LLC significantly increased its holdings in Veracyte, Inc. by acquiring an additional 15,832 shares, bringing its total ownership to 15,950 shares valued at approximately $473,000.
• Several large investors, including Nuveen LLC and Driehaus Capital Management LLC, also boosted their positions in Veracyte, reflecting a growing institutional interest in the biotechnology company.
• Analyst ratings for Veracyte show mixed opinions, with nine analysts rating it a "buy" and a consensus target price of $40.90, despite ongoing price adjustments by firms like Needham & Company and UBS Group.

EverSource Wealth Advisors LLC boosted its holdings in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 13,416.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,950 shares of the biotechnology company's stock after purchasing an additional 15,832 shares during the quarter. EverSource Wealth Advisors LLC's holdings in Veracyte were worth $473,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Versant Capital Management Inc increased its holdings in Veracyte by 1,267.6% in the first quarter. Versant Capital Management Inc now owns 930 shares of the biotechnology company's stock worth $28,000 after purchasing an additional 862 shares in the last quarter. Headlands Technologies LLC bought a new stake in Veracyte in the first quarter worth approximately $48,000. GF Fund Management CO. LTD. bought a new stake in Veracyte in the fourth quarter worth approximately $64,000. Covestor Ltd increased its holdings in Veracyte by 23,936.4% in the first quarter. Covestor Ltd now owns 2,644 shares of the biotechnology company's stock worth $78,000 after purchasing an additional 2,633 shares in the last quarter. Finally, Sterling Capital Management LLC increased its holdings in Veracyte by 810.2% in the fourth quarter. Sterling Capital Management LLC now owns 2,421 shares of the biotechnology company's stock worth $96,000 after purchasing an additional 2,155 shares in the last quarter.

Wall Street Analyst Weigh In

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

Veracyte Trading Up 5.7%

Shares of NASDAQ:VCYT traded up $1.6780 during mid-day trading on Friday, hitting $31.1080. 657,957 shares of the company traded hands, compared to its average volume of 1,162,337. The stock has a market cap of $2.45 billion, a P/E ratio of 94.13 and a beta of 1.97. Veracyte, Inc. has a 12-month low of $22.61 and a 12-month high of $47.32. The stock has a 50-day moving average price of $26.51 and a two-hundred day moving average price of $30.15.

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.