OncoCyte (NASDAQ:OCX - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They currently have a $4.25 price target on the stock. Needham & Company LLC's price target points to a potential upside of 52.88% from the stock's previous close.
Other analysts have also recently issued research reports about the stock. StockNews.com started coverage on shares of OncoCyte in a research note on Sunday, April 6th. They set a "sell" rating for the company. Lake Street Capital initiated coverage on OncoCyte in a report on Friday, March 28th. They set a "buy" rating and a $5.00 price target on the stock. Finally, Stephens reaffirmed an "equal weight" rating and set a $4.00 price objective on shares of OncoCyte in a research note on Tuesday, March 25th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $4.56.
Read Our Latest Research Report on OCX
OncoCyte Price Performance
Shares of OCX traded down $0.12 during midday trading on Tuesday, reaching $2.78. 38,218 shares of the stock were exchanged, compared to its average volume of 65,341. OncoCyte has a twelve month low of $1.92 and a twelve month high of $4.75. The company has a market capitalization of $79.51 million, a price-to-earnings ratio of -0.63 and a beta of 0.97. The business's 50-day moving average price is $2.99 and its 200 day moving average price is $2.71.
OncoCyte (NASDAQ:OCX - Get Free Report) last released its quarterly earnings results on Monday, March 24th. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.40) by $0.88. The firm had revenue of $1.49 million for the quarter, compared to the consensus estimate of $0.16 million. OncoCyte had a negative return on equity of 269.32% and a negative net margin of 6,122.29%. As a group, equities research analysts expect that OncoCyte will post -2.57 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, major shareholder Patrick W. Smith bought 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, for a total transaction of $2,209,080.00. Following the transaction, the insider now owns 2,872,671 shares of the company's stock, valued at approximately $5,888,975.55. This trade represents a 60.03 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Andrea S. James purchased 97,561 shares of the business's stock in a transaction dated Friday, February 7th. The stock was bought at an average price of $2.05 per share, with a total value of $200,000.05. Following the acquisition, the chief financial officer now directly owns 151,231 shares in the company, valued at approximately $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 ninety days. Corporate insiders own 1.58% of the company's stock.
Institutional Investors Weigh In On OncoCyte
Hedge funds and other institutional investors have recently modified their holdings of the stock. Wealthedge Investment Advisors LLC purchased a new stake in shares of OncoCyte in the 4th quarter worth about $126,000. Ground Swell Capital LLC purchased a new stake in shares of OncoCyte in the fourth quarter valued at about $26,000. Broadwood Capital Inc. grew its position in shares of OncoCyte by 26.7% in the fourth quarter. Broadwood Capital Inc. now owns 6,244,405 shares of the company's stock valued at $14,862,000 after purchasing an additional 1,315,339 shares during the last quarter. Two Sigma Securities LLC purchased a new position in shares of OncoCyte during the 4th quarter worth approximately $31,000. Finally, Geode Capital Management LLC increased its stake in shares of OncoCyte by 31.8% during the 4th quarter. Geode Capital Management LLC now owns 137,069 shares of the company's stock worth $326,000 after purchasing an additional 33,089 shares in the last quarter. 55.35% of the stock is currently owned by institutional investors and hedge funds.
About OncoCyte
(
Get Free Report)
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.
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