Veracyte Inc. (NASDAQ:VCYT) issued an update on its third quarter earnings guidance on Monday morning. The company provided EPS guidance of ($0.21)-(0.20) for the period, compared to the Thomson Reuters consensus EPS estimate of ($0.39). The company issued revenue guidance of $18.6 million, compared to the consensus revenue estimate of $15.63 million.
Shares of Veracyte Inc. (NASDAQ:VCYT) opened at 7.59 on Tuesday. The firm has a 50 day moving average of $6.96 and a 200-day moving average of $5.68. The stock’s market capitalization is $211.49 million. Veracyte Inc. has a 12 month low of $4.21 and a 12 month high of $8.19.
Veracyte (NASDAQ:VCYT) last released its earnings results on Wednesday, August 3rd. The company reported ($0.40) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.33) by $0.07. Veracyte had a negative return on equity of 82.26% and a negative net margin of 70.10%. The company earned $14.68 million during the quarter, compared to analyst estimates of $14.80 million. During the same period in the prior year, the business posted ($0.35) earnings per share. Veracyte’s revenue was up 23.5% on a year-over-year basis. Analysts forecast that Veracyte Inc. will post ($1.47) earnings per share for the current year.
Several equities research analysts recently issued reports on VCYT shares. Zacks Investment Research cut shares of Veracyte from a hold rating to a sell rating in a research report on Thursday, October 6th. Cantor Fitzgerald reissued a buy rating and issued a $13.00 target price on shares of Veracyte in a research report on Tuesday, June 21st. Leerink Swann reissued a buy rating on shares of Veracyte in a research report on Thursday, June 23rd. Finally, Piper Jaffray Cos. reissued an overweight rating and issued a $10.00 target price (down from $12.00) on shares of Veracyte in a research report on Thursday, August 4th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $9.70.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Investment Management LLC boosted its position in shares of Veracyte by 1.5% in the second quarter. BlackRock Investment Management LLC now owns 47,453 shares of the company’s stock worth $239,000 after buying an additional 720 shares during the period. Spark Investment Management LLC boosted its position in Veracyte by 1.5% in the second quarter. Spark Investment Management LLC now owns 59,100 shares of the company’s stock worth $297,000 after buying an additional 900 shares during the last quarter. State Street Corp boosted its position in Veracyte by 3.6% in the second quarter. State Street Corp now owns 146,503 shares of the company’s stock worth $741,000 after buying an additional 5,109 shares during the last quarter. BlackRock Fund Advisors boosted its position in Veracyte by 1.9% in the second quarter. BlackRock Fund Advisors now owns 361,743 shares of the company’s stock worth $1,820,000 after buying an additional 6,891 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Veracyte by 60.8% in the second quarter. Vanguard Group Inc. now owns 526,438 shares of the company’s stock worth $2,648,000 after buying an additional 199,073 shares during the last quarter. 55.10% of the stock is currently owned by hedge funds and other institutional investors.
Veracyte, Inc is a molecular diagnostics company. The Company is engaged in developing and delivering genomic solutions that resolve diagnostic ambiguity and enable physicians to make informed treatment decisions at an early-stage in patient care. The Company targets diseases in which various patients undergo diagnostic procedures that could be avoided with diagnosis from a cytology sample taken preoperatively.
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