Veracyte (NASDAQ:VCYT) Trading Down 4.8% - Here's Why

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) traded down 4.8% on Thursday . The stock traded as low as $26.56 and last traded at $26.58. 319,922 shares traded hands during trading, a decline of 67% from the average session volume of 976,755 shares. The stock had previously closed at $27.93.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Wall Street Zen upgraded Veracyte from a "hold" rating to a "buy" rating in a research report on Saturday. Stephens reiterated an "overweight" rating and set a $45.00 target price on shares of Veracyte in a research report on Wednesday, March 26th. Craig Hallum started coverage on Veracyte in a research report on Thursday, March 20th. They set a "buy" rating and a $45.00 target price on the stock. UBS Group decreased their price target on Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, Guggenheim dropped their price target on Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $40.90.

Veracyte Stock Down 0.9%

The firm has a 50-day moving average price of $29.44 and a 200 day moving average price of $35.54. The firm has a market capitalization of $2.07 billion, a PE ratio of -176.27 and a beta of 2.09.

Institutional Trading of Veracyte

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Jones Financial Companies Lllp grew its holdings in shares of Veracyte by 49.7% during the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company's stock worth $28,000 after buying an additional 237 shares during the last quarter. Arizona State Retirement System lifted its stake in 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 in the last quarter. Synovus Financial Corp lifted its stake in Veracyte by 1.2% in the 4th 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 raised its position 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 during the last quarter. Finally, Xponance Inc. raised its holdings in Veracyte by 5.7% in the 1st quarter. Xponance Inc. now owns 6,860 shares of the biotechnology company's stock valued at $203,000 after acquiring an additional 370 shares during 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.