Quent Capital LLC Cuts Stock Holdings in Veracyte, Inc. (NASDAQ:VCYT)

Quent Capital LLC reduced its position in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 49.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,354 shares of the biotechnology company's stock after selling 11,118 shares during the quarter. Quent Capital LLC's holdings in Veracyte were worth $337,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analyst Weigh In

Several brokerages have commented on VCYT. Craig Hallum began coverage on Veracyte in a research note on Thursday, March 20th. They issued a "buy" rating and a $45.00 target price for the company. Guggenheim lowered their price target on shares of Veracyte from $45.00 to $37.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Stephens reaffirmed an "overweight" rating and set a $45.00 price objective on shares of Veracyte in a research note on Wednesday, March 26th. UBS Group decreased their target price on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, Wall Street Zen cut shares of Veracyte from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, Veracyte has a consensus rating of "Moderate Buy" and a consensus price target of $40.90.

Veracyte Stock Performance

NASDAQ:VCYT traded up $0.76 during mid-day trading on Wednesday, reaching $27.26. The stock had a trading volume of 278,238 shares, compared to its average volume of 899,055. The stock has a market capitalization of $2.13 billion, a P/E ratio of -181.73 and a beta of 2.14. The firm has a 50 day moving average price of $29.78 and a two-hundred day moving average price of $36.20. Veracyte, Inc. has a one year low of $19.73 and a one year high of $47.32.

Veracyte 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.