Hsbc Holdings PLC Boosts Stock Holdings in Veracyte, Inc. $VCYT

Key Points

• Hsbc Holdings PLC increased its ownership in Veracyte, Inc. by 95.8%, acquiring an additional 10,618 shares, bringing its total to 21,702 shares valued at $635,000.
• Several institutional investors have significantly increased their stakes in Veracyte, with Covestor Ltd boosting its holdings by 23,936.4% during the first quarter.
• Analyst ratings for Veracyte show a consensus of "Moderate Buy," with an average target price of $40.90 despite varying target price estimates from different firms.

Hsbc Holdings PLC grew its holdings in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 95.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,702 shares of the biotechnology company's stock after purchasing an additional 10,618 shares during the period. Hsbc Holdings PLC's holdings in Veracyte were worth $635,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Versant Capital Management Inc boosted its position in Veracyte by 1,267.6% during 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 during the period. Headlands Technologies LLC bought a new position in shares of Veracyte in the first quarter worth about $48,000. GF Fund Management CO. LTD. acquired a new position in shares of Veracyte in the fourth quarter valued at approximately $64,000. Covestor Ltd increased its stake in shares of 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 buying an additional 2,633 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in Veracyte during the 1st quarter valued at approximately $173,000.

Veracyte Trading Up 2.1%

NASDAQ VCYT traded up $0.66 on Friday, hitting $32.18. 344,684 shares of the stock traded hands, compared to its average volume of 1,149,032. The stock has a 50-day moving average of $27.19 and a 200 day moving average of $29.33. The company has a market capitalization of $2.53 billion, a P/E ratio of 97.52 and a beta of 2.07. Veracyte, Inc. has a twelve month low of $22.61 and a twelve month high of $47.32.

Analyst Ratings Changes

Several brokerages have weighed in on VCYT. 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. Needham & Company LLC reduced their price target on Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a report on Thursday, May 8th. UBS Group reduced their price objective on Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Finally, Wall Street Zen raised Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Eight research 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's stock. Based on data from MarketBeat.com, Veracyte currently has a consensus rating of "Moderate Buy" and a consensus target price 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.