Veracyte (NASDAQ:VCYT) Announces Quarterly Earnings Results

Veracyte (NASDAQ:VCYT) issued its earnings results on Tuesday. The biotechnology company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.17, Briefing.com reports. Veracyte had a negative net margin of 20.61% and a negative return on equity of 2.02%. The company had revenue of $96.84 million during the quarter, compared to analysts’ expectations of $93.35 million. During the same period in the previous year, the company earned ($0.11) EPS. The business’s revenue for the quarter was up 17.5% compared to the same quarter last year.

Veracyte Stock Performance

NASDAQ VCYT opened at $21.84 on Wednesday. The firm’s fifty day moving average price is $21.09 and its two-hundred day moving average price is $23.84. The stock has a market cap of $1.67 billion, a PE ratio of -21.20 and a beta of 1.65. Veracyte has a fifty-two week low of $18.61 and a fifty-two week high of $30.52.

Analysts Set New Price Targets

VCYT has been the topic of a number of recent analyst reports. Needham & Company LLC decreased their price objective on shares of Veracyte from $33.00 to $27.00 and set a “buy” rating on the stock in a research note on Wednesday. William Blair reiterated an “outperform” rating on shares of Veracyte in a research note on Friday, February 23rd. Morgan Stanley lowered their price target on Veracyte from $22.00 to $21.00 and set an “underweight” rating for the company in a report on Monday, February 26th. Finally, The Goldman Sachs Group reduced their price objective on Veracyte from $32.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $27.50.

Insider Activity

In related news, Director Karin Eastham sold 10,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $21.65, for a total transaction of $216,500.00. Following the sale, the director now owns 33,125 shares in the company, valued at approximately $717,156.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is owned by corporate insiders.

Veracyte Company Profile

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.