$29.35 Million in Sales Expected for Veracyte Inc (NASDAQ:VCYT) This Quarter

Equities analysts expect that Veracyte Inc (NASDAQ:VCYT) will post $29.35 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Veracyte’s earnings. The lowest sales estimate is $28.96 million and the highest is $29.80 million. Veracyte reported sales of $25.75 million in the same quarter last year, which indicates a positive year over year growth rate of 14%. The company is scheduled to report its next quarterly earnings report on Monday, February 24th.

On average, analysts expect that Veracyte will report full-year sales of $120.00 million for the current year, with estimates ranging from $119.60 million to $120.40 million. For the next year, analysts forecast that the firm will post sales of $134.49 million, with estimates ranging from $130.80 million to $138.40 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow Veracyte.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings results on Tuesday, October 22nd. The biotechnology company reported ($0.02) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.07) by $0.05. The business had revenue of $30.97 million during the quarter, compared to the consensus estimate of $30.41 million. Veracyte had a negative net margin of 7.08% and a negative return on equity of 5.33%.

A number of research firms recently weighed in on VCYT. Zacks Investment Research downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a research note on Friday, November 8th. ValuEngine raised shares of Veracyte from a “sell” rating to a “hold” rating in a research note on Thursday, October 31st. BidaskClub downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Needham & Company LLC reissued a “buy” rating and set a $34.00 price target on shares of Veracyte in a research note on Wednesday. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $28.75.

Shares of VCYT traded up $2.08 on Friday, reaching $28.34. 996,736 shares of the company’s stock were exchanged, compared to its average volume of 643,694. The stock has a market capitalization of $1.33 billion, a P/E ratio of -45.72 and a beta of 1.14. The business has a 50 day moving average price of $24.90 and a two-hundred day moving average price of $25.82. Veracyte has a 12 month low of $10.73 and a 12 month high of $31.18.

In other Veracyte news, CFO Keith Kennedy sold 1,243 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $28.00, for a total value of $34,804.00. Following the completion of the sale, the chief financial officer now owns 111,286 shares of the company’s stock, valued at $3,116,008. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Bonnie H. Anderson sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $25.06, for a total transaction of $501,200.00. Following the completion of the sale, the chief executive officer now directly owns 123,726 shares of the company’s stock, valued at approximately $3,100,573.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 141,079 shares of company stock valued at $3,714,170. 8.30% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of VCYT. Invesco Ltd. increased its stake in Veracyte by 401.5% in the second quarter. Invesco Ltd. now owns 2,985,745 shares of the biotechnology company’s stock valued at $85,124,000 after purchasing an additional 2,390,394 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Veracyte by 144.4% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,764,236 shares of the biotechnology company’s stock valued at $66,342,000 after purchasing an additional 1,633,287 shares in the last quarter. Nikko Asset Management Americas Inc. increased its stake in Veracyte by 252.7% in the second quarter. Nikko Asset Management Americas Inc. now owns 2,148,248 shares of the biotechnology company’s stock valued at $61,247,000 after purchasing an additional 1,539,114 shares in the last quarter. BlackRock Inc. increased its stake in Veracyte by 43.8% in the second quarter. BlackRock Inc. now owns 3,987,802 shares of the biotechnology company’s stock valued at $113,692,000 after purchasing an additional 1,215,062 shares in the last quarter. Finally, Nuveen Asset Management LLC acquired a new position in shares of Veracyte in the second quarter valued at approximately $33,505,000.

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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