Virtus Advisers LLC Buys Shares of 36,230 Veracyte, Inc. $VCYT

Key Points

• Virtus Advisers LLC acquired 36,230 shares of Veracyte, Inc. (NASDAQ: VCYT), valued at approximately $1,074,000, marking the stock as the firm's 12th largest holding.
• In the first quarter, several other institutional investors significantly increased their stakes in Veracyte, with Versant Capital Management increasing its holdings by over 1,267.6%.
• Research firms have varying ratings on the stock, with the consensus target price set at $40.90, while some analysts recommend a buy rating.

Virtus Advisers LLC acquired a new position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 36,230 shares of the biotechnology company's stock, valued at approximately $1,074,000. Veracyte makes up 1.4% of Virtus Advisers LLC's portfolio, making the stock its 12th largest holding.

Other hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of Veracyte by 54.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 13,538 shares of the biotechnology company's stock valued at $400,000 after buying an additional 4,792 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Veracyte by 122.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 18,199 shares of the biotechnology company's stock valued at $540,000 after buying an additional 10,022 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Veracyte by 2.0% in the 1st quarter. Bank of New York Mellon Corp now owns 248,224 shares of the biotechnology company's stock valued at $7,360,000 after buying an additional 4,772 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Veracyte by 9.5% in the 1st quarter. Principal Financial Group Inc. now owns 35,663 shares of the biotechnology company's stock valued at $1,057,000 after buying an additional 3,103 shares during the period. Finally, Bayesian Capital Management LP acquired a new position in shares of Veracyte in the 4th quarter valued at about $693,000.

Veracyte Trading Down 1.6%

Veracyte stock traded down $0.46 during midday trading on Wednesday, reaching $28.61. 1,043,236 shares of the stock traded hands, compared to its average volume of 1,432,117. The firm has a fifty day moving average price of $26.74 and a two-hundred day moving average price of $29.76. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of 86.70 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.

Analyst Upgrades and Downgrades

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