Veracyte (VCYT) Shares Down 6%
Shares of Veracyte Inc (NASDAQ:VCYT) dropped 6% on Wednesday . The stock traded as low as $22.28 and last traded at $22.93. Approximately 752,600 shares traded hands during trading, an increase of 25% from the average daily volume of 600,061 shares. The stock had previously closed at $24.39.
VCYT has been the subject of several recent research reports. BTIG Research boosted their price objective on Veracyte to $17.00 and gave the stock a “buy” rating in a report on Friday, January 4th. BidaskClub raised Veracyte from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 22nd. Finally, Zacks Investment Research cut Veracyte from a “buy” rating to a “hold” rating in a research note on Tuesday, February 19th. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $15.83.
The company has a quick ratio of 7.16, a current ratio of 7.42 and a debt-to-equity ratio of 0.30. The company has a market cap of $1.01 billion, a P/E ratio of -36.98 and a beta of 1.03.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Teachers Advisors LLC increased its stake in Veracyte by 21.1% during the 3rd quarter. Teachers Advisors LLC now owns 50,146 shares of the biotechnology company’s stock worth $479,000 after purchasing an additional 8,740 shares in the last quarter. Fiera Capital Corp bought a new stake in Veracyte during the 4th quarter worth approximately $2,943,000. BlackRock Inc. increased its stake in Veracyte by 43.6% during the 3rd quarter. BlackRock Inc. now owns 2,998,763 shares of the biotechnology company’s stock worth $28,638,000 after purchasing an additional 910,427 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Veracyte during the 3rd quarter worth approximately $225,000. Finally, California Public Employees Retirement System increased its stake in Veracyte by 6.9% during the 4th quarter. California Public Employees Retirement System now owns 152,124 shares of the biotechnology company’s stock worth $1,914,000 after purchasing an additional 9,824 shares in the last quarter. 89.89% of the stock is owned by institutional investors and hedge funds.
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About Veracyte (NASDAQ:VCYT)
Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.
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