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Veracyte reports preliminary Q3 EPS (20c)-(21c), consensus (39c)
Reports preliminary Q3 revenue $18.6M, consensus $15.72M.
Cowen surprised Anthem still considers Veracyte's Afirma investigational
Cowen analyst Doug Schenkel noted that a new Anthem (ANTM) medical policy on thyroid nodule testing went into effect today, in which the insurer stated that it still considers Veracyte's (VCYT) Afirma GEC test "investigational and not medically necessary". The updated medical policy is a bit of a "surprising disappointment," said Schenkelm, though he added that the new policy "clearly does not consider some newer data." Veracyte's management is still optimistic that Anthem will issue a positive coverage decision, which could still occur in 2016, according to Schenkel, who has an Outperform rating and $8 price target on Veracyte shares.
New FDA recommendation positive for lab companies, says Piper Jaffray
Piper Jaffray analyst William Quirk says that the FDA has issued draft guidance to streamline its approval process for next-generation sequencing, or NGS, germline tests, which could be a substitute for a Premarket Notification or 510k. The analyst believes streamlined regulatory approaches for NGS tests are a positive for labs with NGS laboratory-developed tests such as CareDx (CDNA), Quest Diagnostics (DGX), Genomic Health (GHDX), LabCorp (LH), Myriad Genetics (MYGN), Natera (NTRA), Oxford Immunotec (OXFD), Sequenom (SQNM), Trovagene (TROV), and Veracyte (VCYT).
Veracyte price target lowered to $9 from $14 at Stephens
Stephens analyst Drew Jones lowered his price target for Veracyte to $9 from $14 on valuation after the company reported Q2 revenue in line with expectations. Looking ahead, the analyst believes the company remains on track with its pulmonology pipeline. Jones reiterates an Overweight rating on the shares.
Cantor says buy Veracyte following draft local coverage determination
Cantor analyst Bryan Brokmeier recommends that investors buy shares of Veracyte following the announced draft local coverage determination, or LCD, for the company's Percepta Bronchial Genomic Classifier. The analyst says this draft LCD with Noridian Healthcare Solutions represents over 30M covered lives for its Percepta and represents more than 25% of the U.S. market opportunity. Further, Brokmeier believes other Medicare Administrative Contractors will follow Noridian's lead. The analyst reiterates a Buy rating and $13 price target on the shares.
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