StockNews.com Initiates Coverage on OncoCyte (NASDAQ:OCX)

StockNews.com began coverage on shares of OncoCyte (NASDAQ:OCX) in a research note released on Thursday. The firm issued a sell rating on the stock.

Separately, Needham & Company LLC reaffirmed a “buy” rating and set a $4.25 price target on shares of OncoCyte in a research report on Wednesday.

OncoCyte Stock Performance

Shares of OCX traded down $0.15 during mid-day trading on Thursday, hitting $2.65. The stock had a trading volume of 55,214 shares, compared to its average volume of 39,389. OncoCyte has a 52 week low of $2.29 and a 52 week high of $4.34. The business has a fifty day moving average price of $3.03 and a 200-day moving average price of $2.98.

OncoCyte (NASDAQ:OCX) last posted its earnings results on Tuesday, November 12th. The company reported ($0.98) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.54). OncoCyte had a negative return on equity of 269.32% and a negative net margin of 6,122.29%. The business had revenue of $0.12 million for the quarter. During the same period last year, the firm posted ($0.57) EPS.

Insider Buying and Selling

In related news, CFO Andrea S. James purchased 33,670 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were bought at an average cost of $2.97 per share, with a total value of $99,999.90. Following the transaction, the chief financial officer now owns 33,670 shares of the company’s stock, valued at approximately $99,999.90. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Broadwood Partners, L.P. bought 1,315,339 shares of OncoCyte stock in a transaction dated Wednesday, October 2nd. The stock was acquired at an average price of $2.95 per share, with a total value of $3,880,250.05. Following the completion of the transaction, the insider now directly owns 6,244,405 shares of the company’s stock, valued at approximately $18,420,994.75. The trade was a 26.69 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.58% of the stock is owned by insiders.

OncoCyte Company Profile

OncoCyte Corporation, a precision diagnostics company, focuses on development and commercialization of proprietary tests in the United States and internationally. The company is developing DetermaIO, a gene expression test that assesses the tumor microenvironment to predict response to immunotherapies; DetermaCNI, a blood-based monitoring tool for monitoring therapeutic efficacy in cancer patients; and VitaGraft, a blood-based solid organ transplantation monitoring test.