Veracyte Inc (NASDAQ:VCYT) Expected to Post Earnings of -$0.09 Per Share

Wall Street brokerages expect Veracyte Inc (NASDAQ:VCYT) to post earnings of ($0.09) per share for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Veracyte’s earnings, with the lowest EPS estimate coming in at ($0.10) and the highest estimate coming in at ($0.08). Veracyte reported earnings of ($0.18) per share in the same quarter last year, which would indicate a positive year-over-year growth rate of 50%. The firm is scheduled to report its next earnings results after the market closes on Tuesday, July 30th.

According to Zacks, analysts expect that Veracyte will report full year earnings of ($0.28) per share for the current year, with EPS estimates ranging from ($0.30) to ($0.26). For the next financial year, analysts anticipate that the business will report earnings of ($0.16) per share, with EPS estimates ranging from ($0.30) to ($0.04). Zacks’ earnings per share calculations are an average based on a survey of analysts that cover Veracyte.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Tuesday, April 30th. The biotechnology company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.05. Veracyte had a negative net margin of 15.51% and a negative return on equity of 23.43%. The company had revenue of $29.53 million during the quarter, compared to analysts’ expectations of $28.20 million.



Several analysts recently commented on the stock. BidaskClub downgraded shares of Westport Fuel Systems from a “buy” rating to a “hold” rating in a research report on Friday. Zacks Investment Research cut shares of Zynex from a “hold” rating to a “sell” rating in a research note on Saturday, May 4th. Finally, Needham & Company LLC started coverage on shares of Veracyte in a report on Tuesday, July 2nd. They issued a “buy” rating and a $33.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $20.06.

In related news, Chairman Bonnie H. Anderson sold 8,000 shares of Veracyte stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $28.79, for a total transaction of $230,320.00. Following the sale, the chairman now directly owns 127,955 shares in the company, valued at $3,683,824.45. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Christopher M. Hall sold 115,000 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $25.26, for a total transaction of $2,904,900.00. Following the completion of the sale, the insider now owns 71,462 shares in the company, valued at $1,805,130.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 139,000 shares of company stock valued at $3,529,780. 8.30% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Gilder Gagnon Howe & Co. LLC purchased a new position in Veracyte during the 1st quarter valued at about $86,400,000. Millennium Management LLC lifted its holdings in shares of Veracyte by 81.0% during the 4th quarter. Millennium Management LLC now owns 1,418,286 shares of the biotechnology company’s stock valued at $17,842,000 after buying an additional 634,597 shares during the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in shares of Veracyte by 23,740.9% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 609,134 shares of the biotechnology company’s stock valued at $15,241,000 after buying an additional 606,579 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in Veracyte in the 1st quarter worth approximately $14,934,000. Finally, William Blair Investment Management LLC acquired a new stake in Veracyte in the 1st quarter worth approximately $11,887,000. 94.18% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:VCYT traded up $0.34 during trading on Friday, hitting $29.85. 415,399 shares of the company were exchanged, compared to its average volume of 737,608. The company has a 50 day moving average of $27.18. Veracyte has a 12-month low of $8.77 and a 12-month high of $30.25. The stock has a market capitalization of $1.24 billion, a PE ratio of -48.15 and a beta of 1.02. The company has a quick ratio of 6.06, a current ratio of 6.32 and a debt-to-equity ratio of 0.15.

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.

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Earnings History and Estimates for Veracyte (NASDAQ:VCYT)

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