Veracyte, Inc. (VCYT) Scheduled to Post Earnings on Wednesday
Veracyte, Inc. (NASDAQ:VCYT) is scheduled to post its quarterly earnings results after the market closes on Wednesday, November 1st. Analysts expect Veracyte to post earnings of ($0.22) per share for the quarter.
Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Monday, July 31st. The biotechnology company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $0.03. The business had revenue of $18.40 million during the quarter, compared to the consensus estimate of $18.32 million. Veracyte had a negative return on equity of 53.58% and a negative net margin of 35.64%. The business’s revenue was up 25.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.40) EPS. On average, analysts expect Veracyte to post $-0.92 EPS for the current fiscal year and $-0.58 EPS for the next fiscal year.
Veracyte, Inc. (NASDAQ VCYT) opened at 8.88 on Wednesday. Veracyte, Inc. has a 1-year low of $5.82 and a 1-year high of $9.80. The stock’s 50 day moving average price is $8.67 and its 200 day moving average price is $8.23. The firm’s market cap is $300.97 million.
Several research analysts recently weighed in on VCYT shares. Janney Montgomery Scott reaffirmed a “buy” rating and set a $15.00 target price on shares of Veracyte in a research note on Wednesday, June 28th. BidaskClub cut Veracyte from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 19th. Zacks Investment Research raised Veracyte from a “hold” rating to a “buy” rating and set a $9.25 target price for the company in a research note on Friday, August 4th. BTIG Research reaffirmed a “buy” rating and set a $13.00 target price on shares of Veracyte in a research note on Thursday, August 31st. Finally, Piper Jaffray Companies reaffirmed a “buy” rating on shares of Veracyte in a research note on Tuesday, September 12th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. Veracyte presently has a consensus rating of “Hold” and an average target price of $12.45.
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In other news, Chairman Bonnie H. Anderson sold 6,000 shares of the company’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $8.44, for a total transaction of $50,640.00. Following the completion of the sale, the chairman now directly owns 16,000 shares of the company’s stock, valued at $135,040. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Evan/ Fa Jones sold 40,000 shares of the company’s stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $7.88, for a total value of $315,200.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 130,500 shares of company stock valued at $1,085,065. 13.40% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System lifted its holdings in shares of Veracyte by 26.1% during the second quarter. California State Teachers Retirement System now owns 41,987 shares of the biotechnology company’s stock valued at $350,000 after purchasing an additional 8,700 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Veracyte by 52.1% during the second quarter. The Manufacturers Life Insurance Company now owns 22,961 shares of the biotechnology company’s stock valued at $191,000 after purchasing an additional 7,867 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Veracyte by 6.9% during the second quarter. State Street Corp now owns 256,978 shares of the biotechnology company’s stock valued at $2,139,000 after purchasing an additional 16,637 shares during the last quarter. 65.62% of the stock is owned by institutional investors and hedge funds.
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.
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