Veracyte, Inc. (VCYT) Expected to Announce Quarterly Sales of $19.96 Million
Equities research analysts expect Veracyte, Inc. (NASDAQ:VCYT) to post sales of $19.96 million for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Veracyte’s earnings, with the lowest sales estimate coming in at $19.89 million and the highest estimate coming in at $20.10 million. Veracyte posted sales of $18.60 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 7.3%. The business is expected to report its next quarterly earnings report after the market closes on Monday, November 6th.
According to Zacks, 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 fiscal year, analysts expect that the company will report sales of $102.33 million per share, with estimates ranging from $100.10 million to $106.65 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that that provide coverage for Veracyte.
Veracyte (NASDAQ:VCYT) last issued its earnings results on Monday, July 31st. The biotechnology company reported ($0.22) EPS for the quarter, beating the consensus estimate of ($0.25) by $0.03. The company had revenue of $18.40 million during the quarter, compared to analysts’ expectations of $18.32 million. Veracyte had a negative net margin of 35.64% and a negative return on equity of 53.58%. The business’s revenue for the quarter was up 25.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.40) EPS.
A number of brokerages have recently issued reports on VCYT. Zacks Investment Research raised shares of Veracyte from a “hold” rating to a “buy” rating and set a $9.25 price target on the stock in a report on Friday, August 4th. BidaskClub raised shares of Veracyte from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 25th. BTIG Research reissued a “buy” rating and issued a $13.00 price target on shares of Veracyte in a report on Thursday, August 31st. ValuEngine downgraded shares of Veracyte from a “hold” rating to a “sell” rating in a report on Tuesday, September 12th. Finally, Piper Jaffray Companies reissued a “buy” rating on shares of Veracyte in a report on Tuesday, September 12th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $12.45.
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In related news, insider Christopher M. Hall sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $9.00, for a total value of $180,000.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Evan/ Fa Jones sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $7.88, for a total transaction of $315,200.00. The disclosure for this sale can be found here. Insiders sold 130,500 shares of company stock worth $1,085,065 over the last ninety days. 13.40% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its stake in Veracyte by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 61,312 shares of the biotechnology company’s stock valued at $563,000 after purchasing an additional 1,795 shares in the last quarter. Nationwide Fund Advisors raised its stake in Veracyte by 16.8% in the second quarter. Nationwide Fund Advisors now owns 13,235 shares of the biotechnology company’s stock valued at $110,000 after purchasing an additional 1,908 shares in the last quarter. Birchview Capital LP raised its stake in Veracyte by 4.2% in the second quarter. Birchview Capital LP now owns 98,767 shares of the biotechnology company’s stock valued at $823,000 after purchasing an additional 4,000 shares in the last quarter. Denver Investment Advisors LLC raised its stake in Veracyte by 6.6% in the second quarter. Denver Investment Advisors LLC now owns 82,193 shares of the biotechnology company’s stock valued at $685,000 after purchasing an additional 5,115 shares in the last quarter. Finally, Strs Ohio raised its stake in Veracyte by 26.1% in the second quarter. Strs Ohio now owns 37,200 shares of the biotechnology company’s stock valued at $309,000 after purchasing an additional 7,700 shares in the last quarter. 65.66% of the stock is currently owned by institutional investors and hedge funds.
Veracyte (NASDAQ:VCYT) opened at 8.52 on Monday. The firm’s market capitalization is $288.77 million. The stock has a 50 day moving average of $8.67 and a 200 day moving average of $8.23. Veracyte has a 12 month low of $5.82 and a 12 month high of $9.80.
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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