Veracyte (NASDAQ:VCYT) Issues Earnings Results, Beats Estimates By $0.10 EPS

Veracyte (NASDAQ:VCYT) released its quarterly earnings data on Tuesday. The biotechnology company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.10, Briefing.com reports. Veracyte had a negative net margin of 18.16% and a negative return on equity of 1.42%. The business had revenue of $114.43 million during the quarter, compared to analyst estimates of $100.27 million. During the same quarter in the previous year, the business earned ($0.12) EPS. Veracyte’s quarterly revenue was up 26.7% compared to the same quarter last year. Veracyte updated its FY 2024 guidance to EPS.

Veracyte Stock Up 22.4 %

Shares of VCYT stock traded up $4.88 during trading hours on Wednesday, hitting $26.70. 2,604,256 shares of the company’s stock were exchanged, compared to its average volume of 728,357. The firm has a market cap of $2.04 billion, a P/E ratio of -29.61 and a beta of 1.65. The firm has a 50 day moving average of $22.19 and a two-hundred day moving average of $22.32. Veracyte has a fifty-two week low of $18.61 and a fifty-two week high of $30.86.

Analyst Upgrades and Downgrades

A number of analysts have commented on VCYT shares. Needham & Company LLC increased their price target on shares of Veracyte from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday. The Goldman Sachs Group reduced their price objective on Veracyte from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, April 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Veracyte presently has an average rating of “Moderate Buy” and an average target price of $28.50.

Insider Activity at Veracyte

In other Veracyte news, Director Muna Bhanji sold 3,870 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $20.32, for a total value of $78,638.40. Following the completion of the transaction, the director now owns 23,105 shares in the company, valued at $469,493.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Veracyte news, Director Karin Eastham sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $25.00, for a total transaction of $187,500.00. Following the completion of the sale, the director now owns 33,228 shares of the company’s stock, valued at $830,700. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Muna Bhanji sold 3,870 shares of the stock in a transaction on Monday, June 10th. The stock was sold at an average price of $20.32, for a total value of $78,638.40. Following the transaction, the director now owns 23,105 shares of the company’s stock, valued at $469,493.60. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,686 shares of company stock worth $382,807. Corporate insiders own 1.30% of the company’s stock.

Veracyte Company Profile

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.