OncoCyte (NASDAQ:OCX) Releases Quarterly Earnings Results, Beats Expectations By $0.88 EPS

OncoCyte (NASDAQ:OCX - Get Free Report) issued its earnings results on Monday. The company reported $0.48 earnings per share for the quarter, beating analysts' consensus estimates of ($0.40) by $0.88, Zacks reports. OncoCyte had a negative return on equity of 269.32% and a negative net margin of 6,122.29%. The firm had revenue of $1.49 million for the quarter, compared to analysts' expectations of $0.16 million.

OncoCyte Price Performance

OncoCyte stock traded down $0.01 during midday trading on Friday, hitting $3.21. 36,749 shares of the company were exchanged, compared to its average volume of 64,956. The company has a market cap of $56.02 million, a PE ratio of -0.73 and a beta of 0.79. OncoCyte has a fifty-two week low of $1.92 and a fifty-two week high of $4.75. The company's fifty day moving average price is $2.77 and its 200-day moving average price is $2.73.

Insider Buying and Selling at OncoCyte

In other OncoCyte news, major shareholder Patrick W. Smith purchased 1,077,600 shares of the business's stock in a transaction that occurred on Friday, February 7th. The shares were acquired at an average price of $2.05 per share, for a total transaction of $2,209,080.00. Following the completion of the purchase, the insider now owns 2,872,671 shares in the company, valued at $5,888,975.55. The trade was a 60.03 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andrea S. James acquired 97,561 shares of the stock in a transaction on Friday, February 7th. The shares were acquired at an average price of $2.05 per share, with a total value of $200,000.05. Following the purchase, the chief financial officer now owns 151,231 shares in the company, valued at $310,023.55. This represents a 181.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 1,185,625 shares of company stock valued at $2,430,510 over the last 90 days. 1.58% of the stock is owned by corporate insiders.

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Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on OCX shares. StockNews.com began coverage on OncoCyte in a research note on Monday, January 13th. They issued a "sell" rating on the stock. Stephens restated an "equal weight" rating and issued a $4.00 price target on shares of OncoCyte in a report on Tuesday. Needham & Company LLC reiterated a "buy" rating and set a $4.25 price objective on shares of OncoCyte in a research note on Tuesday. Finally, Lake Street Capital started coverage on shares of OncoCyte in a research note on Friday. They issued a "buy" rating and a $5.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $4.56.

About OncoCyte

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.