Veracyte (NASDAQ:VCYT) Issues Earnings Results

Veracyte (NASDAQ:VCYT) released its quarterly earnings data on Wednesday. The biotechnology company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.10, FiscalAI reports. Veracyte had a net margin of 20.37% and a return on equity of 9.26%. The firm had revenue of $151.75 million during the quarter, compared to the consensus estimate of $147.13 million.

Veracyte Trading Up 4.4%

NASDAQ:VCYT traded up $2.23 during mid-day trading on Wednesday, hitting $52.52. The stock had a trading volume of 1,873,827 shares, compared to its average volume of 1,146,224. The company has a 50 day simple moving average of $44.73 and a 200-day simple moving average of $42.98. The stock has a market capitalization of $4.22 billion, a price-to-earnings ratio of 37.25 and a beta of 1.98. Veracyte has a 52 week low of $29.45 and a 52 week high of $60.91.

Insider Transactions at Veracyte

In other Veracyte news, Director Karin Eastham sold 14,850 shares of the firm’s stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $50.00, for a total value of $742,500.00. Following the sale, the director owned 10,247 shares in the company, valued at approximately $512,350. This trade represents a 59.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Phillip Febbo sold 13,110 shares of Veracyte stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $43.05, for a total value of $564,385.50. Following the sale, the insider directly owned 133,048 shares in the company, valued at approximately $5,727,716.40. This trade represents a 8.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 62,609 shares of company stock worth $2,858,904 in the last quarter. 1.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

VCYT has been the topic of a number of research reports. Zacks Research cut shares of Veracyte from a “strong-buy” rating to a “hold” rating in a report on Friday, October 2nd. Weiss Ratings lowered shares of Veracyte from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, September 24th. Needham & Company LLC reaffirmed a “buy” rating on shares of Veracyte in a report on Tuesday, September 15th. UBS Group boosted their price objective on shares of Veracyte from $52.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, September 9th. Finally, Piper Sandler dropped their price objective on shares of Veracyte from $66.00 to $54.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $55.78.

Veracyte Company Profile

Veracyte, Inc is a diagnostics company that develops genomic tests to help physicians diagnose cancer, assess disease risk and guide treatment decisions. Its tests are designed to provide additional molecular information from patient samples, often helping reduce uncertainty and support more personalized care.

The company’s portfolio includes Afirma tests for thyroid nodules, Decipher tests for prostate cancer, Percepta tests for lung cancer and Envisio tests for breast cancer. Veracyte also develops and commercializes additional genomic assays intended for use across various cancer types and clinical settings.

Founded in 2008 and headquartered in South San Francisco, California, Veracyte primarily serves the U.S.