Veracyte (VCYT) Set to Announce Earnings on Wednesday

Veracyte (NASDAQ:VCYT - Get Free Report) is set to issue its quarterly earnings data after the market closes on Wednesday, November 6th. Analysts expect the company to announce earnings of $0.02 per share for the quarter. Veracyte has set its FY 2024 guidance at EPS.Persons that are interested in participating in the company's earnings conference call can do so using this link.

Veracyte (NASDAQ:VCYT - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The biotechnology company reported $0.07 EPS for the quarter, beating analysts' consensus estimates of ($0.03) by $0.10. Veracyte had a negative net margin of 13.52% and a positive return on equity of 1.52%. The business had revenue of $114.43 million for the quarter, compared to analyst estimates of $100.27 million. During the same quarter in the prior year, the business earned ($0.12) EPS. Veracyte's quarterly revenue was up 26.7% on a year-over-year basis. On average, analysts expect Veracyte to post $0 EPS for the current fiscal year and $0 EPS for the next fiscal year.

Veracyte Trading Up 1.8 %

Shares of NASDAQ:VCYT traded up $0.62 during trading on Wednesday, reaching $35.00. 327,982 shares of the stock were exchanged, compared to its average volume of 755,312. Veracyte has a 12 month low of $18.61 and a 12 month high of $35.51. The stock has a 50-day moving average price of $32.66 and a 200-day moving average price of $26.17. The firm has a market cap of $2.68 billion, a PE ratio of -37.20 and a beta of 1.67.

Analysts Set New Price Targets

Several research firms have weighed in on VCYT. UBS Group assumed coverage on Veracyte in a research report on Wednesday, October 16th. They set a "buy" rating and a $43.00 price objective on the stock. Morgan Stanley increased their target price on shares of Veracyte from $21.00 to $26.00 and gave the stock an "underweight" rating in a research report on Monday, August 12th. Leerink Partners upped their target price on Veracyte from $35.00 to $40.00 and gave the company an "outperform" rating in a research report on Thursday, October 17th. Guggenheim initiated coverage on Veracyte in a research report on Thursday, October 10th. They issued a "buy" rating and a $40.00 price target on the stock. Finally, Needham & Company LLC upped their price objective on shares of Veracyte from $31.00 to $37.00 and gave the stock a "buy" rating in a research report on Wednesday, August 28th. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $35.67.

Insider Activity

In related news, insider John Leite sold 5,479 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total value of $163,164.62. Following the completion of the transaction, the insider now owns 76,174 shares of the company's stock, valued at $2,268,461.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider John Leite sold 5,479 shares of Veracyte stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $29.78, for a total transaction of $163,164.62. Following the transaction, the insider now owns 76,174 shares in the company, valued at approximately $2,268,461.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Evan/ Fa Jones sold 20,457 shares of Veracyte stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $32.20, for a total value of $658,715.40. Following the transaction, the director now directly owns 34,343 shares in the company, valued at $1,105,844.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,141 shares of company stock worth $1,180,116. Corporate insiders own 1.30% of the company's stock.

About Veracyte

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.