Veracyte (NASDAQ:VCYT) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Veracyte (NASDAQ:VCYT) issued its quarterly earnings data on Tuesday. The biotechnology company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.04, Fidelity Earnings reports. Veracyte had a negative return on equity of 23.43% and a negative net margin of 15.51%. The firm had revenue of $30.14 million during the quarter, compared to analyst estimates of $29.20 million. Veracyte updated its FY 2019 guidance to EPS.

VCYT traded down $0.25 during midday trading on Wednesday, hitting $29.36. 23,481 shares of the company were exchanged, compared to its average volume of 561,107. The business has a 50 day moving average of $28.28. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of -47.32 and a beta of 1.02. The company has a quick ratio of 6.06, a current ratio of 6.32 and a debt-to-equity ratio of 0.15. Veracyte has a 1-year low of $8.77 and a 1-year high of $31.18.

In other Veracyte news, Chairman Bonnie H. Anderson sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $22.99, for a total value of $183,920.00. Following the transaction, the chairman now directly owns 103,292 shares of the company’s stock, valued at approximately $2,374,683.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher M. Hall sold 115,000 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $25.26, for a total transaction of $2,904,900.00. Following the completion of the transaction, the insider now directly owns 71,462 shares in the company, valued at $1,805,130.12. The disclosure for this sale can be found here. Insiders have sold a total of 139,000 shares of company stock worth $3,529,780 over the last ninety days. 8.30% of the stock is owned by insiders.

VCYT has been the topic of several research reports. Needham & Company LLC initiated coverage on Veracyte in a research report on Tuesday, July 2nd. They issued a “buy” rating and a $33.00 target price on the stock. Zacks Investment Research downgraded Zynex from a “hold” rating to a “sell” rating in a research report on Saturday, May 4th. Lake Street Capital initiated coverage on Veracyte in a research report on Wednesday. They issued a “buy” rating and a $35.00 target price on the stock. Finally, BidaskClub downgraded Westport Fuel Systems from a “buy” rating to a “hold” rating in a research report on Friday, July 19th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $24.86.

About Veracyte

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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Earnings History for Veracyte (NASDAQ:VCYT)

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