Wall Street brokerages expect Veracyte Inc (NASDAQ:VCYT) to report sales of $29.20 million for the current quarter, Zacks Investment Research reports. Three analysts have provided estimates for Veracyte’s earnings, with the lowest sales estimate coming in at $28.50 million and the highest estimate coming in at $29.80 million. Veracyte posted sales of $22.75 million during the same quarter last year, which would indicate a positive year over year growth rate of 28.4%. The company is scheduled to announce its next quarterly earnings results on Monday, July 22nd.
On average, analysts expect that Veracyte will report full-year sales of $120.17 million for the current fiscal year, with estimates ranging from $119.14 million to $120.78 million. For the next financial year, analysts anticipate that the firm will report sales of $133.82 million, with estimates ranging from $130.93 million to $136.70 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Veracyte.
Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Monday, February 25th. The biotechnology company reported ($0.08) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.05. The firm had revenue of $25.75 million for the quarter, compared to the consensus estimate of $24.33 million. Veracyte had a negative net margin of 15.51% and a negative return on equity of 23.43%.
VCYT has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a research report on Tuesday, February 19th. BidaskClub downgraded shares of Veracyte from a “buy” rating to a “hold” rating in a research report on Thursday, May 9th. Three investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $16.83.
Shares of NASDAQ VCYT traded up $1.23 during midday trading on Wednesday, reaching $24.61. The stock had a trading volume of 463,510 shares, compared to its average volume of 626,628. The company has a market capitalization of $1.02 billion, a P/E ratio of -39.69 and a beta of 0.95. Veracyte has a twelve month low of $6.29 and a twelve month high of $26.80. The company has a debt-to-equity ratio of 0.15, a quick ratio of 6.06 and a current ratio of 6.32.
In related news, Chairman Bonnie H. Anderson sold 8,000 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $25.39, for a total transaction of $203,120.00. Following the transaction, the chairman now owns 103,292 shares in the company, valued at approximately $2,622,583.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jesse I. Treu sold 350,000 shares of the business’s stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $20.50, for a total transaction of $7,175,000.00. Following the transaction, the director now owns 1,642 shares in the company, valued at approximately $33,661. The disclosure for this sale can be found here. Insiders have sold a total of 1,071,151 shares of company stock worth $22,808,870 in the last quarter. 13.70% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in VCYT. Assenagon Asset Management S.A. acquired a new position in shares of Veracyte during the 4th quarter valued at $15,299,000. BlackRock Inc. increased its stake in Veracyte by 43.6% during the 3rd quarter. BlackRock Inc. now owns 2,998,763 shares of the biotechnology company’s stock valued at $28,638,000 after purchasing an additional 910,427 shares in the last quarter. Millennium Management LLC increased its stake in Veracyte by 81.0% during the 4th quarter. Millennium Management LLC now owns 1,418,286 shares of the biotechnology company’s stock valued at $17,842,000 after purchasing an additional 634,597 shares in the last quarter. Nikko Asset Management Americas Inc. increased its stake in Veracyte by 23,740.9% during the 1st quarter. Nikko Asset Management Americas Inc. now owns 609,134 shares of the biotechnology company’s stock valued at $15,241,000 after purchasing an additional 606,579 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Veracyte during the 1st quarter valued at $14,934,000. Institutional investors own 87.47% of the company’s stock.
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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