Brokers Set Expectations for Veracyte Inc’s Q1 2019 Earnings (VCYT)

Veracyte Inc (NASDAQ:VCYT) – Equities research analysts at William Blair issued their Q1 2019 earnings per share estimates for Veracyte in a report released on Friday. William Blair analyst A. Murphy expects that the biotechnology company will post earnings of ($0.13) per share for the quarter. William Blair also issued estimates for Veracyte’s Q2 2019 earnings at ($0.10) EPS, Q3 2019 earnings at ($0.06) EPS and Q4 2019 earnings at ($0.04) EPS.

Veracyte (NASDAQ:VCYT) last issued its earnings results on Monday, November 6th. The biotechnology company reported ($0.21) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.21). The business had revenue of $17.50 million during the quarter, compared to analyst estimates of $19.54 million. Veracyte had a negative return on equity of 52.99% and a negative net margin of 38.19%. Veracyte’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.20) earnings per share.

Several other brokerages also recently weighed in on VCYT. Zacks Investment Research downgraded Veracyte from a “buy” rating to a “hold” rating in a research report on Thursday, October 5th. Leerink Swann decreased their target price on Veracyte from $12.00 to $9.00 and set an “outperform” rating for the company in a report on Tuesday, November 7th. Janney Montgomery Scott downgraded Veracyte from a “buy” rating to a “neutral” rating in a report on Tuesday, November 7th. Piper Jaffray Companies downgraded Veracyte from an “overweight” rating to a “neutral” rating in a report on Tuesday, November 7th. Finally, BTIG Research set a $13.00 target price on Veracyte and gave the company a “buy” rating in a report on Monday, November 20th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the stock. Veracyte currently has a consensus rating of “Hold” and a consensus price target of $11.85.

Shares of Veracyte (NASDAQ:VCYT) opened at $6.95 on Monday. The stock has a market capitalization of $237.26, a P/E ratio of -8.58 and a beta of 1.75. The company has a debt-to-equity ratio of 0.59, a current ratio of 5.19 and a quick ratio of 4.86. Veracyte has a 52 week low of $5.75 and a 52 week high of $9.80.

Several institutional investors have recently made changes to their positions in the stock. Nationwide Fund Advisors raised its holdings in shares of Veracyte by 16.8% during the second quarter. Nationwide Fund Advisors now owns 13,235 shares of the biotechnology company’s stock valued at $110,000 after acquiring an additional 1,908 shares in the last quarter. The Manufacturers Life Insurance Company raised 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 acquiring an additional 7,867 shares in the last quarter. California State Teachers Retirement System raised its holdings in Veracyte by 26.1% in the second quarter. California State Teachers Retirement System now owns 41,987 shares of the biotechnology company’s stock worth $350,000 after purchasing an additional 8,700 shares in the last quarter. Rhumbline Advisers raised its holdings in Veracyte by 54.2% in the second quarter. Rhumbline Advisers now owns 24,749 shares of the biotechnology company’s stock worth $206,000 after purchasing an additional 8,702 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Veracyte by 47.5% in the third quarter. Wells Fargo & Company MN now owns 27,655 shares of the biotechnology company’s stock worth $243,000 after purchasing an additional 8,903 shares in the last quarter. Institutional investors own 68.75% of the company’s stock.

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About Veracyte

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.

Earnings History and Estimates for Veracyte (NASDAQ:VCYT)

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