Wells Fargo & Company MN Acquires 11,387 Shares of Veracyte, Inc. (NASDAQ:VCYT)

Wells Fargo & Company MN grew its stake in shares of Veracyte, Inc. (NASDAQ:VCYT - Free Report) by 28.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 51,131 shares of the biotechnology company's stock after purchasing an additional 11,387 shares during the period. Wells Fargo & Company MN owned approximately 0.07% of Veracyte worth $2,025,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Ieq Capital LLC bought a new stake in Veracyte during the fourth quarter worth $580,000. Barclays PLC lifted its holdings in Veracyte by 138.6% during the third quarter. Barclays PLC now owns 146,402 shares of the biotechnology company's stock valued at $4,983,000 after purchasing an additional 85,033 shares during the last quarter. Jennison Associates LLC boosted its holdings in Veracyte by 116.3% in the 4th quarter. Jennison Associates LLC now owns 833,754 shares of the biotechnology company's stock worth $33,017,000 after buying an additional 448,251 shares during the period. KBC Group NV boosted its holdings in shares of Veracyte by 44.6% in the fourth quarter. KBC Group NV now owns 3,872 shares of the biotechnology company's stock worth $153,000 after acquiring an additional 1,195 shares during the period. Finally, Proficio Capital Partners LLC purchased a new position in Veracyte during the 4th quarter valued at about $1,179,000.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Guggenheim dropped their price objective on shares of Veracyte from $45.00 to $37.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Needham & Company LLC reaffirmed a "buy" rating and issued a $51.00 target price on shares of Veracyte in a research note on Tuesday, February 25th. StockNews.com cut Veracyte from a "buy" rating to a "hold" rating in a report on Wednesday, February 26th. Stephens reaffirmed an "overweight" rating and set a $45.00 target price on shares of Veracyte in a research note on Wednesday, March 26th. Finally, UBS Group upped their price target on Veracyte from $46.00 to $49.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $42.60.

Veracyte Price Performance

Shares of VCYT stock opened at $32.23 on Friday. The stock's 50-day moving average is $32.25 and its 200 day moving average is $37.28. Veracyte, Inc. has a 1-year low of $19.16 and a 1-year high of $47.32. The company has a market cap of $2.51 billion, a P/E ratio of -214.87 and a beta of 2.03.

Veracyte (NASDAQ:VCYT - Get Free Report) last posted its quarterly earnings results on Monday, February 24th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.07. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%. The business had revenue of $118.63 million during the quarter, compared to analysts' expectations of $110.73 million. During the same quarter last year, the company posted ($0.39) earnings per share. On average, analysts anticipate that Veracyte, Inc. will post 0.68 EPS 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.

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