Analyst Matthew Sykes of Goldman Sachs maintained a Buy rating on Veracyte (VCYT – Research Report), retaining the price target of $28.00.
Matthew Sykes has given his Buy rating due to a combination of factors that indicate Veracyte’s strong performance and promising outlook. Veracyte’s first quarter revenue surpassed expectations, with a significant 17.5% year-over-year growth, beating both the consensus and Goldman Sachs estimates. Moreover, their adjusted earnings per share for the quarter exceeded predictions, reflecting a more robust financial position than anticipated.
Sykes’ optimism is further bolstered by the company’s upward revision of its full-year revenue guidance and end-of-year cash balance projections, signaling confidence in sustained growth. Additionally, Veracyte shows continuous execution excellence, particularly in their Afirma and Decipher Prostate products, which have consistently outperformed over several quarters. Their strategic focus on global expansion, addressing new cancer challenges, and the development of a whole-genome MRD test for bladder cancer positions them well for future commercial success.
According to TipRanks, Sykes is an analyst with an average return of -2.8% and a 48.44% success rate. Sykes covers the Healthcare sector, focusing on stocks such as Bruker, Exact Sciences, and Pacific Biosciences.
In another report released on May 8, Needham also reiterated a Buy rating on the stock with a $27.00 price target.
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Veracyte (VCYT) Company Description:
Veracyte, Inc. engages in the research, development and commercialization of diagnostic products. The firm’s portfolio includes Afirma, Percepta, and Envisia. It intends to treat thyroid cancer, improve lung cancer screening, and clarify the diagnosis of idiopathic pulmonary fibrosis. The company was founded by Bonnie H. Anderson and Y. Douglas Dolginow on August 15, 2006 and is headquartered in South San Francisco, CA.
