Veracyte, Inc. (NASDAQ:VCYT) Shares Acquired by Fred Alger Management LLC

Fred Alger Management LLC boosted its stake in Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 254.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,892 shares of the biotechnology company's stock after buying an additional 24,321 shares during the period. Fred Alger Management LLC's holdings in Veracyte were worth $1,342,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Veracyte by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 8,211,612 shares of the biotechnology company's stock valued at $325,180,000 after acquiring an additional 463,098 shares during the last quarter. Artisan Partners Limited Partnership raised its position in shares of Veracyte by 31.4% during the fourth quarter. Artisan Partners Limited Partnership now owns 6,599,264 shares of the biotechnology company's stock worth $261,331,000 after purchasing an additional 1,576,432 shares during the period. ArrowMark Colorado Holdings LLC lifted its holdings in shares of Veracyte by 3.3% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 3,080,027 shares of the biotechnology company's stock valued at $121,969,000 after purchasing an additional 97,824 shares during the last quarter. Driehaus Capital Management LLC boosted its position in shares of Veracyte by 226.8% in the 4th quarter. Driehaus Capital Management LLC now owns 1,183,766 shares of the biotechnology company's stock valued at $46,877,000 after purchasing an additional 821,554 shares during the period. Finally, Northern Trust Corp increased its stake in Veracyte by 12.7% in the 4th quarter. Northern Trust Corp now owns 1,069,187 shares of the biotechnology company's stock worth $42,340,000 after purchasing an additional 120,752 shares in the last quarter.

Veracyte Stock Down 5.9 %

Shares of NASDAQ:VCYT opened at $29.37 on Friday. The business has a 50 day moving average price of $31.05 and a 200 day moving average price of $37.12. The company has a market cap of $2.30 billion, a price-to-earnings ratio of -195.80 and a beta of 2.14. Veracyte, Inc. has a twelve month low of $19.73 and a twelve month high of $47.32.

Veracyte (NASDAQ:VCYT - Get Free Report) last announced its earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.07. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The business had revenue of $118.63 million for the quarter, compared to analyst estimates of $110.73 million. During the same quarter in the previous year, the firm posted ($0.39) earnings per share. Analysts anticipate that Veracyte, Inc. will post 0.68 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Guggenheim cut their target price 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. UBS Group lowered their target price on Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a research note on Thursday. StockNews.com downgraded Veracyte from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. Needham & Company LLC reduced their price target on Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a report on Thursday. Finally, Stephens restated an "overweight" rating and issued a $45.00 price objective on shares of Veracyte in a report on Wednesday, March 26th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $40.90.

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.

Want to see what other hedge funds are holding VCYT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Veracyte, Inc. (NASDAQ:VCYT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.