Zacks: Analysts Anticipate Veracyte, Inc. (NASDAQ:VCYT) Will Announce Quarterly Sales of $48.23 Million

Equities analysts expect Veracyte, Inc. (NASDAQ:VCYT) to post $48.23 million in sales for the current fiscal quarter, according to Zacks Investment Research. Four analysts have made estimates for Veracyte’s earnings, with the highest sales estimate coming in at $51.00 million and the lowest estimate coming in at $45.80 million. Veracyte posted sales of $20.70 million in the same quarter last year, which suggests a positive year-over-year growth rate of 133%. The business is expected to report its next quarterly earnings results on Thursday, July 29th.

According to Zacks, analysts expect that Veracyte will report full-year sales of $194.33 million for the current year, with estimates ranging from $190.10 million to $198.22 million. For the next fiscal year, analysts forecast that the company will report sales of $255.95 million, with estimates ranging from $230.50 million to $268.00 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Veracyte.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Monday, May 10th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.01. Veracyte had a negative return on equity of 12.27% and a negative net margin of 30.46%.

VCYT has been the subject of a number of research analyst reports. Truist initiated coverage on Veracyte in a research report on Wednesday, January 27th. They set a “buy” rating and a $61.00 target price for the company. Morgan Stanley decreased their target price on Veracyte from $65.00 to $45.00 and set an “underweight” rating for the company in a research report on Wednesday. Needham & Company LLC decreased their target price on Veracyte from $88.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday. SVB Leerink decreased their target price on Veracyte from $75.00 to $65.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, Zacks Investment Research lowered Veracyte from a “hold” rating to a “sell” rating in a research report on Wednesday, April 21st. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. Veracyte presently has a consensus rating of “Hold” and an average price target of $55.38.

NASDAQ VCYT traded up $1.36 on Friday, reaching $36.56. 1,045,984 shares of the stock traded hands, compared to its average volume of 952,410. The company has a fifty day moving average price of $48.98 and a 200-day moving average price of $52.87. The company has a market cap of $2.46 billion, a price-to-earnings ratio of -52.98 and a beta of 0.77. Veracyte has a 12 month low of $22.69 and a 12 month high of $86.03.

In other Veracyte news, insider Giulia C. Kennedy sold 52,015 shares of the business’s stock in a transaction dated Thursday, March 4th. The stock was sold at an average price of $49.36, for a total transaction of $2,567,460.40. Following the sale, the insider now owns 80,082 shares in the company, valued at approximately $3,952,847.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Karin Eastham sold 4,427 shares of the business’s stock in a transaction dated Monday, May 3rd. The shares were sold at an average price of $48.27, for a total value of $213,691.29. The disclosure for this sale can be found here. 8.30% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the business. First Trust Advisors LP lifted its holdings in shares of Veracyte by 144.4% in the 4th quarter. First Trust Advisors LP now owns 42,854 shares of the biotechnology company’s stock valued at $2,097,000 after buying an additional 25,318 shares during the period. Federated Hermes Inc. acquired a new position in shares of Veracyte in the 4th quarter valued at about $2,261,000. Credit Suisse AG lifted its holdings in shares of Veracyte by 22.0% in the 4th quarter. Credit Suisse AG now owns 96,994 shares of the biotechnology company’s stock valued at $4,747,000 after buying an additional 17,501 shares during the period. Fieldpoint Private Securities LLC acquired a new position in shares of Veracyte in the 4th quarter valued at about $98,000. Finally, OneAscent Wealth Management LLC acquired a new position in shares of Veracyte in the 4th quarter valued at about $202,000.

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, which are used to identify patients with benign thyroid nodules among those with indeterminate cytopathology results in order to rule out unnecessary thyroid surgery; Percepta Genomic Sequencing Classifier for lung cancer diagnosis; Envisia Genomic Classifier that help physicians to differentiate idiopathic pulmonary fibrosis from other interstitial lung diseases without the need for surgery; and Prosigna Breast Cancer Prognostic Gene Signature Assay test that informs next steps for patients with early-stage breast cancer, as well as provides cancer subtype classification information.

Recommended Story: Initial Coin Offerings entail a high degree of risk

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.