OncoCyte (NASDAQ:OCX) Issues Quarterly Earnings Results

OncoCyte (NASDAQ:OCX) issued its earnings results on Monday. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.88, Zacks reports. 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 the consensus estimate of $0.16 million.

OncoCyte Price Performance

Shares of NASDAQ:OCX opened at $3.04 on Wednesday. The firm has a 50 day moving average of $2.73 and a 200 day moving average of $2.72. OncoCyte has a 52 week low of $1.92 and a 52 week high of $4.75.

Insider Activity

In other news, major shareholder Patrick W. Smith purchased 90,219 shares of the stock in a transaction dated Thursday, December 26th. The shares were acquired at an average cost of $2.13 per share, for a total transaction of $192,166.47. Following the acquisition, the insider now owns 1,773,903 shares of the company’s stock, valued at approximately $3,778,413.39. This represents a 5.36 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrew Arno purchased 12,500 shares of the business’s stock in a transaction on Thursday, December 26th. The stock was purchased at an average cost of $2.11 per share, for a total transaction of $26,375.00. Following the completion of the acquisition, the director now directly owns 81,554 shares of the company’s stock, valued at approximately $172,078.94. The trade was a 18.10 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 1,288,344 shares of company stock worth $2,649,051. 1.58% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on OCX. Needham & Company LLC reissued a “buy” rating and issued a $4.25 price objective on shares of OncoCyte in a research note on Tuesday. StockNews.com assumed coverage on OncoCyte in a research note on Monday, January 13th. They set a “sell” rating on the stock. Finally, Stephens restated an “equal weight” rating and issued a $4.00 price objective on shares of OncoCyte in a report on Tuesday.

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.