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

Analysts at StockNews.com began coverage on shares of OncoCyte (NASDAQ:OCX) in a research report issued to clients and investors on Saturday. The brokerage set a “sell” rating on the stock.

Separately, Needham & Company LLC reissued a “buy” rating and set a $4.25 price target on shares of OncoCyte in a research report on Wednesday, November 13th.

OncoCyte Price Performance

OncoCyte stock opened at $2.32 on Friday. The firm has a fifty day moving average of $2.80 and a 200-day moving average of $2.93. OncoCyte has a 52-week low of $1.98 and a 52-week high of $3.82.

OncoCyte (NASDAQ:OCX) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.54). The company had revenue of $0.12 million during the quarter. OncoCyte had a negative net margin of 6,122.29% and a negative return on equity of 269.32%. During the same period in the prior year, the company posted ($0.57) EPS. On average, sell-side analysts predict that OncoCyte will post -2.57 EPS for the current fiscal year.

Insider Activity

In other OncoCyte news, major shareholder Broadwood Partners, L.P. bought 1,315,339 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were bought at an average cost of $2.95 per share, with a total value of $3,880,250.05. Following the completion of the acquisition, the insider now owns 6,244,405 shares of the company’s stock, valued at approximately $18,420,994.75. This trade represents a 26.69 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrea S. James purchased 33,670 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was acquired at an average cost of $2.97 per share, with a total value of $99,999.90. Following the completion of the acquisition, the chief financial officer now directly owns 33,670 shares in the company, valued at approximately $99,999.90. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 1,369,009 shares of company stock worth $4,026,050. 1.58% of the stock is currently owned by insiders.

Hedge Funds Weigh In On OncoCyte

A hedge fund recently raised its stake in OncoCyte stock. Geode Capital Management LLC grew its position in shares of OncoCyte Co. (NASDAQ:OCX) by 12.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 103,980 shares of the company’s stock after acquiring an additional 11,289 shares during the quarter. Geode Capital Management LLC owned about 0.62% of OncoCyte worth $296,000 as of its most recent filing with the SEC. 55.35% of the stock is owned by institutional investors and hedge funds.

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.