Vanguard Group Inc. Raises Stock Holdings in Veracyte, Inc. $VCYT

Key Points

• Vanguard Group Inc. increased its holdings in Veracyte, Inc. by 0.6% in Q1, bringing its total shares owned to 8,263,643 and its stake value to $245 million.
• Several analysts have recently adjusted their target prices for Veracyte, with Morgan Stanley setting a target of $28.00 and UBS Group lowering theirs from $49.00 to $42.00, while the consensus rating remains a "Moderate Buy" with an average target of $40.90.
• Veracyte's stock opened at $30.07 with recent performance showing a 0.5% decline, and a market cap of $2.37 billion, appealing to investors despite its PE ratio of 91.12.

Vanguard Group Inc. lifted its position in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 0.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,263,643 shares of the biotechnology company's stock after acquiring an additional 52,031 shares during the quarter. Vanguard Group Inc. owned 10.55% of Veracyte worth $245,017,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Wells Fargo & Company MN increased its position in Veracyte by 28.7% during the 4th quarter. Wells Fargo & Company MN now owns 51,131 shares of the biotechnology company's stock valued at $2,025,000 after purchasing an additional 11,387 shares during the period. Cerity Partners LLC boosted its stake in shares of Veracyte by 6.4% during the fourth quarter. Cerity Partners LLC now owns 13,486 shares of the biotechnology company's stock valued at $524,000 after purchasing an additional 814 shares in the last quarter. Invesco Ltd. increased its holdings in Veracyte by 2.2% during the fourth quarter. Invesco Ltd. now owns 329,568 shares of the biotechnology company's stock valued at $13,051,000 after buying an additional 7,042 shares during the period. Raymond James Financial Inc. purchased a new position in Veracyte during the fourth quarter valued at approximately $1,626,000. Finally, Sterling Capital Management LLC raised its stake in Veracyte by 810.2% in the fourth quarter. Sterling Capital Management LLC now owns 2,421 shares of the biotechnology company's stock worth $96,000 after buying an additional 2,155 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Needham & Company LLC dropped 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. Morgan Stanley set a $28.00 price objective on Veracyte and gave the company an "underweight" rating in a research report on Friday, August 8th. UBS Group cut their target price on Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Finally, Wall Street Zen raised shares of Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Eight equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $40.90.

Veracyte Stock Up 5.3%

Shares of VCYT traded up $1.57 during mid-day trading on Friday, hitting $31.00. 1,047,699 shares of the company traded hands, compared to its average volume of 2,469,436. The company has a market capitalization of $2.44 billion, a PE ratio of 93.94 and a beta of 1.97. The business has a 50 day moving average of $26.60 and a 200 day moving average of $29.95. Veracyte, Inc. has a 1-year low of $22.61 and a 1-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.