Veracyte, Inc. (NASDAQ:VCYT) Receives Average Recommendation of "Moderate Buy" from Analysts

Shares of Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) have been assigned an average rating of "Moderate Buy" from the ten brokerages that are presently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $40.90.

VCYT has been the subject of several recent analyst reports. Wall Street Zen cut shares of Veracyte from a "buy" rating to a "hold" rating in a research report on Friday. 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. Craig Hallum initiated coverage on shares of Veracyte in a research report on Thursday, March 20th. They set a "buy" rating and a $45.00 price objective 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 research report on Wednesday, April 9th. Finally, 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.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Jones Financial Companies Lllp lifted its stake in shares of Veracyte by 49.7% in the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company's stock valued at $28,000 after buying an additional 237 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Veracyte by 1.2% in the fourth quarter. Arizona State Retirement System now owns 22,276 shares of the biotechnology company's stock valued at $882,000 after buying an additional 264 shares in the last quarter. Synovus Financial Corp lifted its stake in shares of Veracyte by 1.2% in the fourth quarter. Synovus Financial Corp now owns 23,132 shares of the biotechnology company's stock valued at $916,000 after buying an additional 267 shares in the last quarter. HighTower Advisors LLC lifted its stake in shares of Veracyte by 1.9% in the fourth quarter. HighTower Advisors LLC now owns 16,630 shares of the biotechnology company's stock valued at $659,000 after buying an additional 305 shares in the last quarter. Finally, Xponance Inc. lifted its stake in shares of Veracyte by 5.7% in the first quarter. Xponance Inc. now owns 6,860 shares of the biotechnology company's stock valued at $203,000 after buying an additional 370 shares in the last quarter.

Veracyte Stock Up 0.5%

NASDAQ VCYT traded up $0.13 on Thursday, hitting $26.74. The company's stock had a trading volume of 929,578 shares, compared to its average volume of 900,604. Veracyte has a 1-year low of $19.73 and a 1-year high of $47.32. The company's 50-day moving average is $29.87 and its 200 day moving average is $36.26. The firm has a market cap of $2.09 billion, a PE ratio of -178.27 and a beta of 2.14.

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.