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.

Wall Street Zen upgraded shares of Veracyte (NASDAQ:VCYT - Free Report) from a hold rating to a buy rating in a research note published on Saturday morning.

Several other research firms have also recently commented on VCYT. Guggenheim lowered their target price on Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. UBS Group lowered their target price on Veracyte from $49.00 to $42.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Finally, Needham & Company LLC lowered their target price on Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. One analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $40.90.

Veracyte Price Performance

Shares of VCYT stock traded down $0.45 on Friday, hitting $24.57. The stock had a trading volume of 671,409 shares, compared to its average volume of 1,109,024. The firm has a market capitalization of $1.92 billion, a P/E ratio of 60.06 and a beta of 2.07. Veracyte has a 1 year low of $19.73 and a 1 year high of $47.32. The company's 50 day moving average price is $26.54 and its 200-day moving average price is $31.97.

Institutional Trading of Veracyte

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc raised its stake in Veracyte by 1,267.6% during the 1st quarter. Versant Capital Management Inc now owns 930 shares of the biotechnology company's stock valued at $28,000 after acquiring an additional 862 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Veracyte during the 1st quarter worth approximately $48,000. GF Fund Management CO. LTD. purchased a new position in shares of Veracyte during the 4th quarter worth approximately $64,000. Covestor Ltd raised its stake in shares of Veracyte by 23,936.4% during the 1st quarter. Covestor Ltd now owns 2,644 shares of the biotechnology company's stock worth $78,000 after buying an additional 2,633 shares in the last quarter. Finally, Sterling Capital Management LLC raised its stake in shares of Veracyte by 810.2% during the 4th quarter. Sterling Capital Management LLC now owns 2,421 shares of the biotechnology company's stock worth $96,000 after buying an additional 2,155 shares in the last quarter.

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.