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

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

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

OncoCyte Stock Performance

Shares of OCX stock opened at $2.21 on Monday. The stock’s fifty day moving average price is $2.47 and its 200 day moving average price is $2.87. OncoCyte has a 1-year low of $1.97 and a 1-year high of $3.57.

OncoCyte (NASDAQ:OCX) last issued its earnings results on Tuesday, November 12th. The company reported ($0.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.54). The business had revenue of $0.12 million for the quarter. OncoCyte had a negative return on equity of 269.32% and a negative net margin of 6,122.29%. During the same period in the previous year, the business posted ($0.57) earnings per share. Sell-side analysts expect that OncoCyte will post -2.57 EPS for the current fiscal year.

Insider Activity at OncoCyte

In related news, Director Andrew Arno bought 12,500 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The shares were purchased at an average cost of $2.11 per share, with a total value of $26,375.00. Following the transaction, the director now directly owns 81,554 shares of the company’s stock, valued at approximately $172,078.94. This represents a 18.10 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Andrea S. James purchased 20,000 shares of OncoCyte stock in a transaction that occurred on Thursday, December 5th. The stock was bought at an average cost of $2.29 per share, with a total value of $45,800.00. Following the completion of the transaction, the chief financial officer now owns 53,670 shares of the company’s stock, valued at $122,904.30. The trade was a 59.40 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 122,719 shares of company stock valued at $264,341 over the last 90 days. 1.58% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in OncoCyte stock. Geode Capital Management LLC grew its position in OncoCyte Co. (NASDAQ:OCX) by 12.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 103,980 shares of the company’s stock after acquiring an additional 11,289 shares during the period. Geode Capital Management LLC owned about 0.62% of OncoCyte worth $296,000 at the end of the most recent quarter. 55.35% of the stock is owned by institutional investors.

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.