Veracyte (NASDAQ:VCYT) Shares Gap Up Following Strong Earnings

Shares of Veracyte, Inc. (NASDAQ:VCYT) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $36.59, but opened at $39.70. Veracyte shares last traded at $39.44, with a volume of 388,041 shares trading hands.

The biotechnology company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.17. The company had revenue of $115.86 million for the quarter, compared to analyst estimates of $109.81 million. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.07%. The firm’s quarterly revenue was up 28.6% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) EPS.

Analyst Upgrades and Downgrades

VCYT has been the topic of a number of analyst reports. Scotiabank raised their price objective on shares of Veracyte from $40.00 to $44.00 and gave the company a “sector outperform” rating in a report on Friday. Guggenheim initiated coverage on shares of Veracyte in a report on Thursday, October 10th. They issued a “buy” rating and a $40.00 price objective on the stock. Needham & Company LLC raised their price objective on shares of Veracyte from $37.00 to $44.00 and gave the company a “buy” rating in a report on Thursday. UBS Group increased their target price on shares of Veracyte from $43.00 to $46.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Morgan Stanley increased their target price on shares of Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a research report on Monday, August 12th. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $39.71.

Insider Transactions at Veracyte

In related news, Director Evan/ Fa Jones sold 5,173 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $35.23, for a total value of $182,244.79. Following the completion of the sale, the director now owns 34,343 shares in the company, valued at $1,209,903.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Evan/ Fa Jones sold 5,173 shares of the firm’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $35.23, for a total value of $182,244.79. Following the completion of the sale, the director now owns 34,343 shares in the company, valued at $1,209,903.89. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Leite sold 5,479 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total transaction of $163,164.62. Following the completion of the sale, the insider now owns 76,174 shares of the company’s stock, valued at $2,268,461.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,109 shares of company stock worth $1,004,125. Company insiders own 1.30% of the company’s stock.

Hedge Funds Weigh In On Veracyte

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. KBC Group NV raised its position in Veracyte by 13.7% during the third quarter. KBC Group NV now owns 2,677 shares of the biotechnology company’s stock worth $91,000 after acquiring an additional 323 shares during the last quarter. Inspire Investing LLC raised its position in Veracyte by 2.1% during the second quarter. Inspire Investing LLC now owns 16,462 shares of the biotechnology company’s stock worth $357,000 after acquiring an additional 340 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Veracyte by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,778 shares of the biotechnology company’s stock worth $94,000 after buying an additional 496 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of Veracyte by 6.9% during the first quarter. CANADA LIFE ASSURANCE Co now owns 8,198 shares of the biotechnology company’s stock worth $182,000 after buying an additional 530 shares in the last quarter. Finally, Arizona State Retirement System grew its holdings in shares of Veracyte by 3.7% during the second quarter. Arizona State Retirement System now owns 20,806 shares of the biotechnology company’s stock worth $451,000 after buying an additional 733 shares in the last quarter.

Veracyte Stock Down 2.3 %

The firm has a market capitalization of $2.80 billion, a PE ratio of -243.20 and a beta of 1.67. The business’s fifty day moving average price is $33.27 and its 200 day moving average price is $26.98.

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.