Veracyte, Inc. (NASDAQ:VCYT) Given Consensus Rating of “Moderate Buy” by Brokerages

Veracyte, Inc. (NASDAQ:VCYT) has received a consensus recommendation of “Moderate Buy” from the ten brokerages that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $40.90.

Several analysts have recently weighed in on VCYT shares. Stephens reaffirmed an “overweight” rating and issued a $45.00 target price on shares of Veracyte in a report on Wednesday, March 26th. Guggenheim reduced their price objective on shares of Veracyte from $45.00 to $37.00 and set a “buy” rating for the company in a research note on Wednesday, April 9th. UBS Group reduced their price objective on shares of Veracyte from $49.00 to $42.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Wall Street Zen cut shares of Veracyte from a “buy” rating to a “hold” rating in a research note on Saturday, June 28th. Finally, Needham & Company LLC reduced their price objective on shares of Veracyte from $51.00 to $41.00 and set a “buy” rating for the company in a research note on Thursday, May 8th.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Jones Financial Companies Lllp increased its position in Veracyte by 49.7% during the fourth quarter. Jones Financial Companies Lllp now owns 714 shares of the biotechnology company’s stock worth $28,000 after acquiring an additional 237 shares during the period. Versant Capital Management Inc increased its holdings in Veracyte by 1,267.6% in the 1st quarter. Versant Capital Management Inc now owns 930 shares of the biotechnology company’s stock valued at $28,000 after buying an additional 862 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Veracyte in the 1st quarter valued at $48,000. GF Fund Management CO. LTD. acquired a new stake in shares of Veracyte in the 4th quarter valued at $64,000. Finally, Sterling Capital Management LLC boosted its stake in shares of Veracyte by 810.2% in the 4th quarter. Sterling Capital Management LLC now owns 2,421 shares of the biotechnology company’s stock valued at $96,000 after purchasing an additional 2,155 shares in the last quarter.

Veracyte Price Performance

Shares of NASDAQ:VCYT opened at $24.22 on Friday. The stock has a market cap of $1.90 billion, a P/E ratio of 59.07 and a beta of 2.07. The firm has a fifty day moving average price of $27.27 and a 200 day moving average price of $32.96. Veracyte has a 1-year low of $19.73 and a 1-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.