StockNews.com Initiates Coverage on OncoCyte (NASDAQ:OCX)

Stock analysts at StockNews.com assumed coverage on shares of OncoCyte (NASDAQ:OCX) in a report issued on Thursday. The firm set a “sell” rating on the stock.

Separately, Needham & Company LLC reaffirmed a “buy” rating and set a $4.25 price target on shares of OncoCyte in a research note on Wednesday.

OncoCyte Trading Down 6.8 %

OCX opened at $2.61 on Thursday. OncoCyte has a 12 month low of $2.29 and a 12 month high of $4.34. The stock has a 50-day moving average of $3.02 and a 200 day moving average of $2.98.

OncoCyte (NASDAQ:OCX) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.54). The firm had revenue of $0.12 million for the quarter. OncoCyte had a negative net margin of 6,122.29% and a negative return on equity of 269.32%. During the same quarter last year, the business earned ($0.57) EPS.

Insiders Place Their Bets

In other news, CFO Andrea S. James acquired 33,670 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was purchased at an average cost of $2.97 per share, for a total transaction of $99,999.90. Following the completion of the transaction, the chief financial officer now owns 33,670 shares in the company, valued at approximately $99,999.90. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Broadwood Partners, L.P. bought 1,315,339 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The stock was bought 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 of the company’s stock, valued at $18,420,994.75. The trade was a 26.69 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.58% of the stock is currently owned by company insiders.

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.