GAMMA Investing LLC Purchases 18,840 Shares of Veracyte, Inc. (NASDAQ:VCYT)

GAMMA Investing LLC boosted its position in Veracyte, Inc. (NASDAQ:VCYT) by 4,351.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,273 shares of the biotechnology company’s stock after acquiring an additional 18,840 shares during the period. GAMMA Investing LLC’s holdings in Veracyte were worth $571,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. 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 worth $28,000 after buying an additional 862 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Veracyte during the fourth quarter worth about $324,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Veracyte during the fourth quarter worth about $6,990,000. GF Fund Management CO. LTD. bought a new position in Veracyte during the fourth quarter worth about $64,000. Finally, Palisades Investment Partners LLC bought a new position in Veracyte during the fourth quarter worth about $6,487,000.

Analysts Set New Price Targets

A number of brokerages have issued reports on VCYT. UBS Group reduced their target price on Veracyte from $49.00 to $42.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Needham & Company LLC reduced their target price on Veracyte from $51.00 to $41.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Wall Street Zen upgraded Veracyte from a “hold” rating to a “buy” rating in a report on Saturday, June 14th. Stephens reaffirmed an “overweight” rating and set a $45.00 price target on shares of Veracyte in a research report on Wednesday, March 26th. Finally, Craig Hallum began coverage on Veracyte in a research report on Thursday, March 20th. They set a “buy” rating and a $45.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $40.90.

Veracyte Price Performance

NASDAQ VCYT opened at $26.82 on Thursday. The firm has a market cap of $2.10 billion, a P/E ratio of 65.42 and a beta of 2.09. The stock’s 50-day moving average is $29.16 and its 200-day moving average is $35.20. Veracyte, Inc. has a one year low of $19.73 and a one year high of $47.32.

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.