Victory Capital Management Inc. Purchases 41,248 Shares of Veracyte, Inc. (NASDAQ:VCYT)

Victory Capital Management Inc. increased its position in shares of Veracyte, Inc. (NASDAQ:VCYT) by 73.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 97,786 shares of the biotechnology company’s stock after buying an additional 41,248 shares during the period. Victory Capital Management Inc. owned 0.13% of Veracyte worth $2,899,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of VCYT. Raymond James Financial Inc. bought a new stake in shares of Veracyte during the 4th quarter worth $1,626,000. Commonwealth Equity Services LLC bought a new stake in shares of Veracyte during the 4th quarter worth $433,000. American Century Companies Inc. boosted its holdings in shares of Veracyte by 66.8% during the 4th quarter. American Century Companies Inc. now owns 11,885 shares of the biotechnology company’s stock worth $471,000 after buying an additional 4,761 shares during the period. KLP Kapitalforvaltning AS acquired a new position in Veracyte during the 4th quarter valued at $610,000. Finally, Vanguard Group Inc. raised its stake in Veracyte by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 8,211,612 shares of the biotechnology company’s stock valued at $325,180,000 after purchasing an additional 463,098 shares during the last quarter.

Analysts Set New Price Targets

VCYT has been the subject of several research analyst reports. Guggenheim cut their target price 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. Needham & Company LLC cut their target price 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. Wall Street Zen upgraded shares of Veracyte from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, UBS Group cut their target price 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. One 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, the company has an average rating of “Moderate Buy” and an average target price of $40.90.

Veracyte Stock Performance

Shares of VCYT stock opened at $25.02 on Tuesday. Veracyte, Inc. has a 52-week low of $19.73 and a 52-week high of $47.32. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 61.03 and a beta of 2.07. The firm has a fifty day moving average of $26.54 and a 200-day moving average of $31.97.

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.