Veracyte (VCYT) PT Lowered to $10 at Piper Jaffray Following Results

Piper Jaffray analyst William Quirk lowered his price target on Veracyte, Inc (NASDAQ: VCYT) to $10.00 (from $12.00) but maitnained a Overweight on the stock following results.

Quirk commented, "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."

For an analyst ratings summary and ratings history on Veracyte, Inc click here. For more ratings news on Veracyte, Inc click here.

Shares of Veracyte, Inc closed at $4.93 yesterday.

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