Veracyte (NASDAQ:VCYT) Announces Quarterly Earnings Results

Veracyte (NASDAQ:VCYT) announced its earnings results on Monday. The biotechnology company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.07, RTT News reports. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The company had revenue of $118.63 million during the quarter, compared to analyst estimates of $110.73 million. During the same period last year, the company posted ($0.39) earnings per share.

Veracyte Price Performance

Shares of VCYT opened at $33.46 on Wednesday. The firm has a market capitalization of $2.59 billion, a PE ratio of -223.07 and a beta of 1.71. The company’s 50-day moving average is $41.88 and its 200-day moving average is $37.60. Veracyte has a fifty-two week low of $18.61 and a fifty-two week high of $47.32.

Analyst Ratings Changes

VCYT has been the topic of a number of research reports. Needham & Company LLC restated a “buy” rating and set a $51.00 target price on shares of Veracyte in a research report on Tuesday. UBS Group increased their target price on Veracyte from $46.00 to $49.00 and gave the stock a “buy” rating in a research note on Tuesday. Morgan Stanley lifted their price target on shares of Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a research note on Monday, November 18th. Guggenheim reissued a “buy” rating and set a $45.00 price objective on shares of Veracyte in a research report on Tuesday. Finally, StockNews.com cut shares of Veracyte from a “buy” rating to a “hold” rating in a research report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Veracyte has an average rating of “Moderate Buy” and a consensus target price of $43.00.

Insider Activity at Veracyte

In other news, CFO Rebecca Chambers sold 7,000 shares of Veracyte stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $43.23, for a total transaction of $302,610.00. Following the completion of the sale, the chief financial officer now owns 114,037 shares of the company’s stock, valued at approximately $4,929,819.51. This trade represents a 5.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jonathan Wygant sold 956 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $43.36, for a total value of $41,452.16. Following the completion of the sale, the chief accounting officer now owns 40,270 shares of the company’s stock, valued at approximately $1,746,107.20. This trade represents a 2.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,533 shares of company stock worth $815,584. Insiders own 1.30% of the company’s stock.

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.