Zacks: Brokerages Expect Veracyte Inc (VCYT) Will Post Quarterly Sales of $24.33 Million

Equities research analysts expect Veracyte Inc (NASDAQ:VCYT) to post sales of $24.33 million for the current quarter, according to Zacks. Three analysts have issued estimates for Veracyte’s earnings, with estimates ranging from $23.90 million to $24.60 million. Veracyte reported sales of $19.60 million in the same quarter last year, which indicates a positive year over year growth rate of 24.1%. The business is expected to announce its next earnings results after the market closes on Monday, February 25th.

On average, analysts expect that Veracyte will report full year sales of $90.58 million for the current year, with estimates ranging from $90.15 million to $90.80 million. For the next year, analysts forecast that the business will post sales of $109.82 million, with estimates ranging from $105.50 million to $112.50 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Veracyte.

A number of research analysts have weighed in on VCYT shares. BidaskClub raised shares of Veracyte from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 22nd. Zacks Investment Research raised shares of Veracyte from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Saturday, January 5th. William Blair reissued an “outperform” rating on shares of Veracyte in a research note on Tuesday, October 30th. Janney Montgomery Scott lowered shares of Veracyte from a “buy” rating to a “neutral” rating and set a $12.30 target price on the stock. in a research note on Thursday, November 29th. Finally, BTIG Research raised their target price on shares of Veracyte to $17.00 and gave the stock a “buy” rating in a research note on Friday, January 4th. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $15.08.

In other news, Chairman Bonnie H. Anderson sold 8,000 shares of Veracyte stock in a transaction that occurred on Monday, December 10th. The shares were sold at an average price of $12.13, for a total transaction of $97,040.00. Following the sale, the chairman now owns 59,236 shares of the company’s stock, valued at approximately $718,532.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Bonnie H. Anderson sold 25,500 shares of Veracyte stock in a transaction that occurred on Thursday, January 10th. The shares were sold at an average price of $15.29, for a total transaction of $389,895.00. Following the sale, the chairman now directly owns 94,041 shares in the company, valued at approximately $1,437,886.89. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. Group One Trading L.P. purchased a new stake in shares of Veracyte during the 4th quarter valued at approximately $29,000. Affinity Investment Advisors LLC raised its position in shares of Veracyte by 7.0% during the 4th quarter. Affinity Investment Advisors LLC now owns 49,927 shares of the biotechnology company’s stock valued at $628,000 after buying an additional 3,264 shares during the period. Essex Investment Management Co. LLC raised its position in shares of Veracyte by 1.4% during the 4th quarter. Essex Investment Management Co. LLC now owns 319,736 shares of the biotechnology company’s stock valued at $4,022,000 after buying an additional 4,450 shares during the period. Wells Fargo & Company MN raised its position in shares of Veracyte by 15.7% during the 3rd quarter. Wells Fargo & Company MN now owns 43,349 shares of the biotechnology company’s stock valued at $415,000 after buying an additional 5,885 shares during the period. Finally, Meeder Asset Management Inc. increased its holdings in Veracyte by 79.8% in the 3rd quarter. Meeder Asset Management Inc. now owns 16,178 shares of the biotechnology company’s stock valued at $154,000 after purchasing an additional 7,182 shares during the last quarter. 88.69% of the stock is currently owned by hedge funds and other institutional investors.

VCYT traded down $0.34 during trading on Wednesday, reaching $18.18. The company’s stock had a trading volume of 390,100 shares, compared to its average volume of 430,450. The company has a debt-to-equity ratio of 0.32, a current ratio of 9.14 and a quick ratio of 8.81. Veracyte has a 1 year low of $5.23 and a 1 year high of $19.44. The firm has a market capitalization of $750.80 million, a price-to-earnings ratio of -19.98 and a beta of 0.99.

About Veracyte

Veracyte, Inc operates as a genomic diagnostics company in the United States. It uses genomic technology to resolve diagnostic uncertainty. The company offers Afirma Thyroid FNA Analysis solution; cytopathology testing services; and the Afirma Malignancy Classifiers to manage thyroid nodule patients.

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