Veracyte Inc (VCYT) Expected to Post Quarterly Sales of $21.83 Million

Brokerages forecast that Veracyte Inc (NASDAQ:VCYT) will announce sales of $21.83 million for the current quarter, according to Zacks Investment Research. Four analysts have issued estimates for Veracyte’s earnings. The highest sales estimate is $22.78 million and the lowest is $21.00 million. Veracyte posted sales of $17.52 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 24.6%. The firm is expected to report its next earnings report on Monday, November 5th.

According to Zacks, analysts expect that Veracyte will report full year sales of $88.55 million for the current financial year, with estimates ranging from $87.40 million to $89.87 million. For the next financial year, analysts anticipate that the company will report sales of $105.98 million per share, with estimates ranging from $104.00 million to $109.50 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Veracyte.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings results on Monday, July 23rd. The biotechnology company reported ($0.18) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.27) by $0.09. The firm had revenue of $22.75 million for the quarter, compared to analysts’ expectations of $20.67 million. Veracyte had a negative net margin of 38.69% and a negative return on equity of 91.03%.

Several research analysts have weighed in on the stock. Zacks Investment Research raised shares of Veracyte from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a report on Friday, July 27th. BidaskClub raised shares of Veracyte from a “hold” rating to a “buy” rating in a report on Tuesday, June 19th. ValuEngine raised shares of Veracyte from a “hold” rating to a “buy” rating in a report on Wednesday, June 20th. BTIG Research set a $13.00 price target on shares of Veracyte and gave the company a “buy” rating in a report on Wednesday, May 2nd. Finally, Piper Jaffray Companies increased their price target on shares of Veracyte to $11.00 and gave the company a “neutral” rating in a report on Tuesday, July 24th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $11.50.

Veracyte stock traded down $0.15 during trading hours on Wednesday, hitting $12.16. The company had a trading volume of 492,900 shares, compared to its average volume of 197,615. The stock has a market cap of $425.11 million, a P/E ratio of -13.36 and a beta of 1.73. The company has a quick ratio of 3.71, a current ratio of 4.01 and a debt-to-equity ratio of 0.98. Veracyte has a one year low of $5.23 and a one year high of $12.39.

In other news, insider Christopher M. Hall sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 19th. The shares were sold at an average price of $9.02, for a total transaction of $180,400.00. Following the transaction, the insider now directly owns 42,964 shares of the company’s stock, valued at $387,535.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Bonnie H. Anderson sold 12,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 12th. The stock was sold at an average price of $8.00, for a total transaction of $96,000.00. The disclosure for this sale can be found here. Insiders have sold 649,459 shares of company stock worth $6,924,166 over the last ninety days. Insiders own 13.70% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. GSA Capital Partners LLP bought a new position in shares of Veracyte during the second quarter worth approximately $171,000. Bank of Montreal Can bought a new position in shares of Veracyte during the second quarter worth approximately $182,000. Sigma Planning Corp bought a new position in shares of Veracyte during the second quarter worth approximately $217,000. Engineers Gate Manager LP acquired a new stake in shares of Veracyte during the 2nd quarter worth approximately $231,000. Finally, Highland Capital Management LP boosted its position in shares of Veracyte by 61.6% during the 2nd quarter. Highland Capital Management LP now owns 40,400 shares of the biotechnology company’s stock worth $377,000 after acquiring an additional 15,400 shares in the last quarter. 71.54% of the stock is currently owned by institutional investors.

Veracyte Company Profile

Veracyte, Inc operates as a genomic diagnostics company in the United States. The company uses genomic technology to resolve diagnostic uncertainty. It offers Afirma Thyroid FNA Analysis solution; cytopathology testing services; and the Afirma Malignancy Classifiers to manage thyroid nodule patients.

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Earnings History and Estimates for Veracyte (NASDAQ:VCYT)

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