Yahoo Finance Looking for Medical Stocks? The Zacks Rank Can Help You Find Winners
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Should You Buy #1 (Strong Buy)-Ranked Veracyte (VCYT) for Your Portfolio?
Veracyte was upgraded to the Zacks Rank #1 list on May 10, 2024. The Zacks Rank is a unique stock-rating model that helps you take advantage of earnings estimate revision trends and provides a way to get into stocks highly sought after by institutional investors.
Headquartered in San Francisco, CA, Veracyte is a global diagnostics company that provides clinicians valuable insights to diagnose and treat cancer. The company has a wide array of advanced genomic tests that leverage deep scientific, clinical and machine learning expertise and other capabilities. Presently, the portfolio includes Afirma (for thyroid cancer), Decipher Prostate (prostate cancer), Prosigna (breast cancer), Envisia (interstitial lung diseases) and Decipher Bladder (bladder cancer), with additional tests in development.
Two analysts revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0.10 to -$0.19 per share. VCYT also boasts an average earnings surprise of 59.7%.
Earnings are expected to grow 81.4% for the current fiscal year, while revenue is projected to increase 11.9%.
VCYT has been moving higher over the past four weeks as well, up 7% compared to the S&P 500's gain of 4%.
Bottom Line
With a #1 (Strong Buy) ranking, positive trend in earnings estimate revisions, and strong market momentum, Veracyte could be just the stock to help your portfolio generate returns that could fund your retirement, your kids' college tuition, or your short- and long-term savings goals.
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