Veracyte, Inc. (NASDAQ:VCYT) Sees Significant Growth in Short Interest

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) saw a significant increase in short interest in April. As of April 15th, there was short interest totalling 5,110,000 shares, an increase of 22.5% from the March 31st total of 4,170,000 shares. Based on an average trading volume of 956,000 shares, the short-interest ratio is presently 5.3 days. Currently, 6.7% of the company's stock are short sold.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on VCYT shares. StockNews.com lowered shares of Veracyte from a "buy" rating to a "hold" rating in a report on Wednesday, February 26th. Guggenheim cut their price objective on Veracyte from $45.00 to $37.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Stephens reaffirmed an "overweight" rating and set a $45.00 target price on shares of Veracyte in a report on Wednesday, March 26th. UBS Group increased their price target on shares of Veracyte from $46.00 to $49.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Finally, Needham & Company LLC reissued a "buy" rating and set a $51.00 price target on shares of Veracyte in a research report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $42.60.

Institutional Investors Weigh In On Veracyte

Hedge funds and other institutional investors have recently modified their holdings of the stock. Artisan Partners Limited Partnership grew its position in shares of Veracyte by 31.4% in the fourth quarter. Artisan Partners Limited Partnership now owns 6,599,264 shares of the biotechnology company's stock valued at $261,331,000 after purchasing an additional 1,576,432 shares during the last quarter. Marshall Wace LLP lifted its stake in Veracyte by 768.9% in the 4th quarter. Marshall Wace LLP now owns 956,577 shares of the biotechnology company's stock valued at $37,880,000 after buying an additional 846,487 shares in the last quarter. Driehaus Capital Management LLC grew its holdings in Veracyte by 226.8% during 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 buying an additional 821,554 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in Veracyte during the fourth quarter worth $20,717,000. Finally, Vanguard Group Inc. increased its position in Veracyte by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 8,211,612 shares of the biotechnology company's stock worth $325,180,000 after purchasing an additional 463,098 shares in the last quarter.

Veracyte Price Performance

Shares of VCYT traded down $0.52 during mid-day trading on Tuesday, reaching $30.80. 98,684 shares of the company's stock were exchanged, compared to its average volume of 870,320. The stock has a market capitalization of $2.41 billion, a PE ratio of -205.23 and a beta of 2.14. The business's fifty day simple moving average is $31.33 and its 200-day simple moving average is $37.21. Veracyte has a 52-week low of $19.73 and a 52-week high of $47.32.

Veracyte (NASDAQ:VCYT - Get Free Report) last posted its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.29 by $0.07. The company had revenue of $118.63 million during the quarter, compared to analysts' expectations of $110.73 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. During the same period last year, the firm earned ($0.39) EPS. Equities research analysts predict that Veracyte will post 0.68 earnings per share for the current year.

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.