Veracyte (NASDAQ:VCYT) Downgraded by Wall Street Zen to "Hold"

Wall Street Zen lowered shares of Veracyte (NASDAQ:VCYT - Free Report) from a buy rating to a hold rating in a research report released on Saturday morning.

VCYT has been the subject of a number of other research reports. Craig Hallum initiated coverage on Veracyte in a research note on Thursday, March 20th. They issued a "buy" rating and a $45.00 price objective for the company. Guggenheim decreased their price objective on shares of Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Stephens reaffirmed an "overweight" rating and issued a $45.00 price objective on shares of Veracyte in a research report on Wednesday, March 26th. Needham & Company LLC reduced their target price on shares of Veracyte from $51.00 to $41.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, UBS Group lowered their price target on shares of Veracyte from $49.00 to $42.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.90.

Veracyte Price Performance

Shares of VCYT stock traded up $0.29 on Friday, hitting $27.32. The stock had a trading volume of 1,073,442 shares, compared to its average volume of 914,052. The business has a 50 day moving average of $28.37 and a 200 day moving average of $34.10. Veracyte has a 12-month low of $19.73 and a 12-month high of $47.32. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of 66.64 and a beta of 2.07.

Institutional Investors Weigh In On Veracyte

Several institutional investors have recently made changes to their positions in VCYT. Principal Financial Group Inc. boosted its stake in Veracyte by 6.8% in the 4th quarter. Principal Financial Group Inc. now owns 32,560 shares of the biotechnology company's stock worth $1,289,000 after purchasing an additional 2,074 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Veracyte by 9.4% in the fourth quarter. Bank of New York Mellon Corp now owns 243,452 shares of the biotechnology company's stock worth $9,641,000 after buying an additional 20,906 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of Veracyte in the fourth quarter valued at approximately $1,179,000. QRG Capital Management Inc. grew its stake in Veracyte by 3.6% during the fourth quarter. QRG Capital Management Inc. now owns 139,650 shares of the biotechnology company's stock valued at $5,530,000 after acquiring an additional 4,834 shares in the last quarter. Finally, US Bancorp DE grew its stake in Veracyte by 57.4% during the fourth quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company's stock valued at $70,000 after acquiring an additional 647 shares in 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.