Veracyte (NASDAQ:VCYT) Issues Earnings Results

Veracyte (NASDAQ:VCYT) posted its quarterly earnings results on Monday. The biotechnology company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.05), Zacks reports. Veracyte had a negative net margin of 2.18% and a positive return on equity of 3.02%.

Veracyte Stock Performance

Shares of VCYT stock traded up $0.18 during trading hours on Monday, reaching $39.36. The company had a trading volume of 1,098,485 shares, compared to its average volume of 798,643. Veracyte has a 12-month low of $18.61 and a 12-month high of $47.32. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of -262.40 and a beta of 1.71. The stock has a fifty day moving average of $41.96 and a 200-day moving average of $37.53.

Wall Street Analysts Forecast Growth

VCYT has been the topic of several research reports. The Goldman Sachs Group reiterated a “neutral” rating and issued a $37.00 price target (down previously from $38.00) on shares of Veracyte in a report on Thursday, December 5th. Needham & Company LLC increased their price objective on shares of Veracyte from $44.00 to $51.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Scotiabank boosted their target price on shares of Veracyte from $40.00 to $44.00 and gave the company a “sector outperform” rating in a research report on Friday, November 8th. StockNews.com downgraded Veracyte from a “buy” rating to a “hold” rating in a research report on Tuesday, February 18th. Finally, Wolfe Research began coverage on Veracyte in a report on Friday, November 15th. They issued an “outperform” rating and a $50.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Veracyte has a consensus rating of “Moderate Buy” and an average price target of $42.00.

Insiders Place Their Bets

In related news, CFO Rebecca Chambers sold 7,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $43.23, for a total value of $302,610.00. Following the sale, the chief financial officer now owns 114,037 shares in the company, valued at approximately $4,929,819.51. The trade was a 5.78 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jonathan Wygant sold 5,032 shares of the stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $42.89, for a total transaction of $215,822.48. Following the sale, the chief accounting officer now directly owns 42,313 shares in the company, valued at $1,814,804.57. This represents a 10.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,565 shares of company stock valued at $1,031,406 in the last three months. 1.30% of the stock is currently owned by insiders.

About Veracyte

Veracyte, Inc engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H.