OncoCyte (NASDAQ:OCX) Coverage Initiated at StockNews.com

Equities research analysts at StockNews.com initiated coverage on shares of OncoCyte (NASDAQ:OCX) in a research note issued on Friday. The brokerage set a “sell” rating on the stock.

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

OncoCyte Stock Performance

NASDAQ OCX opened at $2.19 on Friday. The company has a fifty day moving average of $2.71 and a two-hundred day moving average of $2.92. OncoCyte has a 1 year low of $1.98 and a 1 year high of $3.82.

OncoCyte (NASDAQ:OCX) last announced its earnings results on Tuesday, November 12th. The company reported ($0.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.54). The firm 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 previous year, the business posted ($0.57) earnings per share. As a group, analysts predict that OncoCyte will post -2.57 EPS for the current year.

Insider Activity at OncoCyte

In other news, major shareholder Broadwood Partners, L.P. acquired 1,315,339 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The shares were purchased at an average cost of $2.95 per share, for a total transaction of $3,880,250.05. Following the transaction, the insider now directly owns 6,244,405 shares in the company, valued at approximately $18,420,994.75. This represents a 26.69 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrea S. James acquired 33,670 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were purchased at an average price 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 in the company, valued at $99,999.90. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 1,369,009 shares of company stock worth $4,026,050 in the last quarter. Company insiders own 1.58% of the company’s stock.

Institutional Investors Weigh In On OncoCyte

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

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.