Trading Report: Today, Leerink Swann Brokers Lower Earnings Estimates for Veracyte Inc. (VCYT)

Today, Leerink Swann Brokers Lower Earnings Estimates for Veracyte Inc. (VCYT)

Veracyte Inc. (NASDAQ:VCYT) – Leerink Swann reduced their FY2016 earnings estimates for shares of Veracyte in a research report issued to clients and investors on Tuesday. Leerink Swann analyst P. Souda now forecasts that the firm will post earnings per share of ($1.17) for the year, down from their previous forecast of ($1.11). Leerink Swann currently has a “Buy” rating and a $12.00 target price on the stock. Leerink Swann also issued estimates for Veracyte’s Q4 2016 earnings at ($0.21) EPS, Q4 2017 earnings at ($0.23) EPS, FY2017 earnings at ($0.82) EPS and FY2019 earnings at ($0.02) EPS.

Other equities analysts also recently issued research reports about the company. Cantor Fitzgerald set a $13.00 price target on Veracyte and gave the company a “buy” rating in a research note on Tuesday. Zacks Investment Research upgraded Veracyte from a “sell” rating to a “hold” rating in a research note on Thursday, October 27th. William Blair restated an “outperform” rating on shares of Veracyte in a research note on Tuesday, October 18th. Finally, Piper Jaffray Cos. restated an “overweight” rating and issued a $10.00 target price (down previously from $12.00) on shares of Veracyte in a research note on Thursday, August 4th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $10.55.

Veracyte (NASDAQ:VCYT) traded down 0.91% during trading on Friday, reaching $7.66. The company’s stock had a trading volume of 25,184 shares. Veracyte has a 12 month low of $4.21 and a 12 month high of $8.45. The stock’s 50 day moving average is $7.44 and its 200 day moving average is $6.04. The company’s market cap is $214.10 million.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Thursday, November 3rd. The company reported ($0.20) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.36) by $0.16. Veracyte had a negative return on equity of 88.36% and a negative net margin of 57.45%. The firm had revenue of $18.60 million for the quarter, compared to analyst estimates of $15.76 million. During the same quarter last year, the company earned ($0.32) EPS. The company’s revenue was up 50.7% on a year-over-year basis.

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Investment Management LLC increased its position in Veracyte by 5.9% in the third quarter. BlackRock Investment Management LLC now owns 50,259 shares of the company’s stock valued at $382,000 after buying an additional 2,806 shares during the last quarter. Strs Ohio increased its position in Veracyte by 638.5% in the third quarter. Strs Ohio now owns 14,031 shares of the company’s stock valued at $106,000 after buying an additional 12,131 shares during the last quarter. Grandeur Peak Global Advisors LLC increased its position in Veracyte by 28.6% in the second quarter. Grandeur Peak Global Advisors LLC now owns 566,636 shares of the company’s stock valued at $2,850,000 after buying an additional 126,125 shares during the last quarter. Kopp Investment Advisors LLC increased its position in Veracyte by 55.7% in the second quarter. Kopp Investment Advisors LLC now owns 21,975 shares of the company’s stock valued at $111,000 after buying an additional 7,860 shares during the last quarter. Finally, State Street Corp increased its position in Veracyte by 3.6% in the second quarter. State Street Corp now owns 146,503 shares of the company’s stock valued at $741,000 after buying an additional 5,109 shares during the last quarter. Institutional investors and hedge funds own 47.49% of the company’s stock.

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