Veracyte, Inc. (NASDAQ:VCYT) Stake Raised by Jennison Associates LLC

Jennison Associates LLC lifted its holdings in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 20.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,000,359 shares of the biotechnology company's stock after purchasing an additional 166,605 shares during the quarter. Jennison Associates LLC owned about 1.28% of Veracyte worth $29,661,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in VCYT. Versant Capital Management Inc raised its position 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 worth $28,000 after buying an additional 862 shares during the period. GF Fund Management CO. LTD. purchased a new position in Veracyte in the fourth quarter valued at about $64,000. Sterling Capital Management LLC raised its position in Veracyte by 810.2% in the fourth quarter. Sterling Capital Management LLC now owns 2,421 shares of the biotechnology company's stock valued at $96,000 after purchasing an additional 2,155 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Veracyte in the fourth quarter valued at about $152,000. Finally, Neuberger Berman Group LLC purchased a new position in Veracyte in the fourth quarter valued at about $201,000.

Analyst Upgrades and Downgrades

VCYT has been the subject of several recent analyst reports. UBS Group lowered their target price on Veracyte from $49.00 to $42.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Needham & Company LLC decreased their price target on Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Guggenheim decreased their price target on Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Wall Street Zen downgraded Veracyte from a "buy" rating to a "hold" rating in a research note on Saturday, June 28th. Finally, Stephens reiterated an "overweight" rating and issued a $45.00 price target on shares of Veracyte in a research note on Wednesday, March 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Veracyte presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.90.

Veracyte Stock Performance

Shares of VCYT traded up $0.28 during mid-day trading on Wednesday, reaching $23.79. 115,034 shares of the company's stock traded hands, compared to its average volume of 973,032. The business's 50-day moving average price is $27.00 and its 200-day moving average price is $32.62. The stock has a market capitalization of $1.86 billion, a P/E ratio of 58.08 and a beta of 2.07. Veracyte, Inc. has a 12 month low of $19.73 and a 12 month high of $47.32.

Veracyte Company 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.