OncoCyte (NASDAQ:OCX) Announces Quarterly Earnings Results

OncoCyte (NASDAQ:OCX) announced its quarterly earnings results on Tuesday. The company reported ($0.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.54), Zacks reports. The business 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 237.81%. During the same quarter in the previous year, the business earned ($0.57) earnings per share.

OncoCyte Stock Down 0.7 %

Shares of OCX traded down $0.02 on Thursday, hitting $2.92. The company’s stock had a trading volume of 1,536 shares, compared to its average volume of 36,133. OncoCyte has a fifty-two week low of $2.29 and a fifty-two week high of $4.34. The company has a 50 day moving average price of $3.04 and a 200 day moving average price of $2.98.

Wall Street Analyst Weigh In

A number of research analysts have commented on OCX shares. Needham & Company LLC restated a “buy” rating and set a $4.25 price target on shares of OncoCyte in a research note on Wednesday. StockNews.com began coverage on OncoCyte in a research note on Thursday. They issued a “sell” rating on the stock.

Insider Activity at OncoCyte

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