Wed, Nov. 18, 12:47 PM
Wed, Nov. 18, 11:45 AM
- Thinly traded micro cap Veracyte (VCYT +19%) jumps on a 5x surge in volume, albeit on turnover of less than 400K shares, in response to its announcement that the reimbursement rate set by the Centers for Medicare and Medicaid Services (CMS) for its Afirma GEC test will be remain at $3,200 for 2016 while the gapfill process runs its course. The revised price, if changed, will go into effect on January 1, 2017.
- CMS's decision to use a gapfill approach to pricing is bullish for the company since it will allow a higher price than its previously-planned "crosswalk" which pegged the product to other less-expensive tests. CMS uses a gapfill process for tests that have no comparables. In the first year, pricing is determined based on what carriers actually pay which serves as the basis for the formal reimbursed amount for the second year, determined by the median price paid by the carriers in year one.
- Afirma GEC (Gene Expression Classifier) is a test, offered as a service, that helps doctors reduce the number of avoidable thyroid surgeries by preoperatively identifying benign nodules among those that were originally classified by cytopathology as indeterminate. It combines cytopathology (microscopic examination of the cells) with genomic testing. If the cytopathology diagnosis is benign or malignant, the analysis is complete. The GEC is used only when the cytopathology diagnosis is indeterminate.
Thu, Nov. 5, 4:48 PM
Thu, Aug. 13, 4:13 PM
Fri, Jun. 26, 12:45 PM
Thu, May 14, 4:09 PM
Fri, Mar. 20, 6:35 AM
- Veracyte (VCYT +1.2%) Q4 results: Revenues: $12.2M (+79.4%); COGS: $4.9M (+40.0%); R&D Expense: $3.2M (+68.4%); SG&A: $12.2M (+67.1%); Operating Loss: ($8.1M) (-39.7%); Net Loss: ($8.1M) (-37.3%); Loss Per Share: ($0.36) (+14.3%).
- FY2014 results: Revenues: $38.2M (+74.4%); COGS: $16.6M (+31.7%); R&D Expense: $9.8M (+25.6%); SG&A: $40.8M (+65.9%); Operating Loss: ($29M) (-25.0%); Net Loss: ($29.4M) (-14.8%); Loss Per Share: ($1.36) (+77.9%); Quick Assets: $35M (-50.8%).
- 2015 Guidance: Afirma GEC test volume: 19,000 - 21,000; Revenue: $48M - 53M.
Thu, Mar. 19, 4:13 PM
Nov. 13, 2014, 4:31 PM
Sep. 4, 2014, 4:58 PM
- Veracyte (VCYT -0.4%) acquires Massachusetts-based Allegro Diagnostics Corp. for $21.0M ($7.8M in cash and $13.2M in VCYT common stock).
- Allegro is developing a gene expression diagnostic test to improve the preoperative diagnosis of lung cancer. Veracyte intends to launch the test in 2H 2015, but meaningful revenue won't come in until 2017.
Aug. 13, 2014, 5:12 PM
- Veracyte (VCYT -0.1%) Q2 results: Revenues: $8.7M (+71.2%); Operating Expenses: $15.2M (+44.8%); Net Loss: ($6.7M) (-21.1%); Loss Per Share: ($0.31) (+95.9%); Quick Assets: $58.0M (-18.5%).
- Fine needle aspiration (FNA) samples received: 16,458 (+32.5%).
- 2014 Guidance: revenue: $38M - 43M; FNAs: 66K - 73K from 76K - 83K; GEC test rate: top of range of 20 - 22%.
Aug. 13, 2014, 4:15 PM
May 8, 2014, 4:56 PM
Mar. 18, 2014, 4:28 PM
Nov. 26, 2013, 12:48 PM
- Galena Biopharma (GALE +6.8%) initiated at Outperform at Oppenheimer. Price target is $6.
- Veracyte (VCYT +7%) started at Outperform at Leerink (PT $17), William Blair, and Cowen (PT $16).
- Surgical Care Affiliates (SCAI +2.8%) initiated at Buy at BofA. Price target is $34. Yesterday: Goldman starts SCAI at Neutral.
- Heartware (HTWR +2.3%) started at Buy at CRT Capital. Price target is $109.
- Mallinckrodt (MNK +2%) initiated at Buy at Jefferies. Price target is $60.
- Harvard Bioscience (HBIO +4.4%) upgraded to Buy from Neutral at Sidoti.
- Forest Labs (FRX +1.1%) upgraded to Neutral from Underweight at Piper. Price target hiked to $49 from $33.
- Cardiovascular Systems (CSII +0.9%) cut to Hold at Benchmark. Price target is $35.
Nov. 26, 2013, 9:52 AM
- Veracyte (VCYT +10.3%) shares jump after Leerink (PT of $17), Cowen (PT of $16), and William Blair (previous) initiate the stock at Outperform. Morgan Stanley, the last of the 4 underwriters, has not yet issued a rating.
- Leerink Swann analyst Dan Leonard observes "several upcoming catalysts should drive outperformance of VCYT's stock over the next 12 months, including: (1) continued physician adoption of its Afirma test to help resolve indeterminate thyroid nodules, (2) additional guideline endorsement and reimbursement coverage for Afirma, (3) launch of the Afirma malignant test (2Q:14), and (4) presentation of lung data in 2014."
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