Magnetar Financial LLC Buys New Position in Veracyte, Inc. $VCYT

Key Points

• Magnetar Financial LLC has invested approximately $651,000 in Veracyte, Inc., acquiring 21,969 shares of the biotechnology company in the first quarter.
• Veracyte's stock recently saw a 1.3% increase, with current trading around $30.34, and it holds a market capitalization of $2.39 billion.
• Equities analysts have given Veracyte an average rating of "Moderate Buy", with a consensus price target of $40.90, while recent changes in target prices range from $28.00 to $42.00.

Magnetar Financial LLC acquired a new position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 21,969 shares of the biotechnology company's stock, valued at approximately $651,000.

Other hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC raised its position in shares of Veracyte by 54.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,538 shares of the biotechnology company's stock worth $400,000 after acquiring an additional 4,792 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Veracyte by 122.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 18,199 shares of the biotechnology company's stock worth $540,000 after acquiring an additional 10,022 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Veracyte by 2.0% during the first quarter. Bank of New York Mellon Corp now owns 248,224 shares of the biotechnology company's stock worth $7,360,000 after acquiring an additional 4,772 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Veracyte by 9.5% in the first quarter. Principal Financial Group Inc. now owns 35,663 shares of the biotechnology company's stock worth $1,057,000 after purchasing an additional 3,103 shares in the last quarter. Finally, Bayesian Capital Management LP bought a new stake in Veracyte in the fourth quarter worth approximately $693,000.

Analyst Upgrades and Downgrades

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

Veracyte Trading Up 2.9%

Shares of NASDAQ:VCYT traded up $0.90 during mid-day trading on Thursday, hitting $31.52. 1,169,980 shares of the company traded hands, compared to its average volume of 1,154,233. The stock has a market cap of $2.48 billion, a P/E ratio of 95.52 and a beta of 2.07. 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 $27.10 and a two-hundred day moving average price of $29.40.

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.