Leerink Swann Research Analysts Increase Earnings Estimates for Veracyte Inc (VCYT)

Veracyte Inc (NASDAQ:VCYT) – Research analysts at Leerink Swann raised their FY2018 earnings estimates for Veracyte in a research note issued to investors on Monday, October 29th. Leerink Swann analyst P. Souda now forecasts that the biotechnology company will post earnings per share of ($0.66) for the year, up from their prior forecast of ($0.90). Leerink Swann also issued estimates for Veracyte’s Q4 2018 earnings at ($0.10) EPS, Q1 2019 earnings at ($0.11) EPS, Q2 2019 earnings at ($0.10) EPS, Q3 2019 earnings at ($0.09) EPS, Q4 2019 earnings at ($0.08) EPS, FY2019 earnings at ($0.39) EPS and FY2020 earnings at ($0.13) EPS.

Veracyte (NASDAQ:VCYT) last released its quarterly earnings data on Monday, October 29th. The biotechnology company reported ($0.12) EPS for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.13. Veracyte had a negative net margin of 33.00% and a negative return on equity of 91.38%. The company had revenue of $23.47 million during the quarter, compared to analyst estimates of $21.52 million.

A number of other research firms have also commented on VCYT. BidaskClub upgraded shares of Veracyte from a “buy” rating to a “strong-buy” rating in a research report on Friday, July 6th. Zacks Investment Research upgraded shares of Veracyte from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research report on Friday, July 27th. Piper Jaffray Companies raised their price objective on shares of Veracyte to $11.00 and gave the company a “neutral” rating in a research report on Tuesday, July 24th. ValuEngine lowered shares of Veracyte from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 21st. Finally, Janney Montgomery Scott upgraded shares of Veracyte from a “neutral” rating to a “buy” rating in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $11.50.

VCYT stock opened at $14.85 on Thursday. The company has a debt-to-equity ratio of 0.98, a current ratio of 4.01 and a quick ratio of 3.71. Veracyte has a 12 month low of $5.23 and a 12 month high of $15.19. The company has a market capitalization of $331.52 million, a PE ratio of -16.32 and a beta of 1.82.

In related news, insider Christopher M. Hall sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $12.00, for a total value of $240,000.00. Following the sale, the insider now directly owns 36,692 shares of the company’s stock, valued at $440,304. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Bonnie H. Anderson sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $12.00, for a total transaction of $72,000.00. Following the completion of the sale, the chairman now directly owns 58,541 shares in the company, valued at $702,492. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. GSA Capital Partners LLP purchased a new stake in Veracyte in the second quarter valued at approximately $171,000. Bank of Montreal Can purchased a new stake in Veracyte in the second quarter valued at approximately $182,000. Sigma Planning Corp purchased a new stake in Veracyte in the second quarter valued at approximately $217,000. Engineers Gate Manager LP purchased a new stake in Veracyte in the second quarter valued at approximately $231,000. Finally, First Hawaiian Bank purchased a new stake in Veracyte in the third quarter valued at approximately $295,000. 82.39% of the stock is currently owned by institutional investors and hedge funds.

About Veracyte

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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