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

Veracyte (NASDAQ:VCYT) posted its quarterly earnings data on Tuesday. The biotechnology company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.17, Briefing.com reports. Veracyte had a negative net margin of 20.61% and a negative return on equity of 2.02%. The firm had revenue of $96.84 million for the quarter, compared to analyst estimates of $93.35 million. During the same period last year, the firm posted ($0.11) EPS. Veracyte’s quarterly revenue was up 17.5% on a year-over-year basis.

Veracyte Stock Up 0.5 %

NASDAQ:VCYT opened at $21.03 on Wednesday. The company has a market capitalization of $1.61 billion, a PE ratio of -20.42 and a beta of 1.65. Veracyte has a 52-week low of $18.61 and a 52-week high of $30.52. The stock has a fifty day simple moving average of $21.09 and a 200-day simple moving average of $23.84.

Insider Transactions at Veracyte

In other news, Director Karin Eastham sold 10,000 shares of Veracyte stock in a transaction on Monday, April 1st. The stock was sold at an average price of $21.65, for a total transaction of $216,500.00. Following the completion of the transaction, the director now owns 33,125 shares of the company’s stock, valued at approximately $717,156.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.60% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on VCYT. Needham & Company LLC lifted their price objective on shares of Veracyte from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. The Goldman Sachs Group lowered their price objective on shares of Veracyte from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, April 15th. William Blair reiterated an “outperform” rating on shares of Veracyte in a research report on Friday, February 23rd. Finally, Morgan Stanley reduced their target price on Veracyte from $22.00 to $21.00 and set an “underweight” rating for the company in a report on Monday, February 26th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Veracyte presently has a consensus rating of “Moderate Buy” and an average target price of $29.00.

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.