Piper Jaffray analyst William Quirk lowered his price target on Veracyte, Inc (NASDAQ: VCYT) to $10.00 (from $12.00) but maitnained a Overweight on the stock following results.

Quirk commented, "Veracyte reported a 23% yoy revenue increase to $14.7M, ~in line with the Street. EPS of ($0.40) missed consensus of ($0.33) due to higher opex. GEC volume increased 23%, above our forecast. Management reiterated FY16 guidance. We are leaving our revenue estimates largely unchanged, but increased our expense spend forecast. We believe the final CMS price for 2017 is a catalyst for the stock, with shares rallying on better-thanpreliminary rates. We continue to like the Afirma business and pipeline opportunity and remain Overweight with a $10 price target (was $12) based on ~4.4x FY17E EV/Rev (unchanged); higher opex forecast lowers our PT."

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Shares of Veracyte, Inc closed at $4.93 yesterday.