Veracyte Sees Large Volume Increase on Earnings Beat (VCYT)
Veracyte (NASDAQ:VCYT) shares saw strong trading volume on Thursday following a better than expected earnings announcement, Stock Ratings News reports. 279,484 shares changed hands during mid-day trading, an increase of 128% from the previous session’s volume of 122,779 shares.The stock last traded at $13.29 and had previously closed at $14.65.
The company reported ($0.31) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.33) by $0.02. The company had revenue of $8.70 million for the quarter, compared to the consensus estimate of $9.36 million.
Several analysts have recently commented on the stock. Analysts at Leerink Swann cut their price target on shares of Veracyte from $23.00 to $20.00 in a research note on Thursday. They now have an “outperform” rating on the stock. Separately, analysts at Janney Montgomery Scott initiated coverage on shares of Veracyte in a research note on Thursday, June 26th. They set a “buy” rating and a $25.00 price target on the stock. Finally, analysts at Piper Jaffray initiated coverage on shares of Veracyte in a research note on Thursday, June 19th. They set an “overweight” rating and a $21.00 price target on the stock. Six investment analysts have rated the stock with a buy rating, The company currently has an average rating of “Buy” and a consensus price target of $20.80.
The stock has a 50-day moving average of $15.03 and a 200-day moving average of $14.99. The company’s market cap is $281.0 million.
Veracyte, Inc is a diagnostics company focused on molecular cytology. The Company focuses on diseases that often require invasive procedures for an accurate diagnosis.
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