Veracyte (NASDAQ:VCYT) Shares Gap Up After Better-Than-Expected Earnings

Veracyte, Inc. (NASDAQ:VCYT - Get Free Report) shares gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $36.59, but opened at $39.70. Veracyte shares last traded at $39.44, with a volume of 388,041 shares changing hands.

The biotechnology company reported $0.19 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.17. Veracyte had a positive return on equity of 1.52% and a negative net margin of 13.52%. The business had revenue of $115.86 million for the quarter, compared to analyst estimates of $109.81 million. During the same period in the previous year, the firm earned ($0.03) EPS. The firm's revenue was up 28.6% compared to the same quarter last year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. 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. Needham & Company LLC upped their price objective on Veracyte from $37.00 to $44.00 and gave the company a "buy" rating in a report on Thursday. The Goldman Sachs Group lifted their target price on Veracyte from $34.00 to $38.00 and gave the stock a "buy" rating in a report on Thursday. Morgan Stanley upped their price target on shares of Veracyte from $21.00 to $26.00 and gave the company an "underweight" rating in a research note on Monday, August 12th. Finally, UBS Group boosted their price objective on shares of Veracyte from $43.00 to $46.00 and gave the company a "buy" rating in a report on Thursday. One research analyst has rated the stock with a sell rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $39.00.

Insiders Place Their Bets

In other news, Director Evan/ Fa Jones sold 1,032 shares of the company's stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $30.03, for a total transaction of $30,990.96. Following the completion of the sale, the director now owns 46,413 shares of the company's stock, valued at approximately $1,393,782.39. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Evan/ Fa Jones sold 1,032 shares of the company's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $30.03, for a total transaction of $30,990.96. Following the completion of the sale, the director now directly owns 46,413 shares in the company, valued at $1,393,782.39. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John Leite sold 5,479 shares of Veracyte stock in a transaction dated 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 in the company, valued at approximately $2,268,461.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,141 shares of company stock worth $1,035,116 over the last ninety days. Corporate insiders own 1.30% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. KBC Group NV increased its position in Veracyte by 13.7% in the 3rd quarter. KBC Group NV now owns 2,677 shares of the biotechnology company's stock valued at $91,000 after acquiring an additional 323 shares during the period. Inspire Investing LLC increased its position in Veracyte by 2.1% in the 2nd quarter. Inspire Investing LLC now owns 16,462 shares of the biotechnology company's stock valued at $357,000 after buying an additional 340 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Veracyte by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,778 shares of the biotechnology company's stock worth $94,000 after purchasing an additional 496 shares during the period. CANADA LIFE ASSURANCE Co lifted its stake in shares of Veracyte by 6.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 8,198 shares of the biotechnology company's stock valued at $182,000 after buying an additional 530 shares in the last quarter. Finally, Arizona State Retirement System lifted its position in Veracyte by 3.7% in the 2nd quarter. Arizona State Retirement System now owns 20,806 shares of the biotechnology company's stock valued at $451,000 after acquiring an additional 733 shares in the last quarter.

Veracyte Stock Up 2.0 %

The company has a market cap of $2.87 billion, a PE ratio of -51.92 and a beta of 1.67. The company has a 50-day moving average of $33.06 and a 200-day moving average of $26.79.

Veracyte Company Profile

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.