Equities research analysts forecast that Veracyte Inc (NASDAQ:VCYT) will report sales of $21.83 million for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for Veracyte’s earnings, with estimates ranging from $21.00 million to $22.78 million. Veracyte reported sales of $17.52 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 24.6%. The company is expected to issue its next quarterly earnings report on Monday, November 5th.
According to Zacks, analysts expect that Veracyte will report full year sales of $88.55 million for the current fiscal year, with estimates ranging from $87.40 million to $89.87 million. For the next fiscal year, analysts expect that the firm will post sales of $105.98 million per share, with estimates ranging from $104.00 million to $109.50 million. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Veracyte.
Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Monday, July 23rd. The biotechnology company reported ($0.18) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.27) by $0.09. The business had revenue of $22.75 million during the quarter, compared to analyst estimates of $20.67 million. Veracyte had a negative return on equity of 91.03% and a negative net margin of 38.69%.
A number of equities analysts have weighed in on VCYT shares. BidaskClub upgraded Veracyte from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 6th. Zacks Investment Research upgraded Veracyte from a “sell” rating to a “hold” rating in a research note on Thursday, May 24th. Piper Jaffray Companies lifted their price objective on Veracyte to $11.00 and gave the company a “neutral” rating in a research note on Tuesday, July 24th. ValuEngine upgraded Veracyte from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 23rd. Finally, BTIG Research set a $13.00 price target on Veracyte and gave the company a “buy” rating in a research note on Wednesday, May 2nd. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $11.50.
In related news, Chairman Bonnie H. Anderson sold 6,000 shares of Veracyte stock in a transaction dated Monday, June 25th. The stock was sold at an average price of $9.26, for a total value of $55,560.00. Following the completion of the transaction, the chairman now owns 57,627 shares in the company, valued at approximately $533,626.02. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Bonnie H. Anderson sold 12,000 shares of Veracyte stock in a transaction dated Tuesday, June 12th. The shares were sold at an average price of $8.00, for a total value of $96,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 649,459 shares of company stock valued at $6,924,166. 13.70% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in VCYT. ARK Investment Management LLC increased its stake in shares of Veracyte by 33.8% in the 2nd quarter. ARK Investment Management LLC now owns 3,760,659 shares of the biotechnology company’s stock valued at $35,125,000 after purchasing an additional 949,365 shares in the last quarter. BlackRock Inc. increased its stake in shares of Veracyte by 46.3% in the 4th quarter. BlackRock Inc. now owns 1,842,981 shares of the biotechnology company’s stock valued at $12,034,000 after purchasing an additional 583,582 shares in the last quarter. Cannell Capital LLC increased its stake in shares of Veracyte by 17.1% in the 2nd quarter. Cannell Capital LLC now owns 2,412,344 shares of the biotechnology company’s stock valued at $22,531,000 after purchasing an additional 353,111 shares in the last quarter. Millennium Management LLC increased its stake in shares of Veracyte by 18.8% in the 2nd quarter. Millennium Management LLC now owns 861,836 shares of the biotechnology company’s stock valued at $8,050,000 after purchasing an additional 136,096 shares in the last quarter. Finally, Perkins Capital Management Inc. increased its stake in shares of Veracyte by 678.4% in the 2nd quarter. Perkins Capital Management Inc. now owns 150,855 shares of the biotechnology company’s stock valued at $1,409,000 after purchasing an additional 131,475 shares in the last quarter. Hedge funds and other institutional investors own 76.59% of the company’s stock.
NASDAQ VCYT opened at $11.80 on Wednesday. The stock has a market cap of $403.35 million, a price-to-earnings ratio of -12.97 and a beta of 1.73. Veracyte has a fifty-two week low of $5.23 and a fifty-two week high of $12.21. The company has a quick ratio of 3.71, a current ratio of 4.01 and a debt-to-equity ratio of 0.98.
Veracyte Company Profile
Veracyte, Inc operates as a genomic diagnostics company in the United States. The company uses genomic technology to resolve diagnostic uncertainty. It offers Afirma Thyroid FNA Analysis solution; cytopathology testing services; and the Afirma Malignancy Classifiers to manage thyroid nodule patients.
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