Veracyte (NASDAQ:VCYT) Posts Earnings Results, Beats Estimates By $0.17 EPS

Veracyte (NASDAQ:VCYT) released its quarterly earnings results on Tuesday. The biotechnology company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.17, Briefing.com reports. The firm had revenue of $96.84 million for the quarter, compared to analysts’ expectations of $93.35 million. Veracyte had a negative net margin of 20.61% and a negative return on equity of 2.02%. The firm’s revenue for the quarter was up 17.5% compared to the same quarter last year. During the same quarter last year, the company earned ($0.11) EPS.

Veracyte Trading Up 0.5 %

Shares of VCYT opened at $21.03 on Wednesday. Veracyte has a 12-month low of $18.61 and a 12-month high of $30.52. The firm has a market capitalization of $1.61 billion, a P/E ratio of -20.42 and a beta of 1.65. The firm has a 50-day moving average price of $21.09 and a 200 day moving average price of $23.84.

Insiders Place Their Bets

In related news, Director Karin Eastham sold 10,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $21.65, for a total value of $216,500.00. Following the completion of the transaction, the director now directly owns 33,125 shares in the company, valued at $717,156.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

VCYT has been the subject of several research analyst reports. William Blair restated an “outperform” rating on shares of Veracyte in a research report on Friday, February 23rd. Morgan Stanley lowered their price target on Veracyte from $22.00 to $21.00 and set an “underweight” rating on the stock in a research note on Monday, February 26th. The Goldman Sachs Group decreased their price objective on Veracyte from $32.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, April 15th. Finally, Needham & Company LLC upped their target price on shares of Veracyte from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Veracyte currently has a consensus rating of “Moderate Buy” and an average target price of $29.00.

Veracyte Company Profile

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.