OncoCyte (NASDAQ:OCX) Announces Quarterly Earnings Results

OncoCyte (NASDAQ:OCX) announced its quarterly earnings results on Tuesday. The company reported ($0.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.54), Zacks reports. OncoCyte had a negative return on equity of 237.81% and a negative net margin of 6,122.29%. The company had revenue of $0.12 million during the quarter. During the same period in the previous year, the company earned ($0.57) EPS.

OncoCyte Stock Performance

NASDAQ OCX remained flat at $3.00 on Wednesday. 12,608 shares of the company’s stock traded hands, compared to its average volume of 36,208. OncoCyte has a fifty-two week low of $2.29 and a fifty-two week high of $4.34. The business has a 50-day moving average of $3.04 and a two-hundred day moving average of $2.98.

Insider Buying and Selling

In related news, major shareholder Broadwood Partners, L.P. acquired 1,315,339 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was purchased at an average cost of $2.95 per share, with a total value of $3,880,250.05. Following the transaction, the insider now directly owns 6,244,405 shares of the company’s stock, valued at $18,420,994.75. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other OncoCyte news, major shareholder Broadwood Partners, L.P. purchased 1,315,339 shares of the 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 in the company, valued at $18,420,994.75. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Andrea S. James bought 33,670 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was bought at an average price of $2.97 per share, for a total transaction of $99,999.90. Following the purchase, the chief financial officer now directly owns 33,670 shares of the company’s stock, valued at approximately $99,999.90. The disclosure for this purchase can be found here. 1.58% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on OCX. StockNews.com began coverage on shares of OncoCyte in a research note on Friday, November 8th. They issued a “sell” rating on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $4.25 price target on shares of OncoCyte in a research report on Wednesday. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $4.06.

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.