Veracyte (NASDAQ:VCYT) Issues Earnings Results, Misses Estimates By $0.05 EPS

Veracyte (NASDAQ:VCYT) released its quarterly earnings data on Monday. The biotechnology company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.05), Zacks reports. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%.

Veracyte Stock Up 0.5 %

Shares of VCYT stock traded up $0.18 during trading on Monday, reaching $39.36. The company’s stock had a trading volume of 1,097,688 shares, compared to its average volume of 796,854. The business has a fifty day moving average price of $41.96 and a 200-day moving average price of $37.53. The company has a market cap of $3.05 billion, a price-to-earnings ratio of -262.40 and a beta of 1.71. Veracyte has a one year low of $18.61 and a one year high of $47.32.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on VCYT shares. StockNews.com lowered shares of Veracyte from a “buy” rating to a “hold” rating in a research note on Tuesday, February 18th. Scotiabank boosted their price objective on Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a report on Friday, November 8th. Morgan Stanley raised their target price on Veracyte from $26.00 to $28.00 and gave the stock an “underweight” rating in a research report on Monday, November 18th. Wolfe Research began coverage on shares of Veracyte in a research report on Friday, November 15th. They issued an “outperform” rating and a $50.00 target price for the company. Finally, UBS Group lifted their price target on Veracyte from $43.00 to $46.00 and gave the company a “buy” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $42.00.

Insider Activity at Veracyte

In other news, CAO Jonathan Wygant sold 956 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $43.36, for a total value of $41,452.16. Following the transaction, the chief accounting officer now owns 40,270 shares of the company’s stock, valued at approximately $1,746,107.20. This represents a 2.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Leite sold 1,050 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $43.25, for a total transaction of $45,412.50. Following the transaction, the insider now directly owns 73,810 shares in the company, valued at approximately $3,192,282.50. This represents a 1.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,565 shares of company stock valued at $1,031,406. 1.30% of the stock is owned by corporate insiders.

About Veracyte

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.