Veracyte, Inc. (NASDAQ:VCYT) Receives $40.90 Consensus Target Price from Brokerages

Veracyte, Inc. (NASDAQ:VCYT) has been assigned an average rating of “Moderate Buy” from the ten analysts that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $40.90.

VCYT has been the subject of a number of analyst reports. Needham & Company LLC cut their price target on Veracyte from $51.00 to $41.00 and set a “buy” rating for the company in a report on Thursday, May 8th. 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. Wall Street Zen upgraded shares of Veracyte from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Finally, Morgan Stanley set a $28.00 price target on shares of Veracyte and gave the stock an “underweight” rating in a report on Friday, August 8th.

Institutional Investors Weigh In On Veracyte

Several hedge funds have recently modified their holdings of the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Veracyte in the second quarter valued at approximately $25,000. Versant Capital Management Inc boosted its holdings in shares of 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 purchasing an additional 862 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Veracyte during the 1st quarter valued at $48,000. GF Fund Management CO. LTD. acquired a new stake in shares of Veracyte during the 4th quarter worth $64,000. Finally, Covestor Ltd raised its position in shares of Veracyte by 23,936.4% in the 1st quarter. Covestor Ltd now owns 2,644 shares of the biotechnology company’s stock worth $78,000 after buying an additional 2,633 shares during the period.

Veracyte Stock Performance

VCYT stock opened at $30.04 on Tuesday. The stock’s 50 day moving average price is $26.29 and its 200 day moving average price is $30.67. The firm has a market cap of $2.36 billion, a P/E ratio of 91.03 and a beta of 1.97. Veracyte has a 1 year low of $22.61 and a 1 year 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.