Assenagon Asset Management S.A. Raises Stock Holdings in Veracyte, Inc. (NASDAQ:VCYT)

Assenagon Asset Management S.A. grew its position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 1,705.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 488,061 shares of the biotechnology company's stock after purchasing an additional 461,023 shares during the quarter. Assenagon Asset Management S.A. owned about 0.63% of Veracyte worth $14,471,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of 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 buying an additional 463,098 shares during the period. Artisan Partners Limited Partnership grew its position in shares of Veracyte by 31.4% during the 4th quarter. Artisan Partners Limited Partnership now owns 6,599,264 shares of the biotechnology company's stock worth $261,331,000 after buying an additional 1,576,432 shares during the period. ArrowMark Colorado Holdings LLC grew its position in shares of Veracyte by 3.3% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 3,080,027 shares of the biotechnology company's stock worth $121,969,000 after buying an additional 97,824 shares during the period. Nuveen Asset Management LLC grew its position in shares of Veracyte by 0.7% during the 4th quarter. Nuveen Asset Management LLC now owns 1,194,392 shares of the biotechnology company's stock worth $47,298,000 after buying an additional 8,797 shares during the period. Finally, Driehaus Capital Management LLC grew its position 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 worth $46,877,000 after buying an additional 821,554 shares during the period.

Veracyte Price Performance

VCYT stock traded up $0.12 during mid-day trading on Tuesday, reaching $26.76. 745,858 shares of the company traded hands, compared to its average volume of 911,312. The company has a market capitalization of $2.10 billion, a P/E ratio of 65.27 and a beta of 2.09. Veracyte, Inc. has a 52-week low of $19.73 and a 52-week high of $47.32. The company has a fifty day moving average price of $29.28 and a 200-day moving average price of $35.26.

Wall Street Analyst Weigh In

VCYT has been the topic of several recent analyst reports. Stephens restated an "overweight" rating and set a $45.00 price objective on shares of Veracyte in a research note on Wednesday, March 26th. Needham & Company LLC lowered their target price on Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Craig Hallum started coverage on Veracyte in a research note on Thursday, March 20th. They set a "buy" rating and a $45.00 target price on the stock. UBS Group lowered 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 upgraded Veracyte from a "hold" rating to a "buy" rating in a research note on Saturday. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $40.90.

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.