Equities analysts forecast that Veracyte Inc (NASDAQ:VCYT) will announce $21.52 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for Veracyte’s earnings. The highest sales estimate is $22.01 million and the lowest is $21.00 million. Veracyte posted sales of $17.52 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 22.8%. The business is scheduled to announce its next quarterly earnings report on Monday, November 5th.

According to Zacks, analysts expect that Veracyte will report full-year sales of $88.12 million for the current fiscal year, with estimates ranging from $87.40 million to $88.94 million. For the next financial year, analysts anticipate that the company will post sales of $106.13 million per share, with estimates ranging from $104.00 million to $109.50 million. Zacks’ sales averages are a mean average based on a survey of analysts that cover Veracyte.

Veracyte (NASDAQ:VCYT) last issued its quarterly earnings results on Monday, July 23rd. The biotechnology company reported ($0.18) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.09. The firm had revenue of $22.75 million for the quarter, compared to analyst estimates of $20.67 million. Veracyte had a negative net margin of 38.69% and a negative return on equity of 91.03%.

A number of equities analysts have recently commented on VCYT shares. BidaskClub lowered shares of Veracyte from a “strong-buy” rating to a “buy” rating in a report on Friday. Zacks Investment Research raised shares of Veracyte from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a report on Friday, July 27th. ValuEngine raised shares of Veracyte from a “hold” rating to a “buy” rating in a report on Wednesday, June 20th. Finally, Piper Jaffray Companies increased their price target on shares of Veracyte to $11.00 and gave the stock a “neutral” rating in a report on Tuesday, July 24th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Veracyte currently has a consensus rating of “Buy” and a consensus price target of $11.50.

Shares of NASDAQ:VCYT traded up $0.17 during trading on Friday, reaching $11.42. The company had a trading volume of 10,140 shares, compared to its average volume of 251,771. The firm has a market capitalization of $392.64 million, a price-to-earnings ratio of -12.23 and a beta of 1.79. Veracyte has a 12 month low of $5.23 and a 12 month high of $12.86. The company has a debt-to-equity ratio of 0.98, a current ratio of 4.01 and a quick ratio of 3.71.

In related news, COO Christopher M. Hall sold 10,509 shares of the stock in a transaction on Friday, June 15th. The shares were sold at an average price of $9.00, for a total transaction of $94,581.00. Following the transaction, the chief operating officer now owns 42,964 shares of the company’s stock, valued at approximately $386,676. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Christopher M. Hall sold 20,000 shares of the stock in a transaction on Thursday, August 9th. The shares were sold at an average price of $12.00, for a total transaction of $240,000.00. Following the transaction, the insider now directly owns 36,692 shares in the company, valued at approximately $440,304. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 643,459 shares of company stock worth $6,900,166. 13.70% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in VCYT. ARK Investment Management LLC grew its holdings in shares of Veracyte by 33.8% during the 2nd quarter. ARK Investment Management LLC now owns 3,760,659 shares of the biotechnology company’s stock valued at $35,125,000 after purchasing an additional 949,365 shares during the last quarter. Cannell Capital LLC grew its holdings in Veracyte by 17.1% in the 2nd quarter. Cannell Capital LLC now owns 2,412,344 shares of the biotechnology company’s stock worth $22,531,000 after acquiring an additional 353,111 shares during the last quarter. BlackRock Inc. grew its holdings in Veracyte by 15.4% in the 2nd quarter. BlackRock Inc. now owns 2,088,336 shares of the biotechnology company’s stock worth $19,505,000 after acquiring an additional 278,240 shares during the last quarter. Millennium Management LLC grew its holdings in Veracyte by 18.8% in the 2nd quarter. Millennium Management LLC now owns 861,836 shares of the biotechnology company’s stock worth $8,050,000 after acquiring an additional 136,096 shares during the last quarter. Finally, Perkins Capital Management Inc. grew its holdings in Veracyte by 678.4% in the 2nd quarter. Perkins Capital Management Inc. now owns 150,855 shares of the biotechnology company’s stock worth $1,409,000 after acquiring an additional 131,475 shares during the last quarter. 71.54% of the stock is currently owned by institutional investors.

Veracyte Company Profile

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

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Earnings History and Estimates for Veracyte (NASDAQ:VCYT)

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