Pinnacle Associates Ltd. Makes New $1.60 Million Investment 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. bought a new stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 54,106 shares of the biotechnology company's stock, valued at approximately $1,604,000. Pinnacle Associates Ltd. owned 0.07% of Veracyte as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake in Veracyte by 54.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 13,538 shares of the biotechnology company's stock worth $400,000 after acquiring an additional 4,792 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Veracyte by 122.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 18,199 shares of the biotechnology company's stock worth $540,000 after acquiring an additional 10,022 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Veracyte by 2.0% during 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 acquiring an additional 4,772 shares in the last quarter. Principal Financial Group Inc. raised its stake in Veracyte by 9.5% during the first quarter. Principal Financial Group Inc. now owns 35,663 shares of the biotechnology company's stock worth $1,057,000 after acquiring an additional 3,103 shares in the last quarter. Finally, Bayesian Capital Management LP acquired a new position in Veracyte during the fourth quarter worth about $693,000.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Needham & Company LLC lowered their price objective on Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Guggenheim lowered their price objective on Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Wall Street Zen raised Veracyte from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, UBS Group lowered their price objective on Veracyte from $49.00 to $42.00 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 issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $40.90.

Veracyte Trading Down 2.0%

VCYT stock traded down $0.50 during trading on Wednesday, hitting $23.97. The company had a trading volume of 1,886,805 shares, compared to its average volume of 1,866,700. The business has a 50-day moving average of $26.38 and a 200-day moving average of $31.86. Veracyte, Inc. has a one year low of $19.73 and a one year high of $47.32. The stock has a market cap of $1.88 billion, a PE ratio of 58.46 and a beta of 2.07.

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.