Wall Street analysts expect Veracyte Inc (NASDAQ:VCYT) to announce $30.41 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Veracyte’s earnings, with estimates ranging from $29.80 million to $30.84 million. Veracyte posted sales of $23.47 million in the same quarter last year, which suggests a positive year-over-year growth rate of 29.6%. The firm is expected to issue its next quarterly earnings results on Monday, November 4th.
According to Zacks, analysts expect that Veracyte will report full year sales of $120.71 million for the current financial year, with estimates ranging from $120.13 million to $121.10 million. For the next financial year, analysts expect that the business will post sales of $134.86 million, with estimates ranging from $133.07 million to $138.40 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Veracyte.
Veracyte (NASDAQ:VCYT) last released its earnings results on Tuesday, July 30th. The biotechnology company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.04. Veracyte had a negative return on equity of 10.26% and a negative net margin of 11.01%. The firm had revenue of $30.14 million during the quarter, compared to analysts’ expectations of $29.20 million.
In related news, Chairman Bonnie H. Anderson sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 10th. The stock was sold at an average price of $28.79, for a total transaction of $230,320.00. Following the completion of the sale, the chairman now directly owns 127,955 shares of the company’s stock, valued at approximately $3,683,824.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Evan/ Fa Jones sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $26.38, for a total value of $395,700.00. Following the sale, the director now directly owns 25,000 shares of the company’s stock, valued at $659,500. The disclosure for this sale can be found here. Insiders have sold a total of 31,000 shares of company stock valued at $836,660 over the last three months. 8.30% of the stock is owned by corporate insiders.
Several hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC increased its holdings in shares of Veracyte by 15.5% in the 2nd quarter. Renaissance Technologies LLC now owns 525,500 shares of the biotechnology company’s stock valued at $14,982,000 after acquiring an additional 70,700 shares during the period. Atika Capital Management LLC purchased a new position in shares of Veracyte in the 2nd quarter valued at $3,905,000. Bank of New York Mellon Corp increased its holdings in shares of Veracyte by 89.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 287,157 shares of the biotechnology company’s stock valued at $8,186,000 after acquiring an additional 135,902 shares during the period. Fiera Capital Corp increased its holdings in shares of Veracyte by 462.9% in the 2nd quarter. Fiera Capital Corp now owns 918,078 shares of the biotechnology company’s stock valued at $26,174,000 after acquiring an additional 754,988 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Veracyte by 33.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 221,763 shares of the biotechnology company’s stock valued at $6,323,000 after acquiring an additional 55,652 shares during the period. 97.01% of the stock is owned by hedge funds and other institutional investors.
Veracyte stock traded down $0.87 during midday trading on Wednesday, reaching $25.26. 429,313 shares of the stock traded hands, compared to its average volume of 672,615. The business’s fifty day moving average price is $27.80. Veracyte has a 12 month low of $8.77 and a 12 month high of $31.18. The company has a market cap of $1.22 billion, a PE ratio of -40.74 and a beta of 0.96.
Veracyte Company Profile
Veracyte, Inc operates as a genomic diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas solutions for a complex landscape in thyroid nodule diagnosis to physicians; Percepta Bronchial Genomic Classifier solution for use in lung cancer diagnosis; and Envisia Genomic Classifier solution for the diagnosis of idiopathic pulmonary fibrosis.
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