$24.85 Million in Sales Expected for Veracyte Inc (NASDAQ:VCYT) This Quarter

Equities research analysts expect Veracyte Inc (NASDAQ:VCYT) to report $24.85 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Veracyte’s earnings. The highest sales estimate is $25.30 million and the lowest is $24.40 million. Veracyte posted sales of $30.97 million in the same quarter last year, which suggests a negative year-over-year growth rate of 19.8%. The company is expected to report its next quarterly earnings results on Tuesday, October 27th.

On average, analysts expect that Veracyte will report full-year sales of $105.61 million for the current year, with estimates ranging from $105.10 million to $106.20 million. For the next financial year, analysts anticipate that the company will post sales of $155.50 million, with estimates ranging from $150.00 million to $160.03 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side analysts that cover Veracyte.

Veracyte (NASDAQ:VCYT) last announced its quarterly earnings results on Thursday, July 30th. The biotechnology company reported ($0.22) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.22). Veracyte had a negative return on equity of 13.35% and a negative net margin of 27.49%. The business had revenue of $20.70 million during the quarter, compared to the consensus estimate of $17.56 million.

Several research analysts have weighed in on VCYT shares. Lake Street Capital increased their price objective on Veracyte from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. BidaskClub upgraded Veracyte from a “hold” rating to a “buy” rating in a research report on Thursday, July 9th. Needham & Company LLC increased their price objective on Veracyte from $30.00 to $37.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Morgan Stanley started coverage on Veracyte in a research report on Wednesday, September 9th. They set an “underweight” rating and a $35.00 price objective on the stock. Finally, SVB Leerink increased their price objective on Veracyte from $32.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Two equities research analysts have rated the stock with a sell rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $35.60.

Veracyte stock traded up $0.94 during mid-day trading on Monday, hitting $31.70. 248,359 shares of the company’s stock traded hands, compared to its average volume of 523,900. The firm has a 50 day simple moving average of $32.54 and a two-hundred day simple moving average of $27.41. Veracyte has a fifty-two week low of $13.90 and a fifty-two week high of $36.42. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of -50.32 and a beta of 0.78.

In related news, CEO Bonnie H. Anderson sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $30.89, for a total value of $617,800.00. Following the sale, the chief executive officer now directly owns 240,231 shares of the company’s stock, valued at $7,420,735.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith Kennedy sold 5,747 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $28.02, for a total value of $161,030.94. Following the completion of the sale, the chief financial officer now directly owns 158,398 shares in the company, valued at $4,438,311.96. The disclosure for this sale can be found here. Insiders sold 306,619 shares of company stock worth $9,559,035 in the last 90 days. 4.40% of the stock is owned by company insiders.

Large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its stake in Veracyte by 4.9% in the second quarter. Bank of New York Mellon Corp now owns 685,840 shares of the biotechnology company’s stock valued at $17,763,000 after buying an additional 31,792 shares in the last quarter. Wellington Management Group LLP boosted its stake in Veracyte by 26.0% in the first quarter. Wellington Management Group LLP now owns 971,802 shares of the biotechnology company’s stock valued at $23,625,000 after buying an additional 200,699 shares in the last quarter. Barclays PLC boosted its stake in Veracyte by 23.9% in the second quarter. Barclays PLC now owns 61,185 shares of the biotechnology company’s stock valued at $1,585,000 after buying an additional 11,816 shares in the last quarter. Legal & General Group Plc boosted its stake in Veracyte by 53.3% in the first quarter. Legal & General Group Plc now owns 22,183 shares of the biotechnology company’s stock valued at $568,000 after buying an additional 7,716 shares in the last quarter. Finally, AXA boosted its stake in Veracyte by 7.3% in the first quarter. AXA now owns 178,385 shares of the biotechnology company’s stock valued at $4,337,000 after buying an additional 12,185 shares in the last quarter.

Veracyte Company Profile

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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Earnings History and Estimates for Veracyte (NASDAQ:VCYT)

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