Pinnacle Associates Ltd. Purchases New Stake in Veracyte, Inc. (NASDAQ:VCYT)

Key Points

• Pinnacle Associates Ltd. acquired 54,106 shares of Veracyte, Inc., worth approximately $1.6 million, during the first quarter, representing about 0.07% of the company.
• Several institutional investors have increased their stakes in Veracyte, with Wealth Enhancement Advisory Services LLC increasing its position by 122.6%, now owning 18,199 shares valued at $540,000.
• Veracyte stock has recently seen analysts adjust their price targets, with UBS Group lowering its target from $49.00 to $42.00 while maintaining a "buy" rating.

Pinnacle Associates Ltd. purchased a new stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 54,106 shares of the biotechnology company's stock, valued at approximately $1,604,000. Pinnacle Associates Ltd. owned approximately 0.07% of Veracyte at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its position in Veracyte by 54.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,538 shares of the biotechnology company's stock worth $400,000 after buying an additional 4,792 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Veracyte by 122.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 18,199 shares of the biotechnology company's stock worth $540,000 after buying an additional 10,022 shares during the period. Bank of New York Mellon Corp increased its position in Veracyte by 2.0% in 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 buying an additional 4,772 shares during the period. Principal Financial Group Inc. increased its position 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 buying an additional 3,103 shares during the period. Finally, Bayesian Capital Management LP acquired a new stake in Veracyte in the fourth quarter worth $693,000.

Veracyte Stock Up 7.0%

Shares of VCYT stock opened at $25.25 on Friday. The stock has a 50-day simple moving average of $26.62 and a 200 day simple moving average of $32.16. Veracyte, Inc. has a fifty-two week low of $19.73 and a fifty-two week high of $47.32. The stock has a market capitalization of $1.98 billion, a P/E ratio of 61.59 and a beta of 2.07.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on VCYT. UBS Group decreased their price target on Veracyte from $49.00 to $42.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Wall Street Zen raised Veracyte from a "hold" rating to a "buy" rating in a research note on Saturday. Guggenheim decreased their price target on Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Finally, Needham & Company LLC decreased their price target on Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, 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.

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