Piper Jaffray analyst William Quirk reiterated an Overweight rating while bumping estimates and his price target on Veracyte, Inc (NASDAQ: VCYT) following Q2 results and the related after hours sell-off on the revenue miss.

Quirk comments, "Veracyte reported a 71.2% yoy revenue increase to $8.7M, below our in-line $9.4M estimate. VCYT received 16,458 FNAs (+32.5% yoy, 14.5% qoq), below our 17,850 estimate, reflecting faster institutional-based adoption. GEC test rate of >22% was above our 20.8% estimate. LPS of ($0.31) was favorable to our in-line ($0.33) estimate. Management changed F2014 guidance, maintaining revenues of $38M-$43M, but lowering FNA volume to 66K-73K (was 76K-83K). The important delta here is a higher rate of GEC's which should offset the lower FNAs."

The analyst also notes the new Genzyme co-promotion agreement is accretive.

The firm moved FY 2015 EPS from ($0.97) to ($0.79) and FY 2016 EPS from ($0.30) to ($0.24).

For an analyst ratings summary and ratings history on Veracyte, Inc click here. For more ratings news on Veracyte, Inc click here.

Shares of Veracyte, Inc closed at $14.65 yesterday.