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

Key Points

• Veracyte, Inc. has received a consensus rating of "Moderate Buy" from ten research firms, with an average 12-month price target of $40.90.
• Several institutional investors, including Vanguard and Bank of America, have increased their stakes in Veracyte, indicating growing confidence in the company's prospects.
• The stock's current trading range is between a fifty-two week low of $22.61 and a high of $47.32, with a market cap of $2.55 billion.

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the ten research firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and eight have given a buy recommendation to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $40.90.

VCYT has been the topic of several research reports. Morgan Stanley set a $28.00 price objective on shares of Veracyte and gave the stock an "underweight" rating in a research report on Friday, August 8th. Wall Street Zen raised shares of Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th.

Institutional Trading of Veracyte

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Veracyte by 0.6% in the first quarter. Vanguard Group Inc. now owns 8,263,643 shares of the biotechnology company's stock worth $245,017,000 after acquiring an additional 52,031 shares during the period. Artisan Partners Limited Partnership raised its position in Veracyte by 20.7% in the second quarter. Artisan Partners Limited Partnership now owns 6,321,775 shares of the biotechnology company's stock worth $170,878,000 after acquiring an additional 1,082,064 shares during the period. State Street Corp raised its position in shares of Veracyte by 0.4% in the second quarter. State Street Corp now owns 3,169,700 shares of the biotechnology company's stock valued at $85,677,000 after purchasing an additional 11,461 shares during the period. Bank of America Corp DE raised its position in shares of Veracyte by 31.1% in the second quarter. Bank of America Corp DE now owns 1,519,710 shares of the biotechnology company's stock valued at $41,078,000 after purchasing an additional 360,947 shares during the period. Finally, Driehaus Capital Management LLC raised its position in shares of Veracyte by 14.2% in the first quarter. Driehaus Capital Management LLC now owns 1,351,370 shares of the biotechnology company's stock valued at $40,068,000 after purchasing an additional 167,604 shares during the period.

Veracyte Stock Performance

Veracyte stock opened at $32.43 on Friday. Veracyte has a fifty-two week low of $22.61 and a fifty-two week high of $47.32. The stock has a market cap of $2.55 billion, a PE ratio of 98.28 and a beta of 2.07. The firm's 50-day simple moving average is $27.29 and its 200 day simple moving average is $29.28.

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.

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