Veracyte (NASDAQ:VCYT) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Key Points

• Veracyte reported quarterly EPS of $0.51, beating the $0.41 consensus by $0.10; revenue of $151.75 million also topped estimates of $147.13 million.
• Shares rose 4.4% in Wednesday mid-day trading to $52.52 following the results.
• Analysts’ consensus rating is “Moderate Buy”, with an average price target of $55.78, though several firms recently lowered ratings or targets.

Veracyte (NASDAQ:VCYT - Get Free Report) announced its earnings results on Wednesday. The biotechnology company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.41 by $0.10, FiscalAI reports. The business had revenue of $151.75 million for the quarter, compared to the consensus estimate of $147.13 million. Veracyte had a return on equity of 9.26% and a net margin of 20.37%.

Veracyte Trading Up 4.4%

VCYT stock traded up $2.23 during mid-day trading on Wednesday, hitting $52.52. 1,873,827 shares of the company were exchanged, compared to its average volume of 1,146,224. The company has a market capitalization of $4.22 billion, a PE ratio of 37.25 and a beta of 1.98. Veracyte has a twelve month low of $29.45 and a twelve month high of $60.91. The firm has a fifty day simple moving average of $44.73 and a 200 day simple moving average of $42.98.

Analysts Set New Price Targets

VCYT has been the topic of a number of recent analyst reports. Morgan Stanley cut their price objective on shares of Veracyte from $47.00 to $44.00 and set an "underweight" rating on the stock in a report on Tuesday, August 4th. Stephens lowered their target price on Veracyte from $68.00 to $55.00 and set an "overweight" rating for the company in a research note on Tuesday, August 4th. Zacks Research lowered Veracyte from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 2nd. Weiss Ratings cut Veracyte from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, September 24th. Finally, Wall Street Zen downgraded Veracyte from a "strong-buy" rating to a "buy" rating in a report on Saturday, October 10th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Veracyte has a consensus rating of "Moderate Buy" and a consensus target price of $55.78.

Insider Buying and Selling

In other news, Director Muna Bhanji sold 1,864 shares of the company's stock in a transaction dated Monday, October 19th. The shares were sold at an average price of $43.70, for a total value of $81,456.80. Following the sale, the director owned 40,854 shares in the company, valued at approximately $1,785,319.80. This represents a 4.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider John Leite sold 4,015 shares of the company's stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $40.00, for a total transaction of $160,600.00. Following the completion of the sale, the insider owned 124,329 shares in the company, valued at approximately $4,973,160. This trade represents a 3.13% 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. In the last three months, insiders have sold 62,609 shares of company stock worth $2,858,904. 1.60% of the stock is currently owned by insiders.

About Veracyte

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.

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