Veracyte (NASDAQ:VCYT) Announces Quarterly Earnings Results

Veracyte (NASDAQ:VCYT) posted its quarterly earnings data on Thursday. The biotechnology company reported ($0.22) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.22), MarketWatch Earnings reports. Veracyte had a negative return on equity of 13.24% and a negative net margin of 27.49%. The company had revenue of $20.70 million for the quarter, compared to the consensus estimate of $17.56 million.

NASDAQ:VCYT traded up $2.46 during midday trading on Friday, reaching $35.67. 1,260,991 shares of the company traded hands, compared to its average volume of 462,127. Veracyte has a twelve month low of $13.90 and a twelve month high of $36.42. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of -56.62 and a beta of 0.84. The company has a fifty day moving average price of $27.75 and a 200 day moving average price of $25.60.

In related news, CEO Bonnie H. Anderson sold 11,365 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $32.24, for a total transaction of $366,407.60. Following the completion of the transaction, the chief executive officer now owns 283,572 shares in the company, valued at approximately $9,142,361.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Giulia C. Kennedy sold 16,738 shares of the business’s stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $29.66, for a total value of $496,449.08. Following the transaction, the insider now owns 93,985 shares of the company’s stock, valued at approximately $2,787,595.10. The disclosure for this sale can be found here. Insiders have sold a total of 207,654 shares of company stock valued at $5,927,681 in the last 90 days. Insiders own 8.30% of the company’s stock.

Several equities research analysts have issued reports on VCYT shares. BidaskClub upgraded Veracyte from a “hold” rating to a “buy” rating in a report on Thursday, July 9th. Zacks Investment Research upgraded Veracyte from a “sell” rating to a “hold” rating in a research report on Thursday, July 16th. SVB Leerink lifted their target price on Veracyte from $32.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday. Needham & Company LLC lifted their target price on Veracyte from $30.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Lake Street Capital lifted their target price on Veracyte from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $35.75.

About Veracyte

Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.

Read More: What is the yield curve?

Earnings History for Veracyte (NASDAQ:VCYT)

Receive News & Ratings for Veracyte Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veracyte and related companies with MarketBeat.com's FREE daily email newsletter.