Norges Bank Purchases Shares of 225,602 Veracyte, Inc. (NASDAQ:VCYT)

Norges Bank bought a new position in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 225,602 shares of the biotechnology company's stock, valued at approximately $8,934,000. Norges Bank owned 0.29% of Veracyte as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. FMR LLC raised its holdings in shares of Veracyte by 33.4% in the 3rd quarter. FMR LLC now owns 65,977 shares of the biotechnology company's stock worth $2,246,000 after purchasing an additional 16,536 shares in the last quarter. HighTower Advisors LLC acquired a new position in Veracyte in the third quarter worth approximately $554,000. State Street Corp increased its holdings in shares of Veracyte by 0.3% in the third quarter. State Street Corp now owns 2,916,515 shares of the biotechnology company's stock valued at $99,278,000 after buying an additional 7,920 shares in the last quarter. Jane Street Group LLC lifted its position in shares of Veracyte by 276.4% during the 3rd quarter. Jane Street Group LLC now owns 301,652 shares of the biotechnology company's stock valued at $10,268,000 after acquiring an additional 221,504 shares during the last quarter. Finally, Zacks Investment Management bought a new stake in shares of Veracyte during the 3rd quarter worth $1,123,000.

Wall Street Analyst Weigh In

VCYT has been the topic of a number of recent analyst reports. Stephens reaffirmed an "overweight" rating and set a $45.00 target price on shares of Veracyte in a report on Wednesday, March 26th. UBS Group upped their price objective on shares of Veracyte from $46.00 to $49.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Needham & Company LLC reissued a "buy" rating and issued a $51.00 target price on shares of Veracyte in a research report on Tuesday, February 25th. Guggenheim cut their price target on shares of Veracyte from $45.00 to $37.00 and set a "buy" rating on the stock in a report on Wednesday. Finally, StockNews.com lowered shares of Veracyte from a "buy" rating to a "hold" rating in a research note on Wednesday, February 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.60.

Veracyte Stock Performance

Shares of NASDAQ:VCYT traded up $1.55 during midday trading on Friday, hitting $31.80. 1,002,547 shares of the stock were exchanged, compared to its average volume of 861,309. The company has a market capitalization of $2.48 billion, a PE ratio of -212.00 and a beta of 2.03. Veracyte, Inc. has a 52-week low of $18.61 and a 52-week high of $47.32. The business's fifty day simple moving average is $34.26 and its two-hundred day simple moving average is $37.48.

Veracyte (NASDAQ:VCYT - Get Free Report) last announced its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.07. The business had revenue of $118.63 million during the quarter, compared to analyst estimates of $110.73 million. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. During the same period in the previous year, the company earned ($0.39) EPS. As a group, equities analysts anticipate that Veracyte, Inc. will post 0.68 EPS for the current year.

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.