Veracyte (NASDAQ:VCYT) Posts Earnings Results, Beats Expectations By $0.10 EPS

Veracyte (NASDAQ:VCYT) issued its quarterly earnings data on Wednesday. The biotechnology company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.10, FiscalAI reports. The business had revenue of $151.75 million during the quarter, compared to the consensus estimate of $147.13 million. Veracyte had a return on equity of 9.26% and a net margin of 20.37%.

Veracyte Trading Up 4.4%

Shares of NASDAQ VCYT traded up $2.23 during midday trading on Wednesday, reaching $52.52. The company’s stock had a trading volume of 1,875,141 shares, compared to its average volume of 1,146,269. Veracyte has a one year low of $29.45 and a one year high of $60.91. The company has a market cap of $4.22 billion, a price-to-earnings ratio of 37.25 and a beta of 1.98. The company has a 50 day moving average price of $44.73 and a 200 day moving average price of $42.98.

Insider Activity

In other Veracyte news, EVP Annie Mcguire sold 3,254 shares of Veracyte stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $43.09, for a total value of $140,214.86. Following the transaction, the executive vice president owned 131,160 shares in the company, valued at approximately $5,651,684.40. The trade was a 2.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karin Eastham sold 14,850 shares of Veracyte stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $50.00, for a total transaction of $742,500.00. Following the completion of the transaction, the director owned 10,247 shares in the company, valued at approximately $512,350. This trade represents a 59.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 62,609 shares of company stock valued at $2,858,904 in the last ninety days. 1.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Morgan Stanley lowered their price target on Veracyte from $47.00 to $44.00 and set an “underweight” rating on the stock in a report on Tuesday, August 4th. Piper Sandler reduced their price target on shares of Veracyte from $66.00 to $54.00 and set an “overweight” rating for the company in a research note on Tuesday, August 4th. Zacks Research cut shares of Veracyte from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. Wall Street Zen cut shares of Veracyte from a “strong-buy” rating to a “buy” rating in a report on Saturday, October 10th. Finally, Stephens lowered their price objective on shares of Veracyte from $68.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $55.78.

About Veracyte

Veracyte, Inc is a diagnostics company that develops genomic tests to help physicians diagnose cancer, assess disease risk and guide treatment decisions. Its tests are designed to provide additional molecular information from patient samples, often helping reduce uncertainty and support more personalized care.

The company’s portfolio includes Afirma tests for thyroid nodules, Decipher tests for prostate cancer, Percepta tests for lung cancer and Envisio tests for breast cancer. Veracyte also develops and commercializes additional genomic assays intended for use across various cancer types and clinical settings.

Founded in 2008 and headquartered in South San Francisco, California, Veracyte primarily serves the U.S.