Veracyte (NASDAQ:VCYT) Shares Gap Down After Analyst Downgrade

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report)'s share price gapped down before the market opened on Wednesday after Guggenheim lowered their price target on the stock from $45.00 to $37.00. The stock had previously closed at $28.88, but opened at $27.22. Guggenheim currently has a buy rating on the stock. Veracyte shares last traded at $28.59, with a volume of 64,349 shares changing hands.

VCYT has been the subject of several other reports. Stephens reissued an "overweight" rating and set a $45.00 price target on shares of Veracyte in a report on Wednesday, March 26th. 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. UBS Group raised their price target on shares of Veracyte from $46.00 to $49.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Craig Hallum initiated coverage on shares of Veracyte in a report on Thursday, March 20th. They issued a "buy" rating and a $45.00 price objective for the company. Finally, StockNews.com cut shares of Veracyte from a "buy" rating to a "hold" rating in a report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.60.

Institutional Trading of Veracyte

Large investors have recently made changes to their positions in the company. Artisan Partners Limited Partnership lifted its stake in Veracyte by 31.4% in the 4th quarter. Artisan Partners Limited Partnership now owns 6,599,264 shares of the biotechnology company's stock valued at $261,331,000 after purchasing an additional 1,576,432 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of Veracyte by 768.9% during the fourth quarter. Marshall Wace LLP now owns 956,577 shares of the biotechnology company's stock worth $37,880,000 after buying an additional 846,487 shares in the last quarter. Driehaus Capital Management LLC lifted its stake in shares of Veracyte by 226.8% in the 4th quarter. Driehaus Capital Management LLC now owns 1,183,766 shares of the biotechnology company's stock valued at $46,877,000 after acquiring an additional 821,554 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of Veracyte during the 4th quarter valued at $20,717,000. Finally, Vanguard Group Inc. grew its position in Veracyte by 6.0% during the 4th quarter. Vanguard Group Inc. now owns 8,211,612 shares of the biotechnology company's stock worth $325,180,000 after acquiring an additional 463,098 shares during the last quarter.

Veracyte Stock Performance

The firm has a market cap of $2.51 billion, a price-to-earnings ratio of -214.27 and a beta of 2.03. The business has a fifty day simple moving average of $34.26 and a 200-day simple moving average of $37.48.

Veracyte (NASDAQ:VCYT - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.07. The company had revenue of $118.63 million for the quarter, compared to analysts' expectations 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 business posted ($0.39) earnings per share. On average, equities analysts anticipate that Veracyte, Inc. will post 0.68 earnings per share for the current year.

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.