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Veracyte, Inc. (NASDAQ:VCYT), a $2.1 billion medical diagnostics company with a "GREAT" financial health score according to InvestingPro, received shareholder approval to amend the company’s 2023 Equity Incentive Plan, increasing the number of shares reserved for issuance by 2.5 million, according to an SEC filing Wednesday.
The amendment, which had been previously approved by the company’s Board of Directors on April 14, 2025, was ratified at the 2025 Annual Meeting of Stockholders held on June 17.
Shareholders also elected all seven director nominees to serve until the 2026 annual meeting: Eliav Barr, Muna Bhanji, Karin Eastham, Jens Holstein, Tom Miller, Brent Shafer, and Marc Stapley. Each nominee received significant majority support, with votes ranging from 59.6 million to 69.4 million shares in favor.
The appointment of Ernst & Young LLP as Veracyte’s independent registered public accounting firm for 2025 was also ratified with 72.2 million votes in favor.
In additional voting matters, shareholders approved the compensation of named executive officers on a non-binding advisory basis, with 67.8 million votes supporting the measure. Stockholders also indicated their preference for annual non-binding advisory votes on executive compensation, with 66.8 million votes supporting the one-year option.
The South San Francisco-based medical diagnostics company, which specializes in laboratory services, will implement the annual vote frequency policy until the next required frequency vote in 2031. With revenue growth of 23.4% and analyst price targets ranging from $29 to $45, investors can access detailed financial analysis and 12 additional ProTips through InvestingPro’s comprehensive research report.
In other recent news, Veracyte, Inc. reported strong financial results for the first quarter of 2025, with revenue reaching $114.5 million, surpassing the expected $111.14 million. Earnings per share also exceeded forecasts, coming in at $0.31 compared to the anticipated $0.02. Needham analysts have adjusted their price target for Veracyte to $41.00 from $51.00 while maintaining a Buy rating, citing a broader contraction in peer multiples despite the company’s positive operational performance. Meanwhile, Scotiabank (TSX:BNS) reaffirmed its Sector Outperform rating and $44.00 price target for Veracyte, noting the company’s growth in test volumes for Decipher Prostate and Afirma. Veracyte’s ongoing efforts include the anticipated mid-2026 launch of the Prosigna Laboratory Developed Test and the completion of enrollment for the Percepta Nasal Swab pivotal trial by the third quarter of 2025. The company is also focused on expanding its adjusted EBITDA margin, targeting approximately 25% by 2028. Additionally, Veracyte is preparing to introduce the Prosigna Breast Cancer assay as a laboratory-developed test in mid-2026, aiming to leverage its established clinical reputation in the competitive breast cancer diagnostics market.
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