Veracyte (NASDAQ:VCYT) Issues Quarterly Earnings Results, Beats Expectations By $0.17 EPS

Veracyte (NASDAQ:VCYT - Get Free Report) issued its quarterly earnings data on Tuesday. The biotechnology company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.17, Briefing.com reports. The business had revenue of $96.84 million during the quarter, compared to analysts' expectations of $93.35 million. Veracyte had a negative net margin of 20.61% and a negative return on equity of 2.02%. The business's revenue was up 17.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.11) EPS.

Veracyte Stock Down 4.3 %

Shares of VCYT stock traded down $0.91 during trading hours on Wednesday, reaching $20.12. The company's stock had a trading volume of 955,077 shares, compared to its average volume of 639,656. Veracyte has a fifty-two week low of $18.61 and a fifty-two week high of $30.52. The firm's 50 day simple moving average is $21.09 and its 200-day simple moving average is $23.84. The company has a market capitalization of $1.54 billion, a price-to-earnings ratio of -19.35 and a beta of 1.65.

Wall Street Analyst Weigh In

VCYT has been the subject of a number of analyst reports. The Goldman Sachs Group dropped their price target on shares of Veracyte from $32.00 to $28.00 and set a "buy" rating for the company in a research report on Monday, April 15th. Morgan Stanley cut their target price on Veracyte from $22.00 to $21.00 and set an "underweight" rating for the company in a research report on Monday, February 26th. Needham & Company LLC decreased their price target on Veracyte from $33.00 to $27.00 and set a "buy" rating on the stock in a research report on Wednesday. Finally, William Blair reaffirmed an "outperform" rating on shares of Veracyte in a research report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, Veracyte has a consensus rating of "Moderate Buy" and an average target price of $27.50.

Insider Transactions at Veracyte

In related news, Director Karin Eastham sold 10,000 shares of the firm's stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $21.65, for a total value of $216,500.00. Following the sale, the director now directly owns 33,125 shares of the company's stock, valued at $717,156.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.60% of the stock is owned by insiders.

Veracyte Company Profile

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.