KLP Kapitalforvaltning AS Invests $610,000 in Veracyte, Inc. (NASDAQ:VCYT)

KLP Kapitalforvaltning AS bought a new position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 15,400 shares of the biotechnology company's stock, valued at approximately $610,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp raised its position in Veracyte by 0.3% in the third quarter. State Street Corp now owns 2,916,515 shares of the biotechnology company's stock worth $99,278,000 after acquiring an additional 7,920 shares during the period. Geode Capital Management LLC raised its holdings in shares of Veracyte by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,844,713 shares of the biotechnology company's stock worth $62,806,000 after purchasing an additional 17,921 shares during the period. Jennison Associates LLC raised its holdings in shares of Veracyte by 116.3% in the 4th quarter. Jennison Associates LLC now owns 833,754 shares of the biotechnology company's stock worth $33,017,000 after purchasing an additional 448,251 shares during the period. New York State Common Retirement Fund lifted its stake in Veracyte by 0.4% in the fourth quarter. New York State Common Retirement Fund now owns 785,971 shares of the biotechnology company's stock valued at $31,124,000 after purchasing an additional 3,111 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in Veracyte by 33.7% during the fourth quarter. Sei Investments Co. now owns 360,106 shares of the biotechnology company's stock valued at $14,260,000 after purchasing an additional 90,863 shares during the period.

Veracyte Trading Up 2.0 %

Shares of VCYT traded up $0.58 during mid-day trading on Monday, reaching $29.53. 1,439,277 shares of the stock traded hands, compared to its average volume of 845,477. The company has a market cap of $2.30 billion, a price-to-earnings ratio of -196.87 and a beta of 2.03. Veracyte, Inc. has a 1 year low of $18.61 and a 1 year high of $47.32. The firm has a fifty day moving average price of $35.93 and a 200 day moving average price of $37.63.

Veracyte (NASDAQ:VCYT - Get Free Report) last posted its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.07. The company had revenue of $118.63 million during 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 quarter last year, the company earned ($0.39) earnings per share. On average, sell-side analysts anticipate that Veracyte, Inc. will post 0.68 EPS for the current year.

Wall Street Analysts Forecast Growth

VCYT has been the topic of a number of recent research reports. Stephens reaffirmed an "overweight" rating and set a $45.00 price target on shares of Veracyte in a research report on Wednesday, March 26th. UBS Group increased 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. Guggenheim reiterated a "buy" rating and issued a $45.00 target price on shares of Veracyte in a research note on Tuesday, February 25th. StockNews.com cut shares of Veracyte from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. Finally, Craig Hallum started coverage on shares of Veracyte in a research note on Thursday, March 20th. They issued a "buy" rating and a $45.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $43.40.

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.