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Veracyte (VCYT) Stock Jumps 13.2%: Will It Continue to Soar?
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Veracyte (VCYT - Free Report) shares ended the last trading session 13.2% higher at $25.56. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 5.7% gain over the past four weeks.
Last month, Veracyte presented new data suggesting the potential of novel molecular signatures to identify patients with thyroid nodules or cancer who have aggressive disease. The results, derived using its Afirma GRID (Genomic Resource for Intelligent Discovery) tool, could potentially help clinicians personalize care based on each patient’s tumor biology. Furthermore, the company reported a narrower loss in the first quarter of 2024, while revenues jumped 17.5% year over year.
This molecular diagnostic company is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of +75%. Revenues are expected to be $100.34 million, up 11.1% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Veracyte, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on VCYT going forward to see if this recent jump can turn into more strength down the road.
Veracyte is part of the Zacks Medical - Instruments industry. EDAP TMS S.A. (EDAP - Free Report) , another stock in the same industry, closed the last trading session 4.2% higher at $5.20. EDAP has returned -6.5% in the past month.
EDAP TMS's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.13. Compared to the company's year-ago EPS, this represents a change of +7.1%. EDAP TMS currently boasts a Zacks Rank of #4 (Sell).
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Veracyte (VCYT) Stock Jumps 13.2%: Will It Continue to Soar?
Veracyte (VCYT - Free Report) shares ended the last trading session 13.2% higher at $25.56. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 5.7% gain over the past four weeks.
Last month, Veracyte presented new data suggesting the potential of novel molecular signatures to identify patients with thyroid nodules or cancer who have aggressive disease. The results, derived using its Afirma GRID (Genomic Resource for Intelligent Discovery) tool, could potentially help clinicians personalize care based on each patient’s tumor biology. Furthermore, the company reported a narrower loss in the first quarter of 2024, while revenues jumped 17.5% year over year.
This molecular diagnostic company is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of +75%. Revenues are expected to be $100.34 million, up 11.1% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Veracyte, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on VCYT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Veracyte is part of the Zacks Medical - Instruments industry. EDAP TMS S.A. (EDAP - Free Report) , another stock in the same industry, closed the last trading session 4.2% higher at $5.20. EDAP has returned -6.5% in the past month.
EDAP TMS's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.13. Compared to the company's year-ago EPS, this represents a change of +7.1%. EDAP TMS currently boasts a Zacks Rank of #4 (Sell).