Veracyte (NASDAQ:VCYT) Releases Quarterly Earnings Results, Beats Estimates By $0.16 EPS

Veracyte (NASDAQ:VCYT) posted its quarterly earnings results on Wednesday. The biotechnology company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.16, Briefing.com reports. Veracyte had a positive return on equity of 3.07% and a negative net margin of 2.18%. The business had revenue of $115.86 million during the quarter, compared to the consensus estimate of $109.81 million. During the same period last year, the firm earned ($0.03) earnings per share. The company’s revenue for the quarter was up 28.6% compared to the same quarter last year. Veracyte updated its FY 2024 guidance to EPS.

Veracyte Stock Performance

Shares of NASDAQ:VCYT opened at $36.48 on Friday. The firm’s 50 day moving average is $33.27 and its two-hundred day moving average is $27.03. Veracyte has a 52 week low of $18.61 and a 52 week high of $41.43.

Insider Transactions at Veracyte

In related news, Director Evan/ Fa Jones sold 20,457 shares of Veracyte stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $32.20, for a total transaction of $658,715.40. Following the sale, the director now directly owns 34,343 shares in the company, valued at $1,105,844.60. The trade was 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 through the SEC website. In related news, Director Evan/ Fa Jones sold 20,457 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $32.20, for a total transaction of $658,715.40. Following the transaction, the director now owns 34,343 shares in the company, valued at $1,105,844.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction 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 that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total value of $163,164.62. Following the completion of the sale, the insider now owns 76,174 shares of the company’s stock, valued at $2,268,461.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,109 shares of company stock worth $1,004,125. Company insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on VCYT. Morgan Stanley lifted their target price on Veracyte from $21.00 to $26.00 and gave the stock an “underweight” rating in a research report on Monday, August 12th. Leerink Partners boosted their target price on shares of Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. UBS Group increased their target price on shares of Veracyte from $43.00 to $46.00 and gave the stock a “buy” rating in a report on Thursday. Guggenheim initiated coverage on shares of Veracyte in a report on Thursday, October 10th. They issued a “buy” rating and a $40.00 price target for the company. Finally, The Goldman Sachs Group increased their price objective on shares of Veracyte from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.71.

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.