Q1 2020 Veracyte Inc Earnings Call

Veracyte Announces Preliminary First Quarter 2020 Financial Results and Provides Business Update in Response to COVID-19 Pandemic

Shares of Lonza Group climbed 2.9% in Swiss trade after Moderna reported positive interim clinical data of mRNA-1273, its vaccine candidate against novel coronavirus. The companies intend to manufacture the first batches of mRNA-1273 at Lonza U.S. in July 2020. Lonza shares have climbed 31% this year.

With me today are Bonnie Anderson, Veracyte's chairman and chief executive officer; Keith Kennedy, our chief operating officer and chief financial officer; and John Hanna, our chief commercial officer. Before we begin, I'd like to remind you that various statements that we make during this call will include forward-looking statements as defined under applicable securities laws.

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Veracyte (VCYT) delivered earnings and revenue surprises of -33.33% and 2.68%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?

Veracyte Announces First Quarter 2020 Financial Results

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Here's a roundup of top developments in the biotech space over the last 24 hours:Scaling The Peaks (Biotech stocks that hit 52-week highs April 16.) * Abbott Laboratories (NYSE: ABT) (reacted to first-quarter results and an announcement concerning development of a third rapid COVID-19 screening test) * Bio-Rad Laboratories, Inc. Class A Common Stock (NYSE: BIO) * Chembio Diagnostics Inc (NASDAQ: CEMI) * DexCom, Inc. (NASDAQ: DXCM) * Dr.Reddy's Laboratories Ltd (NYSE: RDY) * Eli Lilly And Co (NYSE: LLY) * Immunovant Inc (NASDAQ: IMVT) * Masimo Corporation (NASDAQ: MASI) * Moderna Inc (NASDAQ: MRNA) * Novavax, Inc. (NASDAQ: NVAX) (its Australian developmental partner said COVID-19 vaccine human testing will begin in the coming weeks) * OraSure Technologies, Inc. (NASDAQ: OSUR) * Pulmatrix Inc (NASDAQ: PULM) (granted Sensory Cloud license to its PUR 003 and PUR 006) * Regeneron Pharmaceuticals Inc (NASDAQ: REGN) (announced FDA acceptance of BLA for REGN-EB3, a triple antibody cocktail treatment for Ebola virus infection, with Priority Review designation) * Seattle Genetics, Inc. (NASDAQ: SGEN) * Thermogenesis Holdings Inc (NASDAQ: THMO) (announced FDA concurrence that its COVID-19 antibody blood test has been properly validated and can now be distributed)Down In The Dumps (Biotech stocks that hit 52-week lows April 16) * AxoGen, Inc Common Stock (NASDAQ: AXGN) * Celcuity Inc (NASDAQ: CELC)Stocks In Focus Moderna Obtains $483M In BARDA Funding For COVID-19 Vaccine Research Moderna said the Biomedical Advanced Research and Development Authority, or BARDA, has committed up to $483 million in funding to accelerate the development of its mRNA vaccine against the novel coronavirus -- SARS-CoV-19. The agreement provides for BARDA releasing funds to get the candidate to the point of FDA licensing. Moderna also provided the likely timeline for the initiation of Phase 2 and 3 studies, with the midstage study to start in the second quarter and the late-stage study in fall 2020.The stock rallied 18.62% to $48.16 in Friday's premarket session. Gilead's Remdesivir Reportedly Found Effective In Phase 3 US Trials Gilead Sciences, Inc. (NASDAQ: GILD)'s remdesivir, which is being evaluated in clinical trials as a treatment option for SARS-CoV-2, was found to be effective, resulting in rapid recoveries in fever and respiratory symptoms, STAT reported, citing results from two Phase 3 clinical trials run by the University of Chicago Medicine.The institution's infectious disease specialist Kathleen Mullane, who is overseeing the studies in which 125 people were enrolled, reportedly said in a video discussion with her colleagues that most of the patients have already been discharged, with only two deaths occurring, STAT said.The stock was jumping 11.98% to $85.71 in premarket trading. Roche To Launch New Serology Test For SARS-CoV-2 Antibodies In May Roche Holdings AG Basel ADR Common Stock (OTC: RHHBY) announced the development and upcoming launch of its Elecsys Anti-SARS-CoV-2 serology test to detect antibodies in people who have been exposed to the virus."Antibody testing is central to help identify people who have been infected by the virus, especially those who may have been infected but did not display symptoms," the company said in the release.The company said it aims to have the antibody test available by early May in countries accepting the CE mark and is actively working with the FDA for an emergency use authorization. Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.See also: The Week Ahead In Biotech: Urogen FDA Decision, Amarin, J&J Earnings And More COVID-19 Updates Veracyte Expects Q1 Revenue Above Consensus Veracyte Inc (NASDAQ: VCYT) preannounced first-quarter results and said it expects revenue of $30.5 million to $31.5 million, up from $29.5 million in the year-ago quarter. Analysts estimate revenue of $30.35 million.The company also announced several measures to reduce costs amid the COVID-19 pandemic and withdrew its 2020 guidance.Chi-Med Neuroendocrine Tumor Drug Gets Fast Track Designations For 2 Indications HUTCHISON CHINA/S ADR (NASDAQ: HCM) said the FDA granted two Fast Track Designations for the development of surufatinib in the treatment of both advanced and progressive pancreatic neuroendocrine tumors and extra-pancreatic NETs in patients who are not candidates for surgery.Biofrontera Expects 5% Drop in Q1 Revenue Due to COVID-19 Impact Biofrontera AG (NASDAQ: BFRA) said its first-quarter revenue is likely to come in at 6.4 million euros to 6.6 million euros ($6.9 to $7.1 million), down about 5% from the year-ago period, as sales declines in U.S. more than offset growth in Europe.Offerings Pulmatrix said it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 4.79 million shares of its common stock at $1.671 per share in a registered direct offering priced at-the-market. The company also said it has agreed to issue to the investors unregistered warrants to purchase up to an aggregate of 4.79 million shares. Gross proceeds from the offering are expected to be about $8 million.The stock was down 25.99% to $1.31 in the premarket session. Cutera, Inc. (NASDAQ: CUTR) said it has pricing an underwritten public offering of 2.385 million shares of its common stock at $10.50 per share to raise gross proceeds of $25 million. The offering is expected to close on or about April 21.The stock dipped was down 13.25% at $11.65 in the premarket session.Related Link:Gilead Analysts Break Down Remdesivir Data Readout From Compassionate Use See more from Benzinga * The Daily Biotech Pulse: Applied DNA Ships Vaccine Constructs For Animal Testing, Herceptin Biosimilar Now Available In US(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

NEW YORK, NY / ACCESSWIRE / May 6, 2020 / Veracyte, Inc. (VCYT) will be discussing their earnings results in their 2020 First Quarter Earnings call to be held on May 6, 2020 at 5:00 PM Eastern Time. To ...

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Veracyte (VCYT) has seen solid earnings estimate revision activity over the past month, and belongs to a strong industry as well.

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A Relative Strength Rating upgrade for Veracyte shows improving technical performance. Will it continue?

A Relative Strength Rating upgrade for Veracyte shows improving technical performance. Will it continue?

Many countries are cautiously emerging from lockdown but life may not completely return to normal until a coronavirus vaccine is found.

All eyes were on Moderna, which sparked a big rally on Wall Street after announcing promising early trial data of a coronavirus vaccine that is the furthest along among U.S. biotechs in the race.

Veracyte (VCYT) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

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