Veracyte (NASDAQ:VCYT) Cut to "Hold" at Wall Street Zen

Wall Street Zen lowered shares of Veracyte (NASDAQ:VCYT - Free Report) from a buy rating to a hold rating in a research note issued to investors on Friday morning.

Other equities research analysts have also recently issued research reports about the stock. Guggenheim lowered their price target 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. Stephens reissued an "overweight" rating and set a $45.00 price objective on shares of Veracyte in a research note on Wednesday, March 26th. Needham & Company LLC dropped 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. Craig Hallum began coverage on shares of Veracyte in a report on Thursday, March 20th. They issued a "buy" rating and a $45.00 target price on the stock. Finally, UBS Group cut their price target on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating for the company in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $40.90.

Veracyte Trading Up 3.0%

Shares of VCYT stock traded up $0.80 on Friday, reaching $27.30. 337,595 shares of the company's stock were exchanged, compared to its average volume of 899,342. The company's fifty day simple moving average is $29.78 and its 200 day simple moving average is $36.20. Veracyte has a 52 week low of $19.73 and a 52 week high of $47.32. The stock has a market capitalization of $2.14 billion, a PE ratio of -182.00 and a beta of 2.14.

Institutional Trading of Veracyte

Hedge funds and other institutional investors have recently made changes to their positions in the company. Jones Financial Companies Lllp boosted its holdings in Veracyte by 49.7% in the 4th quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company's stock valued at $28,000 after purchasing an additional 237 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Veracyte by 1.2% in the 4th quarter. Arizona State Retirement System now owns 22,276 shares of the biotechnology company's stock valued at $882,000 after buying an additional 264 shares during the period. Synovus Financial Corp boosted its stake in shares of Veracyte by 1.2% in the fourth quarter. Synovus Financial Corp now owns 23,132 shares of the biotechnology company's stock valued at $916,000 after buying an additional 267 shares in the last quarter. HighTower Advisors LLC boosted its stake in shares of Veracyte by 1.9% in the fourth quarter. HighTower Advisors LLC now owns 16,630 shares of the biotechnology company's stock valued at $659,000 after buying an additional 305 shares in the last quarter. Finally, Xponance Inc. grew its holdings in Veracyte by 5.7% during the first quarter. Xponance Inc. now owns 6,860 shares of the biotechnology company's stock worth $203,000 after acquiring an additional 370 shares during the period.

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.