Picton Mahoney Asset Management Has $7.72 Million Stake in 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 increased its holdings in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 3,824.9% during the 1st quarter, according to the company in 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 buying an additional 253,858 shares during the quarter. Picton Mahoney Asset Management owned 0.33% of Veracyte worth $7,723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its stake 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 valued at $28,000 after purchasing an additional 862 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in Veracyte in the fourth quarter worth approximately $64,000. Sterling Capital Management LLC grew 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 worth $96,000 after acquiring an additional 2,155 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Veracyte during the fourth quarter worth $152,000. Finally, Neo Ivy Capital Management purchased a new position in shares of Veracyte during the first quarter worth $173,000.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on VCYT. Needham & Company LLC cut their price target on Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Wall Street Zen raised Veracyte from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. UBS Group reduced their price target 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. Finally, Guggenheim reduced their target price on Veracyte from $45.00 to $37.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.90.

Veracyte Trading Up 0.6%

VCYT traded up $0.13 on Friday, hitting $23.64. 1,741,593 shares of the company's stock were exchanged, compared to its average volume of 1,967,193. The stock has a fifty day moving average of $26.23 and a two-hundred day moving average of $31.61. The firm has a market cap of $1.85 billion, a PE ratio of 57.66 and a beta of 1.97. Veracyte, Inc. has a twelve month low of $19.73 and a twelve month high of $47.32.

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.