Veracyte Inc (VCYT) Expected to Announce Quarterly Sales of $24.33 Million

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Equities research analysts expect Veracyte Inc (NASDAQ:VCYT) to post sales of $24.33 million for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Veracyte’s earnings. The lowest sales estimate is $23.90 million and the highest is $24.60 million. Veracyte reported sales of $19.60 million in the same quarter last year, which indicates a positive year-over-year growth rate of 24.1%. The business is scheduled to report its next earnings report after the market closes on Monday, February 25th.

On average, analysts expect that Veracyte will report full-year sales of $90.58 million for the current year, with estimates ranging from $90.15 million to $90.80 million. For the next financial year, analysts forecast that the company will post sales of $109.82 million, with estimates ranging from $105.50 million to $112.50 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Veracyte.

A number of research analysts have recently issued reports on VCYT shares. BidaskClub raised shares of Veracyte from a “hold” rating to a “buy” rating in a research report on Monday, January 7th. Zacks Investment Research upgraded shares of Veracyte from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research report on Saturday, January 5th. ValuEngine upgraded shares of Veracyte from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 12th. Janney Montgomery Scott upgraded shares of Veracyte from a “neutral” rating to a “buy” rating in a research report on Wednesday, October 31st. Finally, William Blair restated an “outperform” rating on shares of Veracyte in a research report on Tuesday, October 30th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Veracyte currently has an average rating of “Buy” and a consensus price target of $15.08.

Shares of Veracyte stock traded up $0.25 on Wednesday, reaching $18.52. The stock had a trading volume of 256,808 shares, compared to its average volume of 411,548. The company has a quick ratio of 8.81, a current ratio of 9.14 and a debt-to-equity ratio of 0.32. Veracyte has a 1 year low of $5.23 and a 1 year high of $19.44. The company has a market cap of $740.64 million, a P/E ratio of -20.35 and a beta of 0.99.

In other Veracyte news, Chairman Bonnie H. Anderson sold 25,500 shares of the stock in a transaction dated Thursday, January 10th. The shares were sold at an average price of $15.29, for a total transaction of $389,895.00. Following the completion of the transaction, the chairman now owns 94,041 shares of the company’s stock, valued at $1,437,886.89. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Bonnie H. Anderson sold 8,000 shares of the stock in a transaction dated Monday, December 10th. The stock was sold at an average price of $12.13, for a total transaction of $97,040.00. Following the transaction, the chairman now directly owns 59,236 shares of the company’s stock, valued at approximately $718,532.68. The disclosure for this sale can be found here. Insiders sold 56,805 shares of company stock valued at $799,688 in the last three months. 13.70% of the stock is currently owned by insiders.

A number of hedge funds have recently made changes to their positions in the business. California Public Employees Retirement System raised its holdings in Veracyte by 6.9% in the fourth quarter. California Public Employees Retirement System now owns 152,124 shares of the biotechnology company’s stock valued at $1,914,000 after acquiring an additional 9,824 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Veracyte by 27.9% in the fourth quarter. Acadian Asset Management LLC now owns 313,225 shares of the biotechnology company’s stock valued at $3,938,000 after acquiring an additional 68,338 shares in the last quarter. Prudential Financial Inc. raised its holdings in Veracyte by 83.5% in the fourth quarter. Prudential Financial Inc. now owns 109,289 shares of the biotechnology company’s stock valued at $1,375,000 after acquiring an additional 49,719 shares in the last quarter. Essex Investment Management Co. LLC raised its holdings in Veracyte by 1.4% in the fourth quarter. Essex Investment Management Co. LLC now owns 319,736 shares of the biotechnology company’s stock valued at $4,022,000 after acquiring an additional 4,450 shares in the last quarter. Finally, Group One Trading L.P. acquired a new stake in Veracyte in the fourth quarter valued at approximately $29,000. 89.50% of the stock is owned by institutional investors.

About Veracyte

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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