Leerink Swann Brokers Lower Earnings Estimates for Veracyte Inc. (VCYT)
Veracyte Inc. (NASDAQ:VCYT) – Leerink Swann decreased their FY2016 EPS estimates for shares of Veracyte in a report issued on Tuesday. Leerink Swann analyst P. Souda now anticipates that the brokerage will earn ($1.17) per share for the year, down from their previous forecast of ($1.11). Leerink Swann currently has a “Buy” rating and a $12.00 target price on the stock. Leerink Swann also issued estimates for Veracyte’s Q4 2016 earnings at ($0.21) EPS, Q4 2017 earnings at ($0.23) EPS, FY2017 earnings at ($0.82) EPS and FY2019 earnings at ($0.02) EPS.
Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Thursday, November 3rd. The company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.16. The company had revenue of $18.60 million for the quarter, compared to analysts’ expectations of $15.76 million. Veracyte had a negative net margin of 57.45% and a negative return on equity of 88.36%. Veracyte’s revenue was up 50.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.32) EPS.
VCYT has been the subject of a number of other research reports. Zacks Investment Research raised shares of Veracyte from a “sell” rating to a “hold” rating in a research note on Thursday, October 27th. Cantor Fitzgerald set a $13.00 target price on shares of Veracyte and gave the company a “buy” rating in a research note on Sunday, November 6th. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $10.00 target price (down previously from $12.00) on shares of Veracyte in a research note on Thursday, August 4th. Finally, William Blair reaffirmed an “outperform” rating on shares of Veracyte in a research note on Tuesday, October 18th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $10.55.
Shares of Veracyte (NASDAQ:VCYT) traded down 0.91% during midday trading on Friday, reaching $7.66. 25,184 shares of the company’s stock were exchanged. The stock’s market cap is $214.10 million. The firm has a 50 day moving average of $7.44 and a 200-day moving average of $6.04. Veracyte has a one year low of $4.21 and a one year high of $8.45.
Several large investors have recently bought and sold shares of VCYT. Cannell Capital LLC bought a new stake in shares of Veracyte during the third quarter valued at about $2,897,000. Vanguard Group Inc. boosted its stake in shares of Veracyte by 60.8% in the second quarter. Vanguard Group Inc. now owns 526,438 shares of the company’s stock valued at $2,648,000 after buying an additional 199,073 shares in the last quarter. Stonepine Capital Management LLC bought a new stake in shares of Veracyte during the second quarter valued at about $940,000. Grandeur Peak Global Advisors LLC boosted its stake in shares of Veracyte by 28.6% in the second quarter. Grandeur Peak Global Advisors LLC now owns 566,636 shares of the company’s stock valued at $2,850,000 after buying an additional 126,125 shares in the last quarter. Finally, Royce & Associates LP bought a new stake in shares of Veracyte during the second quarter valued at about $136,000. Hedge funds and other institutional investors own 47.49% of the company’s stock.
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Veracyte Company Profile
Veracyte, Inc is a molecular diagnostics company. The Company is engaged in developing and delivering genomic solutions that resolve diagnostic ambiguity and enable physicians to make informed treatment decisions at an early-stage in patient care. The Company targets diseases in which various patients undergo diagnostic procedures that could be avoided with diagnosis from a cytology sample taken preoperatively.
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