OncoCyte (NASDAQ:OCX) Announces Earnings Results, Misses Estimates By $0.54 EPS

OncoCyte (NASDAQ:OCX) announced its quarterly earnings results 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 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 quarter in the previous year, the business posted ($0.57) earnings per share.

OncoCyte Trading Down 4.8 %

OCX stock opened at $2.80 on Friday. The business’s fifty day moving average price is $3.03 and its two-hundred day moving average price is $2.98. OncoCyte has a fifty-two week low of $2.29 and a fifty-two week high of $4.34.

Insider Buying and Selling

In other news, CFO Andrea S. James purchased 33,670 shares of OncoCyte stock in a transaction that occurred on Wednesday, October 2nd. The shares were acquired at an average price of $2.97 per share, for a total transaction of $99,999.90. Following the transaction, the chief financial officer now owns 33,670 shares of the company’s stock, valued at approximately $99,999.90. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Broadwood Partners, L.P. acquired 1,315,339 shares of the 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 completion of the transaction, the insider now owns 6,244,405 shares of the company’s stock, valued at approximately $18,420,994.75. This represents 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 owned by insiders.

Analyst Ratings Changes

Several brokerages have issued reports on OCX. StockNews.com initiated coverage on OncoCyte in a report on Thursday. They set a “sell” rating for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $4.25 target price on shares of OncoCyte in a report on Wednesday.

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.