Veracyte (NASDAQ:VCYT) Raised to Buy at Wall Street Zen

Key Points

• Veracyte was upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, indicating a positive outlook on the stock's performance.
• Several analysts, including UBS and Guggenheim, have adjusted their target prices for Veracyte downwards, with the current average target price at $40.90.
• Institutional investments in Veracyte are increasing, with notable firms significantly growing their positions during the first quarter of the year.

Veracyte (NASDAQ:VCYT - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Other equities research analysts have also recently issued research reports about the company. UBS Group dropped their target price on Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Guggenheim dropped their target price on Veracyte from $45.00 to $37.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Finally, Needham & Company LLC dropped their target price on Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Veracyte currently has an average rating of "Moderate Buy" and an average target price of $40.90.

Veracyte Trading Up 7.0%

VCYT opened at $25.25 on Friday. The business's 50 day moving average is $26.62 and its 200-day moving average is $32.24. The stock has a market cap of $1.98 billion, a PE ratio of 61.59 and a beta of 2.07. Veracyte has a twelve month low of $19.73 and a twelve month high of $47.32.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its position in Veracyte by 54.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,538 shares of the biotechnology company's stock worth $400,000 after buying an additional 4,792 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Veracyte by 122.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 18,199 shares of the biotechnology company's stock worth $540,000 after purchasing an additional 10,022 shares in the last quarter. Principal Financial Group Inc. grew its position in Veracyte by 9.5% during the 1st quarter. Principal Financial Group Inc. now owns 35,663 shares of the biotechnology company's stock worth $1,057,000 after purchasing an additional 3,103 shares in the last quarter. Bank of New York Mellon Corp grew its position in Veracyte by 2.0% during the 1st quarter. Bank of New York Mellon Corp now owns 248,224 shares of the biotechnology company's stock worth $7,360,000 after purchasing an additional 4,772 shares in the last quarter. Finally, Bayesian Capital Management LP purchased a new position in Veracyte during the 4th quarter worth approximately $693,000.

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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