Veracyte Inc. (VCYT) Updates Q3 Earnings Guidance
Veracyte Inc. (NASDAQ:VCYT) issued an update on its third quarter earnings guidance on Monday morning. The company provided earnings per share guidance of ($0.21)-(0.20) for the period, compared to the Thomson Reuters consensus earnings per share estimate of ($0.39). The company issued revenue guidance of $18.6 million, compared to the consensus revenue estimate of $15.63 million.
Shares of Veracyte Inc. (NASDAQ:VCYT) traded up 0.13% during trading on Monday, hitting $7.59. The stock had a trading volume of 174,844 shares. Veracyte Inc. has a one year low of $4.21 and a one year high of $8.19. The stock’s 50-day moving average price is $6.90 and its 200 day moving average price is $5.66. The stock’s market cap is $211.49 million.
Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.33) by $0.07. Veracyte had a negative net margin of 70.10% and a negative return on equity of 82.26%. The firm had revenue of $14.68 million for the quarter, compared to the consensus estimate of $14.80 million. During the same quarter last year, the company earned ($0.35) earnings per share. The firm’s revenue was up 23.5% on a year-over-year basis. On average, equities analysts forecast that Veracyte Inc. will post ($1.47) EPS for the current year.
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Several equities research analysts recently weighed in on the stock. Cantor Fitzgerald reiterated a buy rating and issued a $13.00 target price on shares of Veracyte in a research note on Wednesday, June 29th. Piper Jaffray Cos. reiterated an overweight rating and issued a $10.00 target price (down previously from $12.00) on shares of Veracyte in a research note on Thursday, August 4th. Leerink Swann reiterated a buy rating on shares of Veracyte in a research note on Thursday, June 23rd. Finally, Zacks Investment Research cut shares of Veracyte from a hold rating to a sell rating in a research note on Thursday, October 6th. One analyst has rated the stock with a sell rating and five have given a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $9.70.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Veracyte by 60.8% in the second quarter. Vanguard Group Inc. now owns 526,438 shares of the company’s stock valued at $2,648,000 after buying an additional 199,073 shares during the period. BlackRock Investment Management LLC raised its position in Veracyte by 1.5% in the second quarter. BlackRock Investment Management LLC now owns 47,453 shares of the company’s stock valued at $239,000 after buying an additional 720 shares during the period. BlackRock Fund Advisors raised its position in Veracyte by 1.9% in the second quarter. BlackRock Fund Advisors now owns 361,743 shares of the company’s stock valued at $1,820,000 after buying an additional 6,891 shares during the period. Spark Investment Management LLC raised its position in Veracyte by 1.5% in the second quarter. Spark Investment Management LLC now owns 59,100 shares of the company’s stock valued at $297,000 after buying an additional 900 shares during the period. Finally, State Street Corp raised its position in Veracyte by 3.6% in the second quarter. State Street Corp now owns 146,503 shares of the company’s stock valued at $741,000 after buying an additional 5,109 shares during the period. 55.10% of the stock is owned by hedge funds and other institutional investors.
Veracyte, Inc is a molecular diagnostics company. The Company is engaged in developing and delivering genomic solutions that resolve diagnostic ambiguity and enable physicians to make informed treatment decisions at an early-stage in patient care. The Company targets diseases in which various patients undergo diagnostic procedures that could be avoided with diagnosis from a cytology sample taken preoperatively.
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