Veracyte (NASDAQ:VCYT) Stock Price Up 12.5% - Here's What Happened

Key Points

• Veracyte's stock price increased by 12.5% during trading, reaching $26.97, after closing at $23.97, with over 1.5 million shares traded.
• A majority of analysts maintain a "buy" rating for Veracyte, despite some lowering their price targets, indicating a consensus of positive outlook with an average price target of $40.90.
• The company's market capitalization stands at $2.17 billion with a significant increase in institutional investment in recent months, suggesting growing confidence from bigger investors.

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) shot up 12.5% on Thursday . The stock traded as high as $27.29 and last traded at $26.97. 1,512,478 shares changed hands during mid-day trading, an increase of 33% from the average session volume of 1,140,932 shares. The stock had previously closed at $23.97.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. UBS Group dropped their price target on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Wall Street Zen raised shares of Veracyte from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Morgan Stanley set a $28.00 price objective on shares of Veracyte and gave the stock an "underweight" rating in a report on Friday. Finally, Needham & Company LLC dropped their price objective on shares of Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $40.90.

Veracyte Trading Down 0.9%

The firm has a market cap of $2.13 billion, a P/E ratio of 82.41 and a beta of 1.97. The company's 50 day simple moving average is $26.09 and its 200-day simple moving average is $30.89.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Veracyte by 0.6% during the first quarter. Vanguard Group Inc. now owns 8,263,643 shares of the biotechnology company's stock worth $245,017,000 after purchasing an additional 52,031 shares in the last quarter. ArrowMark Colorado Holdings LLC boosted its holdings in Veracyte by 3.3% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 3,080,027 shares of the biotechnology company's stock valued at $121,969,000 after purchasing an additional 97,824 shares in the last quarter. Driehaus Capital Management LLC raised its position in Veracyte by 14.2% in the 1st quarter. Driehaus Capital Management LLC now owns 1,351,370 shares of the biotechnology company's stock worth $40,068,000 after purchasing an additional 167,604 shares during the last quarter. GW&K Investment Management LLC lifted its position in Veracyte by 3.7% in the 1st quarter. GW&K Investment Management LLC now owns 1,256,893 shares of the biotechnology company's stock valued at $37,267,000 after acquiring an additional 44,826 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its holdings in Veracyte by 0.7% in the 4th quarter. Nuveen Asset Management LLC now owns 1,194,392 shares of the biotechnology company's stock valued at $47,298,000 after acquiring an additional 8,797 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.