Franklin Resources Inc. Has $7.29 Million Stake in Veracyte, Inc. (NASDAQ:VCYT)

Franklin Resources Inc. lowered its position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 11.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 184,060 shares of the biotechnology company's stock after selling 24,910 shares during the quarter. Franklin Resources Inc. owned 0.24% of Veracyte worth $7,289,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Jones Financial Companies Lllp raised its holdings in shares of Veracyte by 49.7% during the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company's stock worth $28,000 after acquiring an additional 237 shares in the last quarter. US Bancorp DE increased its holdings in Veracyte by 57.4% in the fourth quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company's stock worth $70,000 after buying an additional 647 shares during the last quarter. Principal Securities Inc. raised its position in Veracyte by 34.1% during the fourth quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company's stock valued at $76,000 after acquiring an additional 485 shares in the last quarter. Venturi Wealth Management LLC acquired a new stake in Veracyte in the fourth quarter valued at approximately $91,000. Finally, KBC Group NV raised its holdings in shares of Veracyte by 44.6% during the 4th quarter. KBC Group NV now owns 3,872 shares of the biotechnology company's stock valued at $153,000 after purchasing an additional 1,195 shares in the last quarter.

Veracyte Price Performance

Shares of VCYT traded down $0.34 during trading hours on Tuesday, hitting $31.81. The stock had a trading volume of 159,249 shares, compared to its average volume of 859,441. Veracyte, Inc. has a 52 week low of $18.61 and a 52 week high of $47.32. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of -211.77 and a beta of 2.03. The company's fifty day moving average is $34.00 and its two-hundred day moving average is $37.46.

Veracyte (NASDAQ:VCYT - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.07. The business had revenue of $118.63 million for the quarter, compared to analyst estimates of $110.73 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. During the same period in the prior year, the company earned ($0.39) EPS. Equities analysts predict that Veracyte, Inc. will post 0.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on VCYT. Craig Hallum initiated coverage on Veracyte in a research note on Thursday, March 20th. They set a "buy" rating and a $45.00 price target for the company. Guggenheim decreased their price objective on shares of Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Needham & Company LLC reiterated a "buy" rating and issued a $51.00 price objective on shares of Veracyte in a research note on Tuesday, February 25th. StockNews.com downgraded Veracyte from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. Finally, UBS Group boosted their target price on shares of Veracyte from $46.00 to $49.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $42.60.

About Veracyte

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.