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

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

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

Hedge Funds Weigh In On Veracyte

Large investors have recently bought and sold shares of the company. Jones Financial Companies Lllp boosted its position in Veracyte by 49.7% during the 4th 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 last quarter. Versant Capital Management Inc boosted its position in Veracyte by 1,267.6% during the 1st quarter. Versant Capital Management Inc now owns 930 shares of the biotechnology company’s stock worth $28,000 after acquiring an additional 862 shares during the last quarter. Headlands Technologies LLC acquired a new position in Veracyte during the 1st quarter worth approximately $48,000. GF Fund Management CO. LTD. acquired a new position in Veracyte during the 4th quarter worth approximately $64,000. Finally, Sterling Capital Management LLC boosted its position in Veracyte by 810.2% during the 4th quarter. Sterling Capital Management LLC now owns 2,421 shares of the biotechnology company’s stock worth $96,000 after acquiring an additional 2,155 shares during the last quarter.

Veracyte Stock Down 3.8%

Shares of NASDAQ VCYT opened at $24.22 on Friday. The firm’s 50-day simple moving average is $27.27 and its 200 day simple moving average is $32.96. The company has a market cap of $1.90 billion, a price-to-earnings ratio of 59.07 and a beta of 2.07. Veracyte has a 12-month low of $19.73 and a 12-month high of $47.32.

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.