Shares of Veracyte Inc. (VCYT) surged 8.5% in premarket trading on Tuesday, fueled by the company's impressive third-quarter 2024 financial results and bullish analyst reactions.
Veracyte reported quarterly adjusted earnings of $0.19 per share, significantly higher than analysts' expectations of $0.03 per share. The company's revenue also exceeded estimates, rising 28.6% year-over-year to $115.86 million, surpassing the consensus forecast of $109.81 million.
Following the strong quarterly performance, several analysts have raised their price targets and reiterated buy ratings on Veracyte. UBS analyst raised the firm's price target on Veracyte to $46 from $43, citing the company's robust financial results and growth potential. Needham analyst Michael Matson reiterated a Buy rating and increased the price target to $44, highlighting Veracyte's strong financial performance and growth prospects.
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