Veracyte (NASDAQ:VCYT) Announces Quarterly Earnings Results

Veracyte (NASDAQ:VCYT) released its quarterly earnings data on Tuesday. The biotechnology company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.10, Briefing.com reports. The business had revenue of $114.43 million during the quarter, compared to analysts’ expectations of $100.27 million. Veracyte had a positive return on equity of 1.54% and a negative net margin of 13.52%. The business’s revenue was up 26.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.12) EPS. Veracyte updated its FY 2024 guidance to EPS.

Veracyte Price Performance

VCYT stock traded down $0.52 on Friday, reaching $29.45. 84,104 shares of the company traded hands, compared to its average volume of 741,358. Veracyte has a one year low of $18.61 and a one year high of $30.86. The company has a market cap of $2.25 billion, a P/E ratio of -31.88 and a beta of 1.65. The firm has a fifty day simple moving average of $22.31 and a 200-day simple moving average of $22.35.

Analyst Upgrades and Downgrades

VCYT has been the subject of a number of research analyst reports. Needham & Company LLC raised their target price on Veracyte from $27.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday. The Goldman Sachs Group lowered their target price on Veracyte from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, April 15th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Veracyte has a consensus rating of “Moderate Buy” and a consensus price target of $28.50.

Insider Activity at Veracyte

In related news, insider John Leite sold 1,277 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $25.00, for a total transaction of $31,925.00. Following the completion of the transaction, the insider now owns 82,968 shares of the company’s stock, valued at approximately $2,074,200. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Veracyte news, Director Muna Bhanji sold 3,870 shares of Veracyte stock in a transaction on Monday, June 10th. The stock was sold at an average price of $20.32, for a total value of $78,638.40. Following the completion of the sale, the director now owns 23,105 shares of the company’s stock, valued at approximately $469,493.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider John Leite sold 1,277 shares of Veracyte stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $25.00, for a total value of $31,925.00. Following the completion of the sale, the insider now directly owns 82,968 shares of the company’s stock, valued at approximately $2,074,200. The disclosure for this sale can be found here. Insiders sold a total of 16,686 shares of company stock valued at $382,807 in the last 90 days. Corporate insiders own 1.30% of the company’s stock.

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.