Equities research analysts expect Veracyte, Inc. (NASDAQ:VCYT) to announce $18.27 million in sales for the current quarter, Zacks reports. Three analysts have made estimates for Veracyte’s earnings, with estimates ranging from $17.70 million to $19.10 million. Veracyte reported sales of $14.68 million during the same quarter last year, which would suggest a positive year over year growth rate of 24.5%. The company is expected to issue its next earnings report on Wednesday, August 2nd.
According to Zacks, analysts expect that Veracyte will report full-year sales of $18.27 million for the current financial year, with estimates ranging from $76.00 million to $79.99 million. For the next year, analysts expect that the company will post sales of $103.00 million per share, with estimates ranging from $100.10 million to $108.69 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that that provide coverage for Veracyte.
Veracyte (NASDAQ:VCYT) last announced its earnings results on Wednesday, May 3rd. The biotechnology company reported ($0.24) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.24). Veracyte had a negative return on equity of 66.79% and a negative net margin of 43.40%. The firm had revenue of $16.43 million for the quarter, compared to the consensus estimate of $18.09 million.
A number of research firms have weighed in on VCYT. Janney Montgomery Scott restated a “buy” rating and issued a $15.00 price target on shares of Veracyte in a research note on Wednesday, June 28th. Zacks Investment Research cut Veracyte from a “buy” rating to a “hold” rating in a research note on Tuesday, March 7th. Cantor Fitzgerald set a $13.00 price target on Veracyte and gave the company a “buy” rating in a research note on Thursday, May 18th. Finally, BTIG Research restated a “buy” rating and issued a $12.00 price target on shares of Veracyte in a research note on Friday, March 10th. 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 price target of $11.83.
Hedge funds have recently bought and sold shares of the company. Trexquant Investment LP purchased a new stake in Veracyte during the fourth quarter worth approximately $161,000. Renaissance Technologies LLC boosted its stake in Veracyte by 26.3% in the fourth quarter. Renaissance Technologies LLC now owns 216,900 shares of the biotechnology company’s stock worth $1,679,000 after buying an additional 45,126 shares during the period. GSA Capital Partners LLP purchased a new stake in Veracyte during the fourth quarter worth approximately $117,000. Two Sigma Investments LP purchased a new stake in Veracyte during the fourth quarter worth approximately $285,000. Finally, Numeric Investors LLC purchased a new stake in Veracyte during the fourth quarter worth approximately $785,000. Institutional investors and hedge funds own 63.10% of the company’s stock.
Shares of Veracyte (VCYT) traded down 1.94% on Wednesday, reaching $8.10. The company had a trading volume of 13,338 shares. Veracyte has a 12 month low of $4.82 and a 12 month high of $9.71. The firm’s 50 day moving average is $8.03 and its 200 day moving average is $8.09. The firm’s market capitalization is $274.35 million.
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.
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