Brokerages forecast that Veracyte, Inc. (NASDAQ:VCYT) will post $47.33 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Veracyte's earnings, with estimates ranging from $45.80 million to $48.21 million. Veracyte posted sales of $20.70 million during the same quarter last year, which suggests a positive year over year growth rate of 128.6%. The company is expected to report its next earnings report on Thursday, July 29th.
On average, analysts expect that Veracyte will report full-year sales of $199.84 million for the current financial year, with estimates ranging from $192.80 million to $215.00 million. For the next fiscal year, analysts expect that the firm will report sales of $253.06 million, with estimates ranging from $230.50 million to $263.04 million. Zacks' sales calculations are a mean average based on a survey of analysts that that provide coverage for Veracyte.
Veracyte (NASDAQ:VCYT) last issued its quarterly earnings data on Monday, May 10th. The biotechnology company reported ($0.11) EPS for the quarter, topping analysts' consensus estimates of ($0.12) by $0.01. The business had revenue of $36.70 million during the quarter, compared to analysts' expectations of $34.52 million. Veracyte had a negative net margin of 52.87% and a negative return on equity of 5.91%.
VCYT has been the subject of several analyst reports. William Blair reaffirmed a "buy" rating on shares of Veracyte in a research note on Thursday, May 27th. Truist dropped their price objective on shares of Veracyte from $84.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 18th. Needham & Company LLC cut their price objective on shares of Veracyte from $88.00 to $54.00 and set a "buy" rating on the stock in a research report on Tuesday, May 11th. TheStreet lowered shares of Veracyte from a "c-" rating to a "d+" rating in a report on Wednesday, May 26th. Finally, Zacks Investment Research downgraded shares of Veracyte from a "hold" rating to a "sell" rating in a report on Wednesday, April 21st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of "Buy" and a consensus price target of $54.67.
VCYT opened at $36.14 on Friday. The stock has a 50-day moving average of $43.65. Veracyte has a 12 month low of $22.69 and a 12 month high of $86.03. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of -32.85 and a beta of 0.73.
In other Veracyte news, insider Giulia C. Kennedy sold 9,081 shares of Veracyte stock in a transaction on Friday, June 4th. The stock was sold at an average price of $34.63, for a total transaction of $314,475.03. Following the completion of the sale, the insider now directly owns 57,218 shares of the company's stock, valued at approximately $1,981,459.34. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Karin Eastham sold 4,427 shares of the company's stock in a transaction on Monday, May 3rd. The stock was sold at an average price of $48.27, for a total value of $213,691.29. The disclosure for this sale can be found here. 2.90% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in VCYT. BlackRock Inc. raised its stake in Veracyte by 16.4% in the first quarter. BlackRock Inc. now owns 6,146,087 shares of the biotechnology company's stock worth $330,351,000 after buying an additional 865,112 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in shares of Veracyte by 32.9% in the 1st quarter. Artisan Partners Limited Partnership now owns 4,691,688 shares of the biotechnology company's stock valued at $252,178,000 after acquiring an additional 1,162,062 shares during the period. Nikko Asset Management Americas Inc. raised its position in shares of Veracyte by 0.5% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 3,287,529 shares of the biotechnology company's stock worth $176,705,000 after acquiring an additional 15,491 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Veracyte by 9.7% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,272,038 shares of the biotechnology company's stock worth $160,134,000 after purchasing an additional 288,583 shares during the last quarter. Finally, Matrix Capital Management Company LP bought a new stake in Veracyte during the first quarter valued at about $160,015,000.
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, which are used to identify patients with benign thyroid nodules among those with indeterminate cytopathology results in order to rule out unnecessary thyroid surgery; Percepta Genomic Sequencing Classifier for lung cancer diagnosis; Envisia Genomic Classifier that help physicians to differentiate idiopathic pulmonary fibrosis from other interstitial lung diseases without the need for surgery; and Prosigna Breast Cancer Prognostic Gene Signature Assay test that informs next steps for patients with early-stage breast cancer, as well as provides cancer subtype classification information.
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