OncoCyte (NASDAQ:OCX) Posts Earnings Results, Misses Expectations By $0.54 EPS

OncoCyte (NASDAQ:OCX) issued its quarterly earnings data on Tuesday. The company reported ($0.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.54), Zacks reports. The company 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 237.81%. During the same quarter last year, the business posted ($0.57) EPS.

OncoCyte Price Performance

OCX remained flat at $3.00 on Wednesday. The company’s stock had a trading volume of 11,472 shares, compared to its average volume of 36,203. The company has a 50-day simple moving average of $3.04 and a two-hundred day simple moving average of $2.98. OncoCyte has a 52 week low of $2.29 and a 52 week high of $4.34.

Insider Activity at OncoCyte

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

Analysts Set New Price Targets

OCX has been the subject of a number of analyst reports. StockNews.com assumed coverage on shares of OncoCyte in a research note on Friday, November 8th. They issued a “sell” rating for the company. Needham & Company LLC reiterated a “buy” rating and set a $4.25 target price on shares of OncoCyte in a research report on Wednesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, OncoCyte has an average rating of “Hold” and an average price target of $4.06.

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.