Picton Mahoney Asset Management Buys 253,858 Shares of Veracyte, Inc. (NASDAQ:VCYT)

Key Points

• Picton Mahoney Asset Management significantly increased its holdings in Veracyte, Inc. by 3,824.9% during the first quarter, now owning 260,495 shares valued at approximately $7.72 million.
• Other institutional investors, including Allspring Global Investments and Wealth Enhancement Advisory Services, also raised their stakes in Veracyte, indicating strong interest in the biotechnology firm.
• Veracyte has seen mixed analyst ratings recently, with target prices being adjusted downwards, though the average rating remains a "Moderate Buy" with a price target of $40.90.

Picton Mahoney Asset Management grew its stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 3,824.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 260,495 shares of the biotechnology company's stock after purchasing an additional 253,858 shares during the period. Picton Mahoney Asset Management owned about 0.33% of Veracyte worth $7,723,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of VCYT. Synovus Financial Corp lifted its holdings in shares of Veracyte by 1.2% during the 4th quarter. Synovus Financial Corp now owns 23,132 shares of the biotechnology company's stock worth $916,000 after acquiring an additional 267 shares during the period. Xponance Inc. lifted its holdings in shares of Veracyte by 5.7% during the 1st quarter. Xponance Inc. now owns 6,860 shares of the biotechnology company's stock worth $203,000 after acquiring an additional 370 shares during the period. Sherbrooke Park Advisers LLC lifted its holdings in shares of Veracyte by 7.0% during 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 period. Cerity Partners LLC lifted its holdings in shares of Veracyte by 6.4% during the 4th quarter. Cerity Partners LLC now owns 13,486 shares of the biotechnology company's stock worth $524,000 after acquiring an additional 814 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in shares of Veracyte by 1,267.6% during the 1st quarter. Versant Capital Management Inc now owns 930 shares of the biotechnology company's stock worth $28,000 after acquiring an additional 862 shares during the period.

Veracyte Stock Up 0.6%

NASDAQ VCYT traded up $0.13 during trading on Friday, reaching $23.64. 1,741,593 shares of the stock traded hands, compared to its average volume of 1,134,462. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 57.66 and a beta of 2.07. The stock's 50-day moving average price is $26.30 and its 200 day moving average price is $31.73. Veracyte, Inc. has a fifty-two week low of $19.73 and a fifty-two week high of $47.32.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Wall Street Zen raised shares of Veracyte from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Needham & Company LLC cut their price target on shares of Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Guggenheim cut their price target on shares of Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Finally, UBS Group lowered their price objective on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $40.90.

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.