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

Shares of Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) have earned an average rating of "Moderate Buy" from the ten analysts that are presently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has given a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $40.90.

Several analysts have issued reports on the stock. UBS Group decreased their price target on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Needham & Company LLC reduced their price objective on shares of Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Wall Street Zen downgraded shares of Veracyte from a "buy" rating to a "hold" rating in a report on Saturday, June 28th. Guggenheim reduced 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. Finally, Stephens reaffirmed an "overweight" rating and set a $45.00 price objective on shares of Veracyte in a report on Wednesday, March 26th.

Veracyte Trading Down 2.9%

VCYT stock traded down $0.71 during midday trading on Friday, reaching $23.51. The company had a trading volume of 1,613,012 shares, compared to its average volume of 920,378. The company has a market capitalization of $1.84 billion, a P/E ratio of 57.34 and a beta of 2.07. The company has a 50 day moving average of $27.15 and a two-hundred day moving average of $32.85. Veracyte has a 1 year low of $19.73 and a 1 year high of $47.32.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of VCYT. Allspring Global Investments Holdings LLC raised its position in shares of Veracyte by 54.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,538 shares of the biotechnology company's stock valued at $400,000 after purchasing an additional 4,792 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Veracyte by 122.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 18,199 shares of the biotechnology company's stock worth $540,000 after acquiring an additional 10,022 shares during the period. Bayesian Capital Management LP bought a new position in Veracyte during the fourth quarter worth about $693,000. Price T Rowe Associates Inc. MD increased its position in Veracyte by 3.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 48,414 shares of the biotechnology company's stock worth $1,918,000 after acquiring an additional 1,816 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of Veracyte by 4,351.0% in the first quarter. GAMMA Investing LLC now owns 19,273 shares of the biotechnology company's stock valued at $571,000 after buying an additional 18,840 shares during the period.

Veracyte Company Profile

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.