Piper Jaffray Analyst Reiterates Overweight Rating on Shares of Veracyte Inc (VCYT)

Piper Jaffray analyst William Quirk reiterates an Overweight rating on Veracyte Inc (NASDAQ:VCYT) with a price target of $10.00, following the company’s quarterly results.

The analyst comments, “Veracyte reported a 23% yoy revenue increase to $14.7M, ~in line with the Street. EPS of ($0.40) missed consensus of ($0.33) due to higher opex. GEC volume increased 23%, above our forecast. Management reiterated FY16 guidance. We are leaving our revenue estimates largely unchanged, but increased our expense spend forecast. We believe the final CMS price for 2017 is a catalyst for the stock, with shares rallying on better-thanpreliminary rates. We continue to like the Afirma business and pipeline opportunity and remain Overweight with a $10 price target (was $12) based on ~4.4x FY17E EV/Rev (unchanged); higher opex forecast lowers our PT.”

According to TipRanks, the nalyst is ranked #1,718 of 4,085 analysts. He maintains a success rate of 51% and realizes an average profit of 1.8%.

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