Veracyte (NASDAQ:VCYT) Posts Quarterly Earnings Results, Beats Expectations By $0.17 EPS

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

Veracyte Trading Up 0.5 %

Shares of NASDAQ:VCYT opened at $21.03 on Wednesday. The firm has a market cap of $1.61 billion, a PE ratio of -20.42 and a beta of 1.65. The company has a fifty day simple moving average of $21.09 and a 200 day simple moving average of $23.84. Veracyte has a 12-month low of $18.61 and a 12-month high of $30.52.

Insiders Place Their Bets

In related news, Director Karin Eastham sold 10,000 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $21.65, for a total transaction of $216,500.00. Following the completion of the sale, the director now owns 33,125 shares of the company’s stock, valued at approximately $717,156.25. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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.