Veracyte (NASDAQ:VCYT) Shares Gap Up - Time to Buy?

Key Points

• Veracyte's stock price experienced a significant gap up from $23.59 to $25.42 before trading at $24.85, with a trading volume of 708,230 shares.
• Analyst ratings reveal that while eight analysts maintain a buy rating, there have been recent downgrades, including a shift from "buy" to "hold" by Wall Street Zen.
• The company's market capitalization stands at $1.97 billion with a price-to-earnings ratio of 61.40, indicating a premium valuation.
• Institutional investors have shown growing interest, with significant increases in holdings from firms like Versant Capital Management and Covestor Ltd.

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $23.59, but opened at $25.42. Veracyte shares last traded at $24.85, with a volume of 708,230 shares changing hands.

Analyst Ratings Changes

Several brokerages have issued reports on VCYT. Wall Street Zen downgraded shares of Veracyte from a "buy" rating to a "hold" rating in a research note on Saturday, June 28th. Needham & Company LLC dropped their price target on shares of Veracyte from $51.00 to $41.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. UBS Group dropped their price target on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Finally, Guggenheim dropped their price target on shares of Veracyte from $45.00 to $37.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $40.90.

Veracyte Price Performance

The stock has a market capitalization of $1.97 billion, a P/E ratio of 61.40 and a beta of 2.07. The stock's fifty day moving average is $26.70 and its 200-day moving average is $32.36.

Institutional Investors Weigh In On Veracyte

A number of large investors have recently bought and sold shares of VCYT. Versant Capital Management Inc boosted its holdings in Veracyte by 1,267.6% during the first 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 period. Headlands Technologies LLC bought a new stake in Veracyte during the first quarter valued at about $48,000. GF Fund Management CO. LTD. bought a new stake in Veracyte during the fourth quarter valued at about $64,000. Covestor Ltd boosted its holdings in Veracyte by 23,936.4% during the first quarter. Covestor Ltd now owns 2,644 shares of the biotechnology company's stock valued at $78,000 after acquiring an additional 2,633 shares during the period. Finally, Sterling Capital Management LLC boosted its holdings in Veracyte by 810.2% during the fourth quarter. Sterling Capital Management LLC now owns 2,421 shares of the biotechnology company's stock valued at $96,000 after acquiring an additional 2,155 shares during the period.

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.

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