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

Key Points

• Veracyte, Inc. has received an average recommendation of "Moderate Buy" from ten analysts, with eight recommending buying the stock.
• The average price target among analysts for Veracyte shares is $40.90, with recent adjustments from various firms indicating a downward trend in expectations.
• Notable institutional investors have recently increased their stakes in Veracyte, including Allspring Global Investments and Wealth Enhancement Advisory Services, highlighting growing confidence in the company.

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the ten research firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $40.90.

A number of research analysts have commented on the company. Needham & Company LLC lowered their target price on Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. UBS Group decreased their price target on Veracyte from $49.00 to $42.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Morgan Stanley set a $28.00 price target on Veracyte and gave the stock an "underweight" rating in a research note on Friday, August 8th. Finally, Wall Street Zen upgraded Veracyte from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th.

Hedge Funds Weigh In On Veracyte

Large investors have recently made changes to their positions in the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Veracyte during the 2nd quarter worth about $25,000. Versant Capital Management Inc lifted its position in shares of Veracyte by 1,267.6% during the 1st quarter. Versant Capital Management Inc now owns 930 shares of the biotechnology company's stock worth $28,000 after purchasing an additional 862 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Veracyte during the 1st quarter worth about $48,000. GF Fund Management CO. LTD. acquired a new position in shares of Veracyte during the 4th quarter worth about $64,000. Finally, Covestor Ltd lifted its position in shares of Veracyte by 23,936.4% during the 1st quarter. Covestor Ltd now owns 2,644 shares of the biotechnology company's stock worth $78,000 after purchasing an additional 2,633 shares during the last quarter.

Veracyte Trading Down 2.3%

NASDAQ VCYT traded down $0.71 on Tuesday, reaching $29.97. The stock had a trading volume of 823,697 shares, compared to its average volume of 1,167,061. The business has a 50 day moving average price of $26.22 and a 200 day moving average price of $30.76. Veracyte has a 1 year low of $22.61 and a 1 year high of $47.32. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 90.77 and a beta of 1.97.

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.