Leerink Swann Weighs in on Veracyte, Inc.’s FY2017 Earnings (VCYT)
Veracyte, Inc. (NASDAQ:VCYT) – Leerink Swann lifted their FY2017 earnings estimates for Veracyte in a research note issued to investors on Tuesday. Leerink Swann analyst P. Souda now anticipates that the biotechnology company will post earnings of ($0.88) per share for the year, up from their prior estimate of ($0.89). Leerink Swann has a “Outperform” rating and a $9.00 price objective on the stock. Leerink Swann also issued estimates for Veracyte’s Q4 2017 earnings at ($0.21) EPS, Q3 2018 earnings at ($0.16) EPS, Q4 2018 earnings at ($0.15) EPS, FY2018 earnings at ($0.67) EPS and FY2019 earnings at ($0.31) EPS.
Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Monday, November 6th. The biotechnology company reported ($0.21) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.21). Veracyte had a negative return on equity of 50.32% and a negative net margin of 38.19%. The company had revenue of $17.50 million during the quarter, compared to analyst estimates of $19.54 million. During the same quarter last year, the company earned ($0.20) EPS. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis.
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A number of other research analysts have also weighed in on the company. Zacks Investment Research raised Veracyte from a “sell” rating to a “hold” rating in a research report on Friday. Janney Montgomery Scott lowered Veracyte from a “buy” rating to a “neutral” rating in a research report on Tuesday. Piper Jaffray Companies lowered Veracyte from an “overweight” rating to a “neutral” rating in a research report on Tuesday. ValuEngine lowered Veracyte from a “hold” rating to a “sell” rating in a research report on Tuesday, September 12th. Finally, BTIG Research reaffirmed a “buy” rating and set a $13.00 price objective on shares of Veracyte in a research report on Thursday, August 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $11.85.
Veracyte (NASDAQ VCYT) opened at $6.29 on Thursday. Veracyte has a 52-week low of $5.75 and a 52-week high of $9.80. The company has a debt-to-equity ratio of 0.53, a current ratio of 5.83 and a quick ratio of 5.52.
In other Veracyte news, Chairman Bonnie H. Anderson sold 6,000 shares of the stock in a transaction on Monday, September 25th. The stock was sold at an average price of $8.44, for a total transaction of $50,640.00. Following the sale, the chairman now directly owns 16,000 shares in the company, valued at approximately $135,040. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Evan/ Fa Jones sold 40,000 shares of the stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $7.88, for a total value of $315,200.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 130,500 shares of company stock worth $1,085,065. Company insiders own 13.40% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of VCYT. Nationwide Fund Advisors boosted its stake in Veracyte by 31.9% during the 1st quarter. Nationwide Fund Advisors now owns 11,327 shares of the biotechnology company’s stock valued at $104,000 after purchasing an additional 2,739 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in Veracyte during the 1st quarter valued at $147,000. Wells Fargo & Company MN boosted its stake in Veracyte by 112.8% during the 1st quarter. Wells Fargo & Company MN now owns 18,752 shares of the biotechnology company’s stock valued at $172,000 after purchasing an additional 9,938 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Veracyte by 3.0% during the 1st quarter. Bank of New York Mellon Corp now owns 61,312 shares of the biotechnology company’s stock valued at $563,000 after purchasing an additional 1,795 shares during the last quarter. Finally, Parametric Portfolio Associates LLC boosted its stake in shares of Veracyte by 39.5% in the 1st quarter. Parametric Portfolio Associates LLC now owns 81,145 shares of the biotechnology company’s stock worth $745,000 after buying an additional 22,966 shares during the last quarter. Institutional investors and hedge funds own 66.41% of the company’s stock.
Veracyte, Inc is a genomic diagnostics company. The Company uses genomic technology to resolve diagnostic ambiguity. It targets diseases in which patients undergo invasive diagnostic procedures. Its products combine genomic technology, clinical science and machine learning. The Company commercializes over three genomic tests, which are transforming the diagnosis of thyroid cancer, lung cancer and idiopathic pulmonary fibrosis.
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