Veracyte (NASDAQ:VCYT) Stock Price Down 4.8% - Time to Sell?

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Craig Hallum assumed 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. Guggenheim cut their price objective on shares of Veracyte from $45.00 to $37.00 and set a "buy" rating on the stock in a research report on Wednesday, April 9th. Stephens restated an "overweight" rating and issued a $45.00 target price on shares of Veracyte in a report on Wednesday, March 26th. Wall Street Zen lowered shares of Veracyte from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Finally, Needham & Company LLC decreased their price objective on shares of Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $40.90.

Veracyte Stock Up 0.4%

The firm has a 50 day moving average of $29.55 and a 200-day moving average of $35.75. The company has a market cap of $2.10 billion, a P/E ratio of -178.70 and a beta of 2.09.

Institutional Trading of Veracyte

Institutional investors have recently bought and sold shares of the stock. Ieq Capital LLC purchased a new stake in Veracyte during the 4th quarter valued at about $580,000. Bayesian Capital Management LP purchased a new stake in Veracyte in the fourth quarter valued at approximately $693,000. Price T Rowe Associates Inc. MD boosted its position in Veracyte by 3.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 48,414 shares of the biotechnology company's stock valued at $1,918,000 after buying an additional 1,816 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in Veracyte in the 4th quarter worth approximately $1,179,000. Finally, Mariner LLC raised its position in Veracyte by 30.1% during the 4th quarter. Mariner LLC now owns 8,988 shares of the biotechnology company's stock worth $356,000 after buying an additional 2,077 shares during the last quarter.

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.