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

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

Veracyte Price Performance

Shares of Veracyte stock traded up $0.75 on Thursday, reaching $37.34. The company had a trading volume of 1,934,537 shares, compared to its average volume of 762,964. Veracyte has a 1 year low of $18.61 and a 1 year high of $41.43. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of -51.92 and a beta of 1.67. The firm’s 50-day moving average price is $33.06 and its two-hundred day moving average price is $26.79.

Analyst Ratings Changes

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

Insider Activity

In other news, Director Evan/ Fa Jones sold 1,032 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $30.03, for a total transaction of $30,990.96. Following the transaction, the director now owns 46,413 shares of the company’s stock, valued at approximately $1,393,782.39. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Veracyte news, Director Evan/ Fa Jones sold 1,032 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $30.03, for a total value of $30,990.96. Following the completion of the sale, the director now directly owns 46,413 shares of the company’s stock, valued at $1,393,782.39. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Leite sold 5,479 shares of the company’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total transaction of $163,164.62. Following the completion of the transaction, the insider now owns 76,174 shares in the company, valued at $2,268,461.72. This represents a 0.00 % decrease in their ownership of the stock. 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 currently owned by company insiders.

About Veracyte

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.