Analysts Expect Veracyte Inc (NASDAQ:VCYT) Will Announce Quarterly Sales of $17.56 Million

Equities research analysts expect Veracyte Inc (NASDAQ:VCYT) to report sales of $17.56 million for the current quarter, according to Zacks. Two analysts have issued estimates for Veracyte’s earnings, with estimates ranging from $15.90 million to $19.22 million. Veracyte reported sales of $30.14 million during the same quarter last year, which would suggest a negative year over year growth rate of 41.7%. The company is expected to issue its next quarterly earnings report on Tuesday, August 4th.

According to Zacks, analysts expect that Veracyte will report full-year sales of $99.69 million for the current year, with estimates ranging from $98.50 million to $100.88 million. For the next fiscal year, analysts expect that the firm will post sales of $151.46 million, with estimates ranging from $147.40 million to $155.51 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Veracyte.

Veracyte (NASDAQ:VCYT) last issued its earnings results on Wednesday, May 6th. The biotechnology company reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). Veracyte had a negative return on equity of 9.68% and a negative net margin of 18.36%. The firm had revenue of $31.12 million for the quarter, compared to analysts’ expectations of $30.31 million.

A number of brokerages have commented on VCYT. BidaskClub downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a research note on Thursday, May 21st. SVB Leerink lifted their target price on shares of Veracyte from $29.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 target price on shares of Veracyte in a research note on Thursday, May 7th. ValuEngine upgraded shares of Veracyte from a “hold” rating to a “buy” rating in a research report on Tuesday, March 17th. Finally, Zacks Investment Research upgraded shares of Veracyte from a “sell” rating to a “hold” rating in a research report on Friday, April 10th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $31.50.

VCYT stock traded down $1.34 during trading on Monday, reaching $23.06. 889,300 shares of the stock were exchanged, compared to its average volume of 484,235. The business has a 50 day moving average price of $25.79 and a 200-day moving average price of $25.55. Veracyte has a 1 year low of $13.90 and a 1 year high of $31.18. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of -50.13 and a beta of 0.83.

In other Veracyte news, CEO Bonnie H. Anderson sold 20,000 shares of Veracyte stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $26.56, for a total transaction of $531,200.00. Following the completion of the sale, the chief executive officer now directly owns 292,207 shares in the company, valued at $7,761,017.92. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.40% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in VCYT. First Trust Advisors LP acquired a new position in shares of Veracyte in the fourth quarter valued at approximately $373,000. State Board of Administration of Florida Retirement System grew its holdings in shares of Veracyte by 4.6% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 12,566 shares of the biotechnology company’s stock valued at $351,000 after purchasing an additional 550 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Veracyte by 7.0% in the fourth quarter. Victory Capital Management Inc. now owns 102,209 shares of the biotechnology company’s stock valued at $2,683,000 after purchasing an additional 6,656 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Veracyte by 77.0% in the fourth quarter. Principal Financial Group Inc. now owns 38,248 shares of the biotechnology company’s stock valued at $1,068,000 after purchasing an additional 16,643 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of Veracyte by 7.4% in the fourth quarter. Rhumbline Advisers now owns 63,478 shares of the biotechnology company’s stock valued at $1,772,000 after purchasing an additional 4,351 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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