Vanguard Group Inc. Acquires 52,031 Shares of 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. grew its stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 0.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,263,643 shares of the biotechnology company's stock after buying an additional 52,031 shares during the period. Vanguard Group Inc. owned 10.55% of Veracyte worth $245,017,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in VCYT. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in shares of Veracyte by 68.6% in the 1st quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 30,604 shares of the biotechnology company's stock valued at $907,000 after purchasing an additional 12,448 shares in the last quarter. Blair William & Co. IL raised its stake in Veracyte by 3.5% during the first quarter. Blair William & Co. IL now owns 16,092 shares of the biotechnology company's stock worth $477,000 after acquiring an additional 550 shares during the period. GSA Capital Partners LLP bought a new position in shares of Veracyte during the first quarter worth about $1,228,000. Picton Mahoney Asset Management lifted its holdings in Veracyte by 3,824.9% in the first quarter. Picton Mahoney Asset Management now owns 260,495 shares of the biotechnology company's stock worth $7,723,000 after purchasing an additional 253,858 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Veracyte by 12.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,368 shares of the biotechnology company's stock worth $871,000 after acquiring an additional 3,201 shares in the last quarter.

Veracyte Stock Up 5.5%

Shares of VCYT stock traded up $1.6240 during trading hours on Friday, reaching $31.0540. The company's stock had a trading volume of 585,083 shares, compared to its average volume of 1,161,978. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of 93.91 and a beta of 1.97. Veracyte, Inc. has a fifty-two week low of $22.61 and a fifty-two week high of $47.32. The firm's 50 day simple moving average is $26.51 and its 200-day simple moving average is $30.15.

Wall Street Analysts Forecast Growth

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