Veracyte (NASDAQ:VCYT) Announces Quarterly Earnings Results

Veracyte (NASDAQ:VCYT) announced its earnings results on Monday. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.07, RTT News reports. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The company had revenue of $118.63 million for the quarter, compared to analyst estimates of $110.73 million. During the same period in the prior year, the company posted ($0.39) EPS.

Veracyte Stock Performance

Shares of NASDAQ VCYT opened at $33.46 on Wednesday. The business’s 50-day simple moving average is $41.88 and its 200-day simple moving average is $37.60. Veracyte has a 52 week low of $18.61 and a 52 week high of $47.32. The firm has a market cap of $2.59 billion, a price-to-earnings ratio of -223.07 and a beta of 1.71.

Insider Buying and Selling at Veracyte

In other news, CFO Rebecca Chambers sold 7,000 shares of Veracyte stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $43.23, for a total transaction of $302,610.00. Following the sale, the chief financial officer now owns 114,037 shares of the company’s stock, valued at approximately $4,929,819.51. This trade represents a 5.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karin Eastham sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $40.30, for a total transaction of $403,000.00. Following the transaction, the director now directly owns 18,497 shares of the company’s stock, valued at $745,429.10. The trade was a 35.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,533 shares of company stock worth $815,584 over the last 90 days. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Guggenheim restated a “buy” rating and set a $45.00 price objective on shares of Veracyte in a research note on Tuesday. Scotiabank increased their target price on shares of Veracyte from $40.00 to $44.00 and gave the company a “sector outperform” rating in a research report on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $51.00 target price on shares of Veracyte in a research report on Tuesday. The Goldman Sachs Group reissued a “neutral” rating and set a $37.00 target price (down from $38.00) on shares of Veracyte in a research note on Thursday, December 5th. Finally, Wolfe Research assumed coverage on shares of Veracyte in a research note on Friday, November 15th. They issued an “outperform” rating and a $50.00 price objective for the company. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $43.00.

Veracyte Company Profile

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.