Veracyte Stock Moves Higher As Q2 Earnings Surpass Expectations; Analysts Raise Price Target - Veracyte (NASDAQ:VCYT)

Genomic testing firm Veracyte Inc 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.