Norges Bank Takes $8.93 Million Position in Veracyte, Inc. (NASDAQ:VCYT)

Norges Bank purchased a new position in Veracyte, Inc. (NASDAQ:VCYT) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 225,602 shares of the biotechnology company’s stock, valued at approximately $8,934,000. Norges Bank owned about 0.29% of Veracyte at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its stake in Veracyte by 49.7% in the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 237 shares during the last quarter. US Bancorp DE increased its holdings in shares of Veracyte by 57.4% in the 4th quarter. US Bancorp DE now owns 1,774 shares of the biotechnology company’s stock worth $70,000 after acquiring an additional 647 shares during the period. Principal Securities Inc. lifted its position in Veracyte by 34.1% in the 4th quarter. Principal Securities Inc. now owns 1,909 shares of the biotechnology company’s stock valued at $76,000 after purchasing an additional 485 shares during the last quarter. Venturi Wealth Management LLC acquired a new position in Veracyte during the 4th quarter valued at about $91,000. Finally, KBC Group NV grew its position in Veracyte by 44.6% in the 4th quarter. KBC Group NV now owns 3,872 shares of the biotechnology company’s stock worth $153,000 after purchasing an additional 1,195 shares during the last quarter.

Veracyte Price Performance

Shares of VCYT opened at $28.88 on Wednesday. The firm’s 50 day moving average is $35.32 and its 200-day moving average is $37.53. Veracyte, Inc. has a 12-month low of $18.61 and a 12-month high of $47.32. The stock has a market capitalization of $2.25 billion, a P/E ratio of -192.53 and a beta of 2.03.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings data on Monday, February 24th. The biotechnology company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.07. The company had revenue of $118.63 million during the quarter, compared to the consensus estimate of $110.73 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. During the same quarter in the prior year, the firm earned ($0.39) EPS. As a group, equities research analysts forecast that Veracyte, Inc. will post 0.68 EPS for the current fiscal year.

Analysts Set New Price Targets

VCYT has been the subject of several analyst reports. Craig Hallum assumed coverage on Veracyte in a research report on Thursday, March 20th. They set a “buy” rating and a $45.00 price objective for the company. StockNews.com lowered Veracyte from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Stephens reissued an “overweight” rating and set a $45.00 price target on shares of Veracyte in a report on Wednesday, March 26th. UBS Group upped their price objective on shares of Veracyte from $46.00 to $49.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Finally, Needham & Company LLC reissued a “buy” rating and set a $51.00 target price on shares of Veracyte in a research note on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.40.

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.