Veracyte, Inc. (NASDAQ:VCYT) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Veracyte, Inc. (NASDAQ:VCYT) announced its quarterly earnings results on Monday, July 31st. The biotechnology company reported ($0.22) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.25) by $0.03, Bloomberg Earnings reports. The business had revenue of $18.40 million during the quarter, compared to analyst estimates of $18.32 million. Veracyte had a negative net margin of 35.64% and a negative return on equity of 53.58%. Veracyte’s quarterly revenue was up 25.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.40) EPS.

Shares of Veracyte (NASDAQ VCYT) opened at 8.07 on Friday. Veracyte has a 1-year low of $5.08 and a 1-year high of $9.71. The company’s market cap is $273.52 million. The stock has a 50 day moving average of $8.09 and a 200 day moving average of $8.23.

A number of analysts have commented on VCYT shares. Cantor Fitzgerald set a $13.00 price target on shares of Veracyte and gave the company a “buy” rating in a research note on Thursday, May 4th. Janney Montgomery Scott restated a “buy” rating and set a $15.00 price target on shares of Veracyte in a research note on Wednesday, June 28th. BidaskClub lowered shares of Veracyte from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 19th. Finally, Zacks Investment Research upgraded shares of Veracyte from a “hold” rating to a “buy” rating and set a $9.25 price target for the company in a research note on Friday, August 4th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $12.25.

Several institutional investors have recently modified their holdings of VCYT. TFS Capital LLC increased its position in shares of Veracyte by 901.4% in the first quarter. TFS Capital LLC now owns 107,521 shares of the biotechnology company’s stock valued at $987,000 after buying an additional 96,784 shares during the last quarter. Denver Investment Advisors LLC increased its position in shares of Veracyte by 25.3% in the first quarter. Denver Investment Advisors LLC now owns 77,078 shares of the biotechnology company’s stock valued at $708,000 after buying an additional 15,563 shares during the last quarter. Birchview Capital LP increased its position in shares of Veracyte by 18.8% in the first quarter. Birchview Capital LP now owns 94,767 shares of the biotechnology company’s stock valued at $870,000 after buying an additional 15,000 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Veracyte by 3.0% in the first quarter. Bank of New York Mellon Corp now owns 61,312 shares of the biotechnology company’s stock valued at $563,000 after buying an additional 1,795 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Veracyte by 112.8% in the first quarter. Wells Fargo & Company MN now owns 18,752 shares of the biotechnology company’s stock valued at $172,000 after buying an additional 9,938 shares during the last quarter. Hedge funds and other institutional investors own 63.57% of the company’s stock.

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Veracyte Company Profile

Veracyte, Inc is a genomic diagnostics company. The Company uses genomic technology to resolve diagnostic ambiguity. It targets diseases in which patients undergo invasive diagnostic procedures. Its products combine genomic technology, clinical science and machine learning. The Company commercializes over three genomic tests, which are transforming the diagnosis of thyroid cancer, lung cancer and idiopathic pulmonary fibrosis.

Earnings History for Veracyte (NASDAQ:VCYT)

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