Palisades Investment Partners LLC bought a new position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 163,809 shares of the biotechnology company's stock, valued at approximately $6,487,000. Veracyte comprises 2.7% of Palisades Investment Partners LLC's holdings, making the stock its 13th largest holding. Palisades Investment Partners LLC owned approximately 0.21% of Veracyte as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ieq Capital LLC bought a new position in Veracyte during the fourth quarter worth about $580,000. Barclays PLC boosted its holdings in Veracyte by 138.6% during the third quarter. Barclays PLC now owns 146,402 shares of the biotechnology company's stock worth $4,983,000 after buying an additional 85,033 shares during the last quarter. Jennison Associates LLC boosted its holdings in Veracyte by 116.3% during the fourth quarter. Jennison Associates LLC now owns 833,754 shares of the biotechnology company's stock worth $33,017,000 after buying an additional 448,251 shares during the last quarter. Bayesian Capital Management LP bought a new position in Veracyte during the fourth quarter worth about $693,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Veracyte by 3.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 48,414 shares of the biotechnology company's stock worth $1,918,000 after buying an additional 1,816 shares during the last quarter.
Analyst Ratings Changes
A number of equities analysts have issued reports on VCYT shares. Needham & Company LLC reduced 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. StockNews.com cut Veracyte from a "buy" rating to a "hold" rating in a report on Wednesday, February 26th. UBS Group dropped their price target on Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Craig Hallum assumed coverage on Veracyte in a research report on Thursday, March 20th. They set a "buy" rating and a $45.00 price target on the stock. Finally, Guggenheim dropped 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. 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 company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $40.90.
View Our Latest Stock Analysis on VCYT
Veracyte Price Performance
NASDAQ VCYT opened at $27.61 on Thursday. The stock's 50-day moving average is $30.64 and its 200-day moving average is $36.83. Veracyte, Inc. has a one year low of $19.73 and a one year high of $47.32. The firm has a market cap of $2.16 billion, a P/E ratio of -184.07 and a beta of 2.14.
Veracyte (NASDAQ:VCYT - Get Free Report) last announced its earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.07. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The business had revenue of $118.63 million for the quarter, compared to analyst estimates of $110.73 million. During the same quarter last year, the firm earned ($0.39) EPS. Equities analysts anticipate that Veracyte, Inc. will post 0.68 EPS for the current year.
About Veracyte
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding VCYT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Veracyte, Inc. (NASDAQ:VCYT - Free Report).
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