Point72 Asset Management L.P. Acquires Shares of 523,162 Veracyte, Inc. (NASDAQ:VCYT)

Point72 Asset Management L.P. bought a new stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 523,162 shares of the biotechnology company's stock, valued at approximately $20,717,000. Point72 Asset Management L.P. owned about 0.68% of Veracyte at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Veracyte by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 8,211,612 shares of the biotechnology company's stock worth $325,180,000 after acquiring an additional 463,098 shares during the period. Artisan Partners Limited Partnership grew its stake in Veracyte by 31.4% during the fourth quarter. Artisan Partners Limited Partnership now owns 6,599,264 shares of the biotechnology company's stock worth $261,331,000 after purchasing an additional 1,576,432 shares during the period. ArrowMark Colorado Holdings LLC grew its stake in Veracyte by 3.3% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 3,080,027 shares of the biotechnology company's stock worth $121,969,000 after purchasing an additional 97,824 shares during the period. Nuveen Asset Management LLC increased its holdings in Veracyte by 0.7% in the fourth quarter. Nuveen Asset Management LLC now owns 1,194,392 shares of the biotechnology company's stock worth $47,298,000 after purchasing an additional 8,797 shares in the last quarter. Finally, Driehaus Capital Management LLC lifted its stake in Veracyte by 226.8% in the fourth quarter. Driehaus Capital Management LLC now owns 1,183,766 shares of the biotechnology company's stock valued at $46,877,000 after buying an additional 821,554 shares during the period.

Veracyte Trading Down 0.9%

Shares of VCYT traded down $0.24 on Friday, reaching $27.16. The company's stock had a trading volume of 158,585 shares, compared to its average volume of 890,499. Veracyte, Inc. has a twelve month low of $19.73 and a twelve month high of $47.32. The stock has a market capitalization of $2.13 billion, a PE ratio of -181.06 and a beta of 2.14. The firm has a fifty day moving average of $30.57 and a 200-day moving average of $36.77.

Veracyte (NASDAQ:VCYT - Get Free Report) last posted its earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.07. The company had revenue of $118.63 million for the quarter, compared to analyst estimates of $110.73 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. During the same quarter last year, the company earned ($0.39) earnings per share. As a group, equities analysts anticipate that Veracyte, Inc. will post 0.68 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on VCYT shares. Craig Hallum started coverage on shares of Veracyte in a research note on Thursday, March 20th. They issued a "buy" rating and a $45.00 price objective for the company. Guggenheim reduced 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. Needham & Company LLC dropped their price objective on shares of Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Stephens reissued an "overweight" rating and set a $45.00 price objective on shares of Veracyte in a research report on Wednesday, March 26th. Finally, Wall Street Zen lowered Veracyte from a "buy" rating to a "hold" rating in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Veracyte presently has a consensus rating of "Moderate Buy" and an average target price 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.