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

Equities research analysts at StockNews.com assumed coverage on shares of OncoCyte (NASDAQ:OCX - Get Free Report) in a report released on Monday. The brokerage set a "sell" rating on the stock.

Other research analysts have also recently issued research reports about the company. Stephens restated an "equal weight" rating and set a $4.00 price objective on shares of OncoCyte in a research note on Tuesday, March 25th. Lake Street Capital initiated coverage on OncoCyte in a research report on Friday, March 28th. They set a "buy" rating and a $5.00 price target on the stock. Finally, Needham & Company LLC restated a "buy" rating and issued a $4.25 price target on shares of OncoCyte in a report on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $4.56.

OncoCyte Stock Performance

Shares of NASDAQ:OCX traded down $0.11 during trading on Monday, reaching $2.81. 40,861 shares of the stock were exchanged, compared to its average volume of 65,964. The firm's 50-day moving average price is $2.87 and its 200 day moving average price is $2.72. The firm has a market cap of $80.36 million, a price-to-earnings ratio of -0.64 and a beta of 0.79. OncoCyte has a 12-month low of $1.92 and a 12-month high of $4.75.

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OncoCyte (NASDAQ:OCX - Get Free Report) last released its quarterly earnings data on Monday, March 24th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.88. OncoCyte had a negative net margin of 6,122.29% and a negative return on equity of 269.32%. The company had revenue of $1.49 million during the quarter, compared to the consensus estimate of $0.16 million. As a group, equities research analysts forecast that OncoCyte will post -2.57 EPS for the current year.

Insider Buying and Selling

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

Institutional Trading of OncoCyte

Several institutional investors and hedge funds have recently bought and sold shares of OCX. Ground Swell Capital LLC acquired a new position in shares of OncoCyte in the 4th quarter worth approximately $26,000. Two Sigma Securities LLC acquired a new position in OncoCyte in the fourth quarter worth $31,000. FNY Investment Advisers LLC increased its stake in OncoCyte by 15.1% during the fourth quarter. FNY Investment Advisers LLC now owns 49,377 shares of the company's stock valued at $117,000 after purchasing an additional 6,481 shares during the last quarter. Wealthedge Investment Advisors LLC acquired a new stake in shares of OncoCyte during the fourth quarter worth $126,000. Finally, Geode Capital Management LLC lifted its position in shares of OncoCyte by 12.2% in the 3rd quarter. Geode Capital Management LLC now owns 103,980 shares of the company's stock worth $296,000 after buying an additional 11,289 shares during the last quarter. Institutional investors and hedge funds own 55.35% of the company's stock.

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.