$21.83 Million in Sales Expected for Veracyte Inc (VCYT) This Quarter

Equities analysts predict that Veracyte Inc (NASDAQ:VCYT) will announce $21.83 million in sales for the current fiscal quarter, according to Zacks. Four analysts have made estimates for Veracyte’s earnings, with estimates ranging from $21.00 million to $22.78 million. Veracyte posted sales of $17.52 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 24.6%. The firm is expected to report its next quarterly earnings report on Monday, November 5th.

On average, analysts expect that Veracyte will report full year sales of $88.55 million for the current financial year, with estimates ranging from $87.40 million to $89.87 million. For the next year, analysts expect that the business will report sales of $105.98 million per share, with estimates ranging from $104.00 million to $109.50 million. Zacks’ sales calculations are an average based on a survey of analysts that follow Veracyte.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings data on Monday, July 23rd. The biotechnology company reported ($0.18) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.09. Veracyte had a negative return on equity of 91.03% and a negative net margin of 38.69%. The company had revenue of $22.75 million for the quarter, compared to the consensus estimate of $20.67 million.

VCYT has been the topic of a number of recent analyst reports. BidaskClub upgraded Veracyte from a “buy” rating to a “strong-buy” rating in a research report on Friday, July 6th. ValuEngine upgraded Veracyte from a “strong sell” rating to a “sell” rating in a research report on Wednesday, May 23rd. Piper Jaffray Companies increased their price objective on Veracyte to $11.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 24th. Zacks Investment Research upgraded Veracyte from a “sell” rating to a “hold” rating in a research report on Thursday, May 24th. Finally, BTIG Research set a $13.00 price objective on Veracyte and gave the stock a “buy” rating in a research report on Wednesday, May 2nd. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Veracyte currently has a consensus rating of “Buy” and an average price target of $11.50.

In other Veracyte news, Director Jesse I. Treu sold 500,000 shares of the firm’s stock in a transaction dated Wednesday, August 1st. The stock was sold at an average price of $10.83, for a total transaction of $5,415,000.00. Following the sale, the director now owns 1,642 shares in the company, valued at $17,782.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher M. Hall sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, June 19th. The shares were sold at an average price of $9.02, for a total value of $180,400.00. Following the sale, the insider now owns 42,964 shares in the company, valued at approximately $387,535.28. The disclosure for this sale can be found here. Insiders have sold 629,459 shares of company stock worth $6,684,166 in the last 90 days. Company insiders own 13.70% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of Montreal Can purchased a new stake in Veracyte during the second quarter valued at about $182,000. Sigma Planning Corp purchased a new stake in Veracyte during the second quarter valued at about $217,000. Engineers Gate Manager LP purchased a new stake in Veracyte during the second quarter valued at about $231,000. Acadian Asset Management LLC purchased a new stake in Veracyte during the second quarter valued at about $391,000. Finally, Goldman Sachs Group Inc. raised its position in Veracyte by 72.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 50,172 shares of the biotechnology company’s stock valued at $328,000 after purchasing an additional 21,088 shares in the last quarter. Institutional investors and hedge funds own 71.45% of the company’s stock.

Shares of VCYT stock opened at $11.16 on Friday. The company has a quick ratio of 3.71, a current ratio of 4.01 and a debt-to-equity ratio of 0.98. Veracyte has a 52-week low of $5.23 and a 52-week high of $11.72.

About Veracyte

Veracyte, Inc operates as a genomic diagnostics company in the United States. The company uses genomic technology to resolve diagnostic uncertainty. It offers Afirma Thyroid FNA Analysis solution; cytopathology testing services; and the Afirma Malignancy Classifiers to manage thyroid nodule patients.

Recommended Story: Should I invest in “strong buy” stocks?

Get a free copy of the Zacks research report on Veracyte (VCYT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Veracyte (NASDAQ:VCYT)

Receive News & Ratings for Veracyte Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veracyte and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit