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

Veracyte (NASDAQ:VCYT) issued its earnings results on Wednesday. The biotechnology company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.17, Briefing.com reports. Veracyte had a positive return on equity of 3.07% and a negative net margin of 2.18%. The company had revenue of $115.86 million during the quarter, compared to analysts’ expectations of $109.81 million. During the same period in the prior year, the business posted ($0.03) EPS. Veracyte’s quarterly revenue was up 28.6% compared to the same quarter last year. Veracyte updated its FY 2024 guidance to EPS.

Veracyte Trading Up 2.0 %

VCYT stock opened at $37.34 on Friday. Veracyte has a fifty-two week low of $18.61 and a fifty-two week high of $41.43. The business’s 50 day moving average price is $33.17 and its two-hundred day moving average price is $26.86.

Wall Street Analysts Forecast Growth

VCYT has been the subject of a number of recent analyst reports. Leerink Partners upped their price target on shares of Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Thursday, October 17th. Needham & Company LLC upped their price objective on shares of Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday. Morgan Stanley raised their target price on Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a research note on Monday, August 12th. Guggenheim started coverage on Veracyte in a research report on Thursday, October 10th. They set a “buy” rating and a $40.00 price target for the company. Finally, The Goldman Sachs Group lifted their price objective on Veracyte from $34.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Veracyte presently has an average rating of “Moderate Buy” and an average price target of $39.00.

Insider Activity

In related news, Director Evan/ Fa Jones sold 5,173 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total value of $182,244.79. Following the sale, the director now directly owns 34,343 shares of the company’s stock, valued at $1,209,903.89. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Evan/ Fa Jones sold 5,173 shares of the firm’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $35.23, for a total transaction of $182,244.79. Following the completion of the transaction, the director now directly owns 34,343 shares in the company, valued at $1,209,903.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 approximately $2,268,461.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,109 shares of company stock worth $1,004,125 in the last quarter. 1.30% of the stock is 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.