Skip to main content

Market Overview

Veracyte Stock Moves Higher As Q2 Earnings Surpass Expectations; Analysts Raise Price Target

Veracyte Stock Moves Higher As Q2 Earnings Surpass Expectations; Analysts Raise Price Target
  • Genomic testing firm Veracyte Inc (NASDAQ: VCYT) reported after the close of the market on Thursday that its second-quarter 2021 revenues rose 166% Y/Y driven by a boom in test volume.
  • Total revenues reached $55.1 million, beating Wall Street analysts' average estimate of $48.1 million.
  • Veracyte's testing revenues jumped more than 230% to $50.8 million, while product revenues rose 59% to $2.7 million.
  • Biopharmaceutical revenues, meanwhile, shrank 58% to $1.6 million from $3.8 million.
  • The firm reported that testing volume for its commercial assays continued to grow in Q2, reaching 20,856 tests during the recently completed quarter, more than triple what it billed in the same period of 2020.
  • On a call discussing the firm's financial results, Veracyte CEO Mark Stapley cited growth in its thyroid and urologic cancer business as specific drivers for the quarter's momentum.
  • The Company posted a narrower net loss of $(0.13) compared to $(0.22) a year ago, far below the consensus of $(0.25).
  • The firm revised its full-year 2021 revenue guidance to $200 million - $208 million (consensus of $197.9 million) from the previous outlook of $190 million - $200 million.
  • Analyst Reactions: SVB Leerink maintains an Outperform on the stock and beefs up the price target from $55 to $60.
  • Needham also keeps the Buy rating, increasing the price target from $54 to $55.
  • Price Action: VCYT shares are up 12.3% at $44.05 during the market session on the last check Friday.

Latest Ratings for VCYT

Jul 2021Morgan StanleyMaintainsUnderweight
Jul 2021NeedhamMaintainsBuy
Jul 2021SVB LeerinkMaintainsOutperform

View More Analyst Ratings for VCYT
View the Latest Analyst Ratings


Related Articles (VCYT)

View Comments and Join the Discussion!

Posted-In: Earnings Long Ideas News Guidance Health Care Price Target Analyst Ratings Movers

Latest Ratings

RYCEYRedburn PartnersUpgrades
MMENCanaccord GenuityUpgrades0.400
VTEXMorgan StanleyUpgrades30.0
CRMRBC CapitalMaintains325.0
NKEB of A SecuritiesMaintains160.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at