Veracyte (NASDAQ:VCYT) Announces Quarterly Earnings Results

Veracyte (NASDAQ:VCYT) posted its earnings results on Tuesday. The biotechnology company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.17, Briefing.com reports. The business had revenue of $96.84 million for the quarter, compared to analysts’ expectations of $93.35 million. Veracyte had a negative net margin of 20.61% and a negative return on equity of 2.02%. The business’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.11) EPS.

Veracyte Stock Performance

Shares of VCYT traded up $0.29 during mid-day trading on Thursday, hitting $20.41. 98,735 shares of the company traded hands, compared to its average volume of 633,401. The stock has a 50-day moving average price of $21.01 and a two-hundred day moving average price of $23.82. Veracyte has a 1 year low of $18.61 and a 1 year high of $30.52. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -19.53 and a beta of 1.65.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Needham & Company LLC decreased their target price on shares of Veracyte from $33.00 to $27.00 and set a “buy” rating on the stock in a research report on Wednesday. The Goldman Sachs Group cut their target price on shares of Veracyte from $32.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. Morgan Stanley cut their target price on shares of Veracyte from $22.00 to $21.00 and set an “underweight” rating on the stock in a research note on Monday, February 26th. Finally, William Blair reissued an “outperform” rating on shares of Veracyte in a research note on Friday, February 23rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Veracyte has a consensus rating of “Moderate Buy” and an average price target of $27.50.

Insider Activity

In related news, Director Karin Eastham sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $21.65, for a total transaction of $216,500.00. Following the completion of the sale, the director now directly owns 33,125 shares in the company, valued at $717,156.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.60% of the stock is owned by corporate insiders.

Veracyte Company Profile

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.