Short Interest in Veracyte, Inc. (NASDAQ:VCYT) Expands By 26.4%

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) was the recipient of a large growth in short interest in March. As of March 31st, there was short interest totalling 4,170,000 shares, a growth of 26.4% from the March 15th total of 3,300,000 shares. Approximately 5.5% of the shares of the stock are sold short. Based on an average daily volume of 972,000 shares, the short-interest ratio is currently 4.3 days.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on VCYT shares. Stephens reissued an "overweight" rating and issued a $45.00 target price on shares of Veracyte in a report on Wednesday, March 26th. Guggenheim dropped their target price 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. UBS Group lifted 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. Needham & Company LLC reiterated a "buy" rating and issued a $51.00 price target on shares of Veracyte in a research report on Tuesday, February 25th. Finally, StockNews.com downgraded Veracyte from a "buy" rating to a "hold" rating in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $42.60.

Veracyte Price Performance

VCYT stock traded up $0.18 during trading on Friday, reaching $32.32. 171,089 shares of the stock traded hands, compared to its average volume of 860,328. The business's 50 day moving average price is $32.41 and its 200-day moving average price is $37.29. The firm has a market capitalization of $2.52 billion, a PE ratio of -215.05 and a beta of 2.03. Veracyte has a 52-week low of $19.09 and a 52-week high of $47.32.

Veracyte (NASDAQ:VCYT - Get Free Report) last released its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.07. The company had revenue of $118.63 million during the quarter, compared to the consensus estimate of $110.73 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. During the same period in the previous year, the firm earned ($0.39) earnings per share. On average, equities research analysts predict that Veracyte will post 0.68 earnings per share for the current year.

Institutional Trading of Veracyte

Several institutional investors and hedge funds have recently bought and sold shares of the company. Jones Financial Companies Lllp grew its stake in Veracyte by 49.7% during the 4th quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company's stock worth $28,000 after buying an additional 237 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Veracyte by 1.2% in the 4th quarter. Arizona State Retirement System now owns 22,276 shares of the biotechnology company's stock worth $882,000 after purchasing an additional 264 shares in the last quarter. Synovus Financial Corp increased its stake in Veracyte by 1.2% in the 4th quarter. Synovus Financial Corp now owns 23,132 shares of the biotechnology company's stock worth $916,000 after purchasing an additional 267 shares in the last quarter. HighTower Advisors LLC raised its stake in Veracyte by 1.9% during the 4th quarter. HighTower Advisors LLC now owns 16,630 shares of the biotechnology company's stock valued at $659,000 after purchasing an additional 305 shares during the period. Finally, Principal Securities Inc. grew its stake in Veracyte by 34.1% during the 4th 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.

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.