Veracyte (NASDAQ:VCYT) Releases Quarterly Earnings Results, Beats Estimates By $0.17 EPS

by · The Markets Daily

Veracyte (NASDAQ:VCYT – Get Free Report) announced its earnings results on Wednesday. The biotechnology company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.17, Briefing.com reports. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The business had revenue of $115.86 million for the quarter, compared to the consensus estimate of $109.81 million. During the same period last year, the firm posted ($0.03) earnings per share. Veracyte’s quarterly revenue was up 28.6% on a year-over-year basis. Veracyte updated its FY 2024 guidance to EPS.

Veracyte Stock Up 2.0 %

Shares of Veracyte stock traded up $0.75 during trading hours on Thursday, reaching $37.34. 1,934,537 shares of the stock traded hands, compared to its average volume of 762,964. The company has a 50 day moving average price of $33.06 and a 200 day moving average price of $26.79. Veracyte has a one year low of $18.61 and a one year high of $41.43. The firm has a market capitalization of $2.87 billion, a price-to-earnings ratio of -51.92 and a beta of 1.67.

Insider Buying and Selling

In other news, insider John Leite sold 5,479 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total value of $163,164.62. Following the completion of the sale, the insider now directly owns 76,174 shares in the company, valued at $2,268,461.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider John Leite sold 5,479 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total value of $163,164.62. Following the completion of the sale, the insider now directly owns 76,174 shares of the company’s stock, valued at approximately $2,268,461.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Evan/ Fa Jones sold 20,457 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total transaction of $658,715.40. Following the sale, the director now owns 34,343 shares in the company, valued at approximately $1,105,844.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,141 shares of company stock valued at $1,035,116. 1.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on VCYT. Leerink Partners raised their price objective on shares of Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research report on Thursday, October 17th. Morgan Stanley raised their price target on Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a research report on Monday, August 12th. The Goldman Sachs Group upped their price objective on Veracyte from $34.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday. UBS Group increased their price objective on Veracyte from $43.00 to $46.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Guggenheim started coverage on Veracyte in a research report on Thursday, October 10th. They issued a “buy” rating and a $40.00 target price for the company. One investment analyst has rated the stock with a sell rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

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About Veracyte

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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.

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