Veracyte (NASDAQ:VCYT) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Veracyte (NASDAQ:VCYT) issued its earnings results on Monday. The biotechnology company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.07, RTT News reports. Veracyte had a positive return on equity of 3.02% and a negative net margin of 2.18%. The business had revenue of $118.63 million for the quarter, compared to analysts’ expectations of $110.73 million. During the same period in the previous year, the firm posted ($0.39) EPS.

Veracyte Trading Down 12.5 %

VCYT stock traded down $4.92 during midday trading on Tuesday, hitting $34.44. The stock had a trading volume of 499,348 shares, compared to its average volume of 782,381. Veracyte has a 52 week low of $18.61 and a 52 week high of $47.32. The stock has a 50-day simple moving average of $41.88 and a 200 day simple moving average of $37.60. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of -228.61 and a beta of 1.71.

Insiders Place Their Bets

In other news, CAO Jonathan Wygant sold 956 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $43.36, for a total value of $41,452.16. Following the sale, the chief accounting officer now owns 40,270 shares of the company’s stock, valued at $1,746,107.20. The trade was a 2.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Rebecca Chambers sold 7,000 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $43.23, for a total value of $302,610.00. Following the completion of the sale, the chief financial officer now owns 114,037 shares in the company, valued at approximately $4,929,819.51. This trade represents a 5.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,565 shares of company stock valued at $1,031,406. 1.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on VCYT. StockNews.com cut Veracyte from a “buy” rating to a “hold” rating in a research note on Tuesday, February 18th. Scotiabank boosted their price target on shares of Veracyte from $40.00 to $44.00 and gave the stock a “sector outperform” rating in a research note on Friday, November 8th. Needham & Company LLC reissued a “buy” rating and set a $51.00 price objective on shares of Veracyte in a research note on Tuesday. The Goldman Sachs Group restated a “neutral” rating and set a $37.00 target price (down previously from $38.00) on shares of Veracyte in a research report on Thursday, December 5th. Finally, Morgan Stanley boosted their target price on shares of Veracyte from $26.00 to $28.00 and gave the company an “underweight” rating in a report on Monday, November 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Veracyte presently has an average rating of “Moderate Buy” and a consensus target price of $42.00.

About Veracyte

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.