Palisades Investment Partners LLC Buys Shares of 163,809 Veracyte, Inc. (NASDAQ:VCYT)

Palisades Investment Partners LLC bought a new stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 163,809 shares of the biotechnology company's stock, valued at approximately $6,487,000. Veracyte comprises about 2.7% of Palisades Investment Partners LLC's holdings, making the stock its 13th biggest position. Palisades Investment Partners LLC owned 0.21% of Veracyte at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Veracyte by 20.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 174,463 shares of the biotechnology company's stock worth $6,909,000 after purchasing an additional 30,059 shares in the last quarter. Vident Advisory LLC purchased a new stake in shares of Veracyte during the 4th quarter valued at $364,000. State of Wyoming lifted its holdings in shares of Veracyte by 237.5% during the 4th quarter. State of Wyoming now owns 9,682 shares of the biotechnology company's stock valued at $383,000 after purchasing an additional 6,813 shares during the last quarter. Sherbrooke Park Advisers LLC raised its stake in Veracyte by 7.0% in the 4th quarter. Sherbrooke Park Advisers LLC now owns 9,493 shares of the biotechnology company's stock worth $376,000 after acquiring an additional 618 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Veracyte in the 4th quarter worth $20,717,000.

Veracyte Stock Performance

NASDAQ VCYT traded up $0.31 during trading hours on Tuesday, hitting $27.47. The company had a trading volume of 174,232 shares, compared to its average volume of 973,195. Veracyte, Inc. has a 1-year low of $19.73 and a 1-year high of $47.32. The company has a market cap of $2.15 billion, a PE ratio of -183.00 and a beta of 2.14. The business has a 50 day moving average of $30.39 and a 200-day moving average of $36.64.

Veracyte (NASDAQ:VCYT - Get Free Report) last announced its earnings results on Monday, February 24th. The biotechnology company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.07. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The business had revenue of $118.63 million during the quarter, compared to analysts' expectations of $110.73 million. During the same period in the prior year, the company earned ($0.39) earnings per share. Sell-side analysts expect that Veracyte, Inc. will post 0.68 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Guggenheim cut their price target on Veracyte from $45.00 to $37.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Wall Street Zen cut Veracyte from a "buy" rating to a "hold" rating in a report on Wednesday, February 26th. Needham & Company LLC lowered their target price on Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. UBS Group reduced their price target on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Finally, Stephens reissued an "overweight" rating and issued a $45.00 target price on shares of Veracyte in a research report on Wednesday, March 26th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Veracyte currently has a consensus rating of "Moderate Buy" and a consensus price target 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.