Silverarc Capital Management LLC Acquires 32,716 Shares of Veracyte, Inc. (NASDAQ:VCYT)

Silverarc Capital Management LLC grew its position in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 7.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 503,281 shares of the biotechnology company's stock after purchasing an additional 32,716 shares during the period. Veracyte comprises about 4.4% of Silverarc Capital Management LLC's holdings, making the stock its 6th largest position. Silverarc Capital Management LLC owned approximately 0.65% of Veracyte worth $19,930,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp increased its position in Veracyte by 49.7% in 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 period. Arizona State Retirement System increased its position in Veracyte by 1.2% during the fourth quarter. Arizona State Retirement System now owns 22,276 shares of the biotechnology company's stock worth $882,000 after acquiring an additional 264 shares during the period. Synovus Financial Corp raised its stake in Veracyte by 1.2% during the 4th quarter. Synovus Financial Corp now owns 23,132 shares of the biotechnology company's stock valued at $916,000 after purchasing an additional 267 shares during the last quarter. HighTower Advisors LLC boosted its holdings in Veracyte by 1.9% in 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 position in Veracyte by 34.1% in the 4th quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company's stock worth $76,000 after purchasing an additional 485 shares during the last quarter.

Veracyte Stock Performance

VCYT traded up $0.09 during mid-day trading on Friday, reaching $32.23. The stock had a trading volume of 478,110 shares, compared to its average volume of 863,279. Veracyte, Inc. has a 52 week low of $19.48 and a 52 week high of $47.32. The stock has a market capitalization of $2.51 billion, a P/E ratio of -214.87 and a beta of 2.03. The firm's fifty day simple moving average is $32.25 and its two-hundred day simple moving average is $37.32.

Veracyte (NASDAQ:VCYT - Get Free Report) last announced its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.07. The firm had revenue of $118.63 million during the quarter, compared to analysts' expectations 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 previous year, the business posted ($0.39) EPS. As a group, analysts expect that Veracyte, Inc. will post 0.68 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

VCYT has been the subject of several research reports. Needham & Company LLC reiterated a "buy" rating and issued a $51.00 target price on shares of Veracyte in a research note on Tuesday, February 25th. Craig Hallum initiated coverage on shares of Veracyte in a research note on Thursday, March 20th. They set a "buy" rating and a $45.00 price target for the company. Guggenheim dropped their price objective on Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Stephens reissued an "overweight" rating and set a $45.00 price target on shares of Veracyte in a report on Wednesday, March 26th. Finally, UBS Group upped their price objective on shares of Veracyte from $46.00 to $49.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, 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.