Wall Street analysts expect that Veracyte Inc (NASDAQ:VCYT) will announce sales of $29.35 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Veracyte’s earnings, with the lowest sales estimate coming in at $28.96 million and the highest estimate coming in at $29.80 million. Veracyte reported sales of $25.75 million in the same quarter last year, which would suggest a positive year over year growth rate of 14%. The company is expected to issue its next quarterly earnings results on Monday, February 24th.
On average, analysts expect that Veracyte will report full year sales of $120.00 million for the current fiscal year, with estimates ranging from $119.60 million to $120.40 million. For the next year, analysts anticipate that the company will post sales of $134.49 million, with estimates ranging from $130.80 million to $138.40 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Veracyte.
Veracyte (NASDAQ:VCYT) last announced its earnings results on Tuesday, October 22nd. The biotechnology company reported ($0.02) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.05. The firm had revenue of $30.97 million during the quarter, compared to analysts’ expectations of $30.41 million. Veracyte had a negative return on equity of 5.33% and a negative net margin of 7.08%.
A number of equities analysts have recently commented on VCYT shares. BidaskClub cut Veracyte from a “buy” rating to a “hold” rating in a report on Wednesday. ValuEngine upgraded Veracyte from a “sell” rating to a “hold” rating in a report on Thursday, October 31st. Needham & Company LLC restated a “buy” rating and set a $34.00 price objective on shares of Veracyte in a report on Wednesday. Finally, Zacks Investment Research cut Veracyte from a “buy” rating to a “hold” rating in a report on Friday, November 8th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $28.75.
Shares of Veracyte stock traded up $2.08 on Friday, reaching $28.34. The company had a trading volume of 996,736 shares, compared to its average volume of 643,694. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of -45.72 and a beta of 1.14. The firm’s 50-day moving average price is $24.90 and its two-hundred day moving average price is $25.82. Veracyte has a 1 year low of $10.73 and a 1 year high of $31.18.
In other Veracyte news, CEO Bonnie H. Anderson sold 8,000 shares of Veracyte stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $24.51, for a total transaction of $196,080.00. Following the completion of the sale, the chief executive officer now directly owns 111,028 shares of the company’s stock, valued at approximately $2,721,296.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John Walter Hanna, Jr. sold 16,091 shares of Veracyte stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $27.51, for a total value of $442,663.41. Following the sale, the insider now directly owns 81,583 shares of the company’s stock, valued at $2,244,348.33. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 141,079 shares of company stock valued at $3,714,170. 8.30% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the business. Metropolitan Life Insurance Co NY raised its position in shares of Veracyte by 47.2% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 15,516 shares of the biotechnology company’s stock worth $372,000 after acquiring an additional 4,972 shares in the last quarter. Granahan Investment Management Inc. MA raised its position in shares of Veracyte by 37.5% in the 3rd quarter. Granahan Investment Management Inc. MA now owns 135,050 shares of the biotechnology company’s stock worth $3,241,000 after acquiring an additional 36,856 shares in the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of Veracyte in the 3rd quarter worth $308,000. California State Teachers Retirement System raised its position in shares of Veracyte by 2.5% in the 3rd quarter. California State Teachers Retirement System now owns 73,520 shares of the biotechnology company’s stock worth $1,764,000 after acquiring an additional 1,795 shares in the last quarter. Finally, Pictet Asset Management Ltd. bought a new position in shares of Veracyte in the 3rd quarter worth $21,541,000.
Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.
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