Veracyte (NASDAQ:VCYT) Shares Down 5.9% - Here's Why

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report)'s stock price fell 5.9% on Friday . The company traded as low as $22.94 and last traded at $22.80. 463,902 shares traded hands during trading, a decline of 49% from the average session volume of 915,703 shares. The stock had previously closed at $24.22.

Wall Street Analyst Weigh In

A number of brokerages recently commented on VCYT. Needham & Company LLC lowered their price objective 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. Stephens reaffirmed an "overweight" rating and set a $45.00 price target on shares of Veracyte in a research note on Wednesday, March 26th. Guggenheim decreased 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. UBS Group decreased 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, Wall Street Zen cut shares of Veracyte from a "buy" rating to a "hold" rating in a research note on Saturday, June 28th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $40.90.

Veracyte Stock Down 2.9%

The firm's 50-day simple moving average is $27.15 and its 200 day simple moving average is $32.81. The stock has a market capitalization of $1.84 billion, a P/E ratio of 57.34 and a beta of 2.07.

Hedge Funds Weigh In On Veracyte

Several institutional investors and hedge funds have recently bought and sold shares of the business. Artisan Partners Limited Partnership lifted its holdings in shares of Veracyte by 31.4% during the 4th quarter. Artisan Partners Limited Partnership now owns 6,599,264 shares of the biotechnology company's stock valued at $261,331,000 after buying an additional 1,576,432 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Veracyte during the 1st quarter valued at about $33,003,000. Marshall Wace LLP lifted its holdings in shares of Veracyte by 768.9% during the 4th quarter. Marshall Wace LLP now owns 956,577 shares of the biotechnology company's stock valued at $37,880,000 after buying an additional 846,487 shares during the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of Veracyte by 226.8% during the 4th quarter. Driehaus Capital Management LLC now owns 1,183,766 shares of the biotechnology company's stock valued at $46,877,000 after buying an additional 821,554 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Veracyte during the 4th quarter valued at about $20,717,000.

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.