OncoCyte (NASDAQ:OCX) Coverage Initiated by Analysts at Lake Street Capital
Lake Street Capital has initiated coverage on OncoCyte (NASDAQ:OCX), issuing a "buy" rating with a price target of $5.00, indicating a potential upside of 55.28%. Other analysts have mixed ratings, with an average consensus of "Hold" and a price target of $4.56. OncoCyte's stock opened at $3.22, with a 52-week range of $1.92 to $4.75. The company reported earnings of $0.48 per share, exceeding estimates. Insider buying has increased, with significant purchases by CFO Andrea S. James and major shareholder Patrick W. Smith.
Research analysts at Lake Street Capital initiated coverage on shares of OncoCyte (NASDAQ:OCX - Get Free Report) in a research note issued to investors on Friday,Briefing.com Automated Import reports. The firm set a "buy" rating and a $5.00 price target on the stock. Lake Street Capital's price target indicates a potential upside of 55.28% from the company's previous close.
Several other equities research analysts also recently weighed in on OCX. Stephens reissued an "equal weight" rating and issued a $4.00 price target on shares of OncoCyte in a report on Tuesday. Needham & Company LLC reissued a "buy" rating and set a $4.25 target price on shares of OncoCyte in a research report on Tuesday. Finally, StockNews.com assumed coverage on shares of OncoCyte in a report on Monday, January 13th. They issued a "sell" rating for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, OncoCyte presently has an average rating of "Hold" and a consensus price target of $4.56.
Read Our Latest Research Report on OCX
OncoCyte Stock Up 1.3 %
Shares of OncoCyte stock opened at $3.22 on Friday. OncoCyte has a 52-week low of $1.92 and a 52-week high of $4.75. The firm's 50 day moving average price is $2.77 and its 200-day moving average price is $2.73. The company has a market cap of $56.20 million, a P/E ratio of -0.73 and a beta of 0.79.
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 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 business had revenue of $1.49 million for the quarter, compared to analyst estimates of $0.16 million. As a group, equities research analysts forecast that OncoCyte will post -2.57 EPS for the current fiscal year.
Insider Buying and Selling
In related news, CFO Andrea S. James purchased 97,561 shares of the firm's stock in a transaction on Friday, February 7th. The stock was bought 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 owns 151,231 shares of the company's stock, valued at $310,023.55. The trade was a 181.78 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Patrick W. Smith acquired 1,077,600 shares of the company's stock in a transaction dated Friday, February 7th. The shares were purchased at an average cost of $2.05 per share, for a total transaction of $2,209,080.00. Following the purchase, the insider now directly owns 2,872,671 shares in the company, valued at approximately $5,888,975.55. This trade represents a 60.03 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 1,185,625 shares of company stock valued at $2,430,510 over the last 90 days. Insiders own 1.58% of the company's stock.
Institutional Investors Weigh In On OncoCyte
Several hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its stake 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 valued at $296,000 after purchasing an additional 11,289 shares in the last quarter. FNY Investment Advisers LLC raised its stake in shares of OncoCyte by 15.1% during the 4th quarter. FNY Investment Advisers LLC now owns 49,377 shares of the company's stock worth $117,000 after buying an additional 6,481 shares during the period. Pura Vida Investments LLC lifted its position in shares of OncoCyte by 32.1% during the 4th quarter. Pura Vida Investments LLC now owns 654,451 shares of the company's stock valued at $1,558,000 after buying an additional 159,106 shares in the last quarter. Two Sigma Securities LLC acquired a new stake in OncoCyte in the 4th quarter valued at $31,000. Finally, Broadwood Capital Inc. increased its holdings in OncoCyte by 26.7% in the 4th quarter. Broadwood Capital Inc. now owns 6,244,405 shares of the company's stock worth $14,862,000 after acquiring an additional 1,315,339 shares in the last quarter. 55.35% of the stock is owned by hedge funds and other institutional investors.
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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