Veracyte (VCYT) Set to Announce Earnings on Wednesday

Veracyte (NASDAQ:VCYT) is set to issue its quarterly earnings data after the market closes on Wednesday, November 6th. Analysts expect the company to announce earnings of $0.02 per share for the quarter. Veracyte has set its FY 2024 guidance at EPS.Persons that wish to listen to the company’s earnings conference call can do so using this link.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.10. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The company had revenue of $114.43 million during the quarter, compared to analysts’ expectations of $100.27 million. During the same period in the prior year, the company posted ($0.12) EPS. The firm’s revenue for the quarter was up 26.7% on a year-over-year basis. On average, analysts expect Veracyte to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Veracyte Stock Performance

Shares of NASDAQ VCYT opened at $34.38 on Wednesday. Veracyte has a 1 year low of $18.61 and a 1 year high of $35.51. The stock’s 50-day simple moving average is $32.61 and its 200-day simple moving average is $26.07. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of -36.57 and a beta of 1.67.

Analysts Set New Price Targets

Several research firms have issued reports on VCYT. UBS Group began coverage on Veracyte in a report on Wednesday, October 16th. They set a “buy” rating and a $43.00 price objective on the stock. Morgan Stanley upped their price target on shares of Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a report on Monday, August 12th. Guggenheim initiated coverage on shares of Veracyte in a research note on Thursday, October 10th. They set a “buy” rating and a $40.00 price objective on the stock. Needham & Company LLC boosted their target price on shares of Veracyte from $31.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, August 28th. Finally, Leerink Partners increased their price target on shares of Veracyte from $35.00 to $40.00 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.67.

Insiders Place Their Bets

In related news, Director Jens Holstein sold 5,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $29.00, for a total transaction of $145,000.00. Following the sale, the director now owns 27,878 shares in the company, valued at $808,462. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Veracyte news, Director Evan/ Fa Jones sold 20,457 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total value of $658,715.40. Following the sale, the director now directly owns 34,343 shares in the company, valued at approximately $1,105,844.60. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jens Holstein sold 5,000 shares of Veracyte stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $29.00, for a total transaction of $145,000.00. Following the completion of the sale, the director now owns 27,878 shares in the company, valued at approximately $808,462. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,141 shares of company stock valued at $1,180,116. Company 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.