Wall Street brokerages predict that Veracyte Inc (NASDAQ:VCYT) will report $24.33 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Veracyte’s earnings, with estimates ranging from $23.90 million to $24.60 million. Veracyte reported sales of $19.60 million during the same quarter last year, which would suggest a positive year over year growth rate of 24.1%. The firm is expected to report its next quarterly earnings results on Tuesday, February 26th.
According to Zacks, analysts expect that Veracyte will report full year sales of $90.60 million for the current fiscal year, with estimates ranging from $90.20 million to $90.80 million. For the next year, analysts expect that the company will post sales of $108.53 million, with estimates ranging from $105.50 million to $112.50 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Veracyte.
Veracyte (NASDAQ:VCYT) last announced its earnings results on Monday, October 29th. The biotechnology company reported ($0.12) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.25) by $0.13. The company had revenue of $23.47 million during the quarter, compared to analyst estimates of $21.52 million. Veracyte had a negative net margin of 33.00% and a negative return on equity of 65.73%.
VCYT has been the topic of several research reports. Piper Jaffray Companies increased their price target on shares of Veracyte to $11.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 24th. Zacks Investment Research raised shares of Veracyte from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research report on Friday, July 27th. ValuEngine raised shares of Veracyte from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 3rd. BidaskClub cut shares of Veracyte from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 7th. Finally, Janney Montgomery Scott raised shares of Veracyte from a “neutral” rating to a “buy” rating in a research report on Wednesday, October 31st. Two analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. Veracyte currently has a consensus rating of “Buy” and a consensus price target of $12.33.
Shares of VCYT traded down $0.36 during mid-day trading on Monday, hitting $14.48. 615,826 shares of the company’s stock were exchanged, compared to its average volume of 644,742. The stock has a market capitalization of $567.95 million, a PE ratio of -15.91 and a beta of 0.74. Veracyte has a fifty-two week low of $5.23 and a fifty-two week high of $15.50. The company has a debt-to-equity ratio of 0.32, a quick ratio of 8.81 and a current ratio of 9.14.
In other news, Chairman Bonnie H. Anderson sold 6,000 shares of the stock in a transaction dated Monday, August 27th. The shares were sold at an average price of $12.00, for a total transaction of $72,000.00. Following the sale, the chairman now owns 58,541 shares of the company’s stock, valued at $702,492. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher M. Hall sold 40,000 shares of the stock in a transaction dated Wednesday, October 31st. The stock was sold at an average price of $13.51, for a total transaction of $540,400.00. Following the sale, the insider now directly owns 35,955 shares in the company, valued at approximately $485,752.05. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC acquired a new stake in Veracyte in the third quarter valued at approximately $127,000. Trexquant Investment LP acquired a new stake in Veracyte in the third quarter valued at approximately $149,000. Meeder Asset Management Inc. raised its holdings in Veracyte by 79.8% in the third quarter. Meeder Asset Management Inc. now owns 16,178 shares of the biotechnology company’s stock valued at $154,000 after acquiring an additional 7,182 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Veracyte in the second quarter valued at approximately $171,000. Finally, Bank of Montreal Can acquired a new stake in Veracyte in the second quarter valued at approximately $182,000. 83.03% of the stock is currently owned by institutional investors and hedge funds.
Veracyte Company Profile
Veracyte, Inc operates as a genomic diagnostics company in the United States. The company uses genomic technology to resolve diagnostic uncertainty. It offers Afirma Thyroid FNA Analysis solution; cytopathology testing services; and the Afirma Malignancy Classifiers to manage thyroid nodule patients.
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