Zacks: Analysts Anticipate Veracyte, Inc. (NASDAQ:VCYT) Will Post Quarterly Sales of $67.37 Million

Posted by on Jun 7th, 2022

Equities analysts forecast that Veracyte, Inc. (NASDAQ:VCYT – Get Rating) will announce sales of $67.37 million for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided estimates for Veracyte’s earnings. The highest sales estimate is $69.01 million and the lowest is $65.50 million. Veracyte reported sales of $55.11 million during the same quarter last year, which indicates a positive year over year growth rate of 22.2%. The company is scheduled to report its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Veracyte will report full-year sales of $271.62 million for the current financial year, with estimates ranging from $267.60 million to $275.19 million. For the next fiscal year, analysts anticipate that the business will post sales of $325.63 million, with estimates ranging from $310.90 million to $334.66 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Veracyte.

Veracyte (NASDAQ:VCYT – Get Rating) last posted its earnings results on Tuesday, May 3rd. The biotechnology company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.03. Veracyte had a negative net margin of 19.22% and a negative return on equity of 4.09%. During the same period in the previous year, the company earned ($0.11) earnings per share.

Several research analysts have recently commented on VCYT shares. Raymond James cut their price objective on Veracyte from $62.00 to $34.00 and set an “outperform” rating for the company in a report on Tuesday, March 1st. Stephens reduced their price target on Veracyte from $52.00 to $44.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 2nd. StockNews.com started coverage on Veracyte in a report on Thursday, March 31st. They set a “sell” rating on the stock. SVB Leerink lowered their target price on Veracyte from $45.00 to $40.00 and set an “outperform” rating on the stock in a report on Tuesday, March 1st. Finally, Zacks Investment Research upgraded Veracyte from a “sell” rating to a “hold” rating in a research report on Thursday, May 5th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $42.38.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its position in shares of Veracyte by 84.3% during the 3rd quarter. Wellington Management Group LLP now owns 5,069,351 shares of the biotechnology company’s stock valued at $235,471,000 after acquiring an additional 2,319,050 shares during the period. ARK Investment Management LLC grew its stake in shares of Veracyte by 17.8% during the 4th quarter. ARK Investment Management LLC now owns 8,222,281 shares of the biotechnology company’s stock valued at $338,758,000 after buying an additional 1,242,080 shares during the period. State Street Corp grew its stake in shares of Veracyte by 45.5% during the 1st quarter. State Street Corp now owns 3,945,870 shares of the biotechnology company’s stock valued at $108,788,000 after buying an additional 1,234,244 shares during the period. Candriam Luxembourg S.C.A. purchased a new stake in Veracyte during the 1st quarter worth $10,440,000. Finally, Norges Bank purchased a new stake in Veracyte during the 4th quarter worth $13,299,000.

NASDAQ VCYT opened at $17.36 on Tuesday. The company has a fifty day simple moving average of $21.34 and a 200 day simple moving average of $28.61. Veracyte has a 12-month low of $14.85 and a 12-month high of $54.13. The company has a market cap of $1.24 billion, a P/E ratio of -25.53 and a beta of 1.12.

Veracyte Company Profile (Get Rating)

Veracyte, Inc operates as a diagnostics company worldwide. The company offers Afirma Genomic Sequencing Classifier and Xpression Atlas, which are used to determine patients with indeterminate results are benign to avoid unnecessary surgery; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Genomic Sequencing Classifier and Percepta Nasal Swab Test for lung cancer diagnosis; Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis; and Immunoscore Colon Cancer test for colon cancer diagnosis.

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