Wealth Enhancement Advisory Services LLC Boosts Stock Holdings in Veracyte, Inc. (NASDAQ:VCYT)

Wealth Enhancement Advisory Services LLC raised its position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 122.6% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 18,199 shares of the biotechnology company's stock after buying an additional 10,022 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Veracyte were worth $540,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Veracyte by 6.0% in the 4th quarter. Vanguard Group Inc. now owns 8,211,612 shares of the biotechnology company's stock valued at $325,180,000 after purchasing an additional 463,098 shares during the last quarter. Artisan Partners Limited Partnership raised its position in shares of Veracyte by 31.4% in the 4th quarter. Artisan Partners Limited Partnership now owns 6,599,264 shares of the biotechnology company's stock valued at $261,331,000 after purchasing an additional 1,576,432 shares during the last quarter. ArrowMark Colorado Holdings LLC raised its position in shares of Veracyte by 3.3% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 3,080,027 shares of the biotechnology company's stock valued at $121,969,000 after purchasing an additional 97,824 shares during the last quarter. Nuveen Asset Management LLC raised its position in shares of Veracyte by 0.7% in the 4th quarter. Nuveen Asset Management LLC now owns 1,194,392 shares of the biotechnology company's stock valued at $47,298,000 after purchasing an additional 8,797 shares during the last quarter. Finally, Driehaus Capital Management LLC raised its position in shares of Veracyte by 226.8% in the 4th quarter. Driehaus Capital Management LLC now owns 1,183,766 shares of the biotechnology company's stock valued at $46,877,000 after purchasing an additional 821,554 shares during the last quarter.

Veracyte Price Performance

NASDAQ:VCYT traded down $1.17 during midday trading on Monday, hitting $26.34. The company's stock had a trading volume of 691,394 shares, compared to its average volume of 917,767. The firm has a market cap of $2.06 billion, a P/E ratio of 64.25 and a beta of 2.07. Veracyte, Inc. has a fifty-two week low of $19.73 and a fifty-two week high of $47.32. The firm's 50 day moving average is $28.00 and its 200-day moving average is $33.67.

Analyst Upgrades and Downgrades

VCYT has been the subject of several research analyst reports. Stephens reaffirmed an "overweight" rating and issued a $45.00 price objective on shares of Veracyte in a research report on Wednesday, March 26th. Needham & Company LLC decreased their price objective on shares of 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 decreased their price objective on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Guggenheim cut their price target on shares of Veracyte from $45.00 to $37.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Finally, Craig Hallum initiated coverage on shares of Veracyte in a report on Thursday, March 20th. They issued a "buy" rating and a $45.00 price target on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus 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.