Wall Street brokerages expect Veracyte, Inc. (NASDAQ:VCYT) to report sales of $19.96 million for the current quarter, Zacks reports. Three analysts have provided estimates for Veracyte’s earnings, with estimates ranging from $19.89 million to $20.10 million. Veracyte posted sales of $18.60 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 7.3%. The firm is scheduled to issue its next quarterly earnings results on Thursday, November 2nd.

On average, analysts expect that Veracyte will report full-year sales of $19.96 million for the current year, with estimates ranging from $76.10 million to $77.70 million. For the next financial year, analysts expect that the company will post sales of $102.33 million per share, with estimates ranging from $100.10 million to $106.65 million. Zacks’ sales averages are an average based on a survey of research firms that cover Veracyte.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Monday, July 31st. The biotechnology company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.03. Veracyte had a negative return on equity of 53.58% and a negative net margin of 35.64%. The business had revenue of $18.40 million for the quarter, compared to analyst estimates of $18.32 million. During the same quarter in the prior year, the firm posted ($0.40) earnings per share. The firm’s revenue for the quarter was up 25.2% compared to the same quarter last year.

Several research firms recently weighed in on VCYT. Zacks Investment Research downgraded Veracyte from a “buy” rating to a “hold” rating in a report on Thursday, October 5th. BidaskClub raised Veracyte from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 25th. ValuEngine downgraded Veracyte from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. BTIG Research reaffirmed a “buy” rating and set a $13.00 target price on shares of Veracyte in a report on Thursday, August 31st. Finally, Janney Montgomery Scott reaffirmed a “buy” rating and set a $15.00 target price on shares of Veracyte in a report on Wednesday, June 28th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $12.45.

Shares of Veracyte (NASDAQ:VCYT) traded up 1.36% during trading on Wednesday, hitting $8.94. The stock had a trading volume of 8,185 shares. Veracyte has a one year low of $5.82 and a one year high of $9.71. The stock’s market capitalization is $303.01 million. The stock has a 50 day moving average price of $8.38 and a 200-day moving average price of $8.23.

COPYRIGHT VIOLATION NOTICE: This news story was first posted by American Banking News and is owned by of American Banking News. If you are reading this news story on another site, it was illegally stolen and reposted in violation of United States and international copyright laws. The legal version of this news story can be read at https://www.americanbankingnews.com/2017/10/11/analysts-anticipate-veracyte-inc-vcyt-will-post-quarterly-sales-of-19-96-million.html.

In other news, Chairman Bonnie H. Anderson sold 6,000 shares of Veracyte stock in a transaction dated Monday, September 25th. The stock was sold at an average price of $8.44, for a total value of $50,640.00. Following the completion of the transaction, the chairman now directly owns 16,000 shares of the company’s stock, valued at approximately $135,040. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Evan/ Fa Jones sold 22,500 shares of Veracyte stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $7.81, for a total value of $175,725.00. The disclosure for this sale can be found here. Insiders have sold a total of 108,500 shares of company stock worth $879,965 over the last ninety days. Company insiders own 13.40% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System raised its position in shares of Veracyte by 26.1% in the 2nd quarter. California State Teachers Retirement System now owns 41,987 shares of the biotechnology company’s stock worth $350,000 after acquiring an additional 8,700 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Veracyte by 52.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,961 shares of the biotechnology company’s stock valued at $191,000 after buying an additional 7,867 shares in the last quarter. State Street Corp increased its position in Veracyte by 6.9% in the 2nd quarter. State Street Corp now owns 256,978 shares of the biotechnology company’s stock valued at $2,139,000 after buying an additional 16,637 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Veracyte by 221.1% in the 2nd quarter. Goldman Sachs Group Inc. now owns 43,567 shares of the biotechnology company’s stock valued at $363,000 after buying an additional 29,997 shares in the last quarter. Finally, First Light Asset Management LLC increased its position in Veracyte by 4.7% in the 2nd quarter. First Light Asset Management LLC now owns 754,560 shares of the biotechnology company’s stock valued at $6,285,000 after buying an additional 33,682 shares in the last quarter. 65.67% of the stock is owned by hedge funds and other institutional investors.

Veracyte Company Profile

Veracyte, Inc is a genomic diagnostics company. The Company uses genomic technology to resolve diagnostic ambiguity. It targets diseases in which patients undergo invasive diagnostic procedures. Its products combine genomic technology, clinical science and machine learning. The Company commercializes over three genomic tests, which are transforming the diagnosis of thyroid cancer, lung cancer and idiopathic pulmonary fibrosis.

Get a free copy of the Zacks research report on Veracyte (VCYT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Veracyte (NASDAQ:VCYT)

Receive News & Ratings for Veracyte Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veracyte Inc. and related companies with MarketBeat.com's FREE daily email newsletter.