Analysts Anticipate Veracyte Inc (NASDAQ:VCYT) Will Post Quarterly Sales of $24.85 Million

Equities research analysts expect that Veracyte Inc (NASDAQ:VCYT) will post $24.85 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Veracyte’s earnings, with the highest sales estimate coming in at $25.30 million and the lowest estimate coming in at $24.40 million. Veracyte posted sales of $30.97 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 19.8%. The company is expected to announce its next earnings results on Tuesday, October 27th.

According to Zacks, analysts expect that Veracyte will report full year sales of $105.61 million for the current financial year, with estimates ranging from $105.10 million to $106.20 million. For the next year, analysts expect that the business will report sales of $155.50 million, with estimates ranging from $150.00 million to $160.03 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Veracyte.

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

A number of analysts have weighed in on the company. BidaskClub upgraded Veracyte from a “hold” rating to a “buy” rating in a report on Thursday, July 9th. Zacks Investment Research lowered Veracyte from a “hold” rating to a “sell” rating in a report on Thursday, August 6th. Needham & Company LLC upped their target price on Veracyte from $30.00 to $37.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Morgan Stanley assumed coverage on Veracyte in a report on Wednesday, September 9th. They set an “underweight” rating and a $35.00 target price for the company. Finally, Lake Street Capital upped their price target on Veracyte from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Two research analysts have rated the stock with a sell rating and five have given a buy rating to the stock. Veracyte currently has a consensus rating of “Hold” and a consensus target price of $35.60.

Veracyte stock traded up $0.94 during mid-day trading on Monday, reaching $31.70. 248,359 shares of the company were exchanged, compared to its average volume of 523,900. The business has a fifty day moving average of $32.54 and a 200 day moving average of $27.41. The firm has a market cap of $1.60 billion, a P/E ratio of -50.32 and a beta of 0.78. Veracyte has a 12-month low of $13.90 and a 12-month high of $36.42.

In related news, insider Giulia C. Kennedy sold 16,738 shares of Veracyte stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $29.66, for a total value of $496,449.08. Following the completion of the sale, the insider now owns 93,985 shares in the company, valued at approximately $2,787,595.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Walter Hanna, Jr. sold 14,095 shares of Veracyte stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $36.12, for a total transaction of $509,111.40. Following the completion of the sale, the insider now owns 100,487 shares of the company’s stock, valued at approximately $3,629,590.44. The disclosure for this sale can be found here. Insiders sold a total of 306,619 shares of company stock worth $9,559,035 over the last three months. Corporate insiders own 4.40% of the company’s stock.

A number of institutional investors have recently bought and sold shares of VCYT. UBS Group AG lifted its position in shares of Veracyte by 171.3% during the 1st quarter. UBS Group AG now owns 60,136 shares of the biotechnology company’s stock worth $1,462,000 after purchasing an additional 37,969 shares during the last quarter. Arizona State Retirement System purchased a new stake in shares of Veracyte during the 1st quarter worth $265,000. Rhumbline Advisers lifted its position in shares of Veracyte by 1.8% during the 1st quarter. Rhumbline Advisers now owns 64,615 shares of the biotechnology company’s stock worth $1,571,000 after purchasing an additional 1,137 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Veracyte by 2.5% during the 1st quarter. Bank of New York Mellon Corp now owns 654,048 shares of the biotechnology company’s stock worth $15,900,000 after purchasing an additional 15,736 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in shares of Veracyte by 362.3% during the 1st quarter. First Trust Advisors LP now owns 61,696 shares of the biotechnology company’s stock worth $1,500,000 after purchasing an additional 48,350 shares during the last quarter.

About Veracyte

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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