Rafferty Asset Management LLC Purchases 20,617 Shares of Veracyte, Inc. $VCYT

Key Points

• Rafferty Asset Management LLC increased its stake in Veracyte, Inc. by 22.8% during the first quarter, holding 110,969 shares valued at approximately $3.29 million.
• Several institutional investors, including Virtus Advisers LLC and Hsbc Holdings PLC, also bought stakes in Veracyte, indicating growing interest in the biotechnology company.
• Market analysts currently rate Veracyte with a consensus of "Moderate Buy" and an average price target of $40.90.

Rafferty Asset Management LLC boosted its stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 22.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 110,969 shares of the biotechnology company's stock after purchasing an additional 20,617 shares during the period. Rafferty Asset Management LLC owned 0.14% of Veracyte worth $3,290,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new stake in Veracyte in the fourth quarter valued at approximately $1,626,000. Mariner LLC raised its stake in Veracyte by 30.1% in the fourth quarter. Mariner LLC now owns 8,988 shares of the biotechnology company's stock valued at $356,000 after buying an additional 2,077 shares during the period. Tower Research Capital LLC TRC raised its stake in Veracyte by 201.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,465 shares of the biotechnology company's stock valued at $216,000 after buying an additional 3,650 shares during the period. Hsbc Holdings PLC raised its stake in Veracyte by 14.5% in the fourth quarter. Hsbc Holdings PLC now owns 11,084 shares of the biotechnology company's stock valued at $444,000 after buying an additional 1,406 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in Veracyte by 3.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 48,414 shares of the biotechnology company's stock valued at $1,918,000 after buying an additional 1,816 shares during the period.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on VCYT shares. Wall Street Zen upgraded Veracyte from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. UBS Group decreased their target price on Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Needham & Company LLC decreased their target price on Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Finally, Morgan Stanley set a $28.00 target price on Veracyte and gave the company an "underweight" rating in a research report on Friday, August 8th. Eight investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $40.90.

Veracyte Stock Down 0.8%

Shares of VCYT stock traded down $0.23 during trading hours on Tuesday, reaching $30.11. The company's stock had a trading volume of 829,196 shares, compared to its average volume of 1,153,672. The firm's 50 day simple moving average is $26.95 and its 200-day simple moving average is $29.39. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 91.25 and a beta of 2.07. Veracyte, Inc. has a fifty-two week low of $22.61 and a fifty-two week high of $47.32.

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.