OncoCyte (NASDAQ:OCX) Now Covered by Lake Street Capital

Research analysts at Lake Street Capital initiated coverage on shares of OncoCyte (NASDAQ:OCX) in a note issued to investors on Friday, MarketBeat Ratings reports. The firm set a “buy” rating and a $5.00 price target on the stock. Lake Street Capital’s price target suggests a potential upside of 55.76% from the company’s current price.

Other equities research analysts also recently issued reports about the company. StockNews.com began coverage on OncoCyte in a report on Monday, January 13th. They issued a “sell” rating for the company. Stephens reissued an “equal weight” rating and set a $4.00 target price on shares of OncoCyte in a research note on Tuesday, March 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $4.25 price target on shares of OncoCyte in a research note on Tuesday, March 25th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $4.56.

OncoCyte Stock Performance

Shares of NASDAQ OCX opened at $3.21 on Friday. The firm has a 50 day moving average price of $2.79 and a 200 day moving average price of $2.72. The stock has a market cap of $56.02 million, a P/E ratio of -0.73 and a beta of 0.79. OncoCyte has a 52-week low of $1.92 and a 52-week high of $4.75.

OncoCyte (NASDAQ:OCX) last announced its quarterly earnings results on Monday, March 24th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.88. The company had revenue of $1.49 million during the quarter, compared to analyst estimates of $0.16 million. OncoCyte had a negative net margin of 6,122.29% and a negative return on equity of 269.32%. Analysts predict that OncoCyte will post -2.57 earnings per share for the current fiscal year.

Insider Activity

In other OncoCyte news, major shareholder Patrick W. Smith purchased 1,077,600 shares of the business’s stock in a transaction on Friday, February 7th. The shares were purchased at an average cost of $2.05 per share, with a total value of $2,209,080.00. Following the transaction, the insider now directly owns 2,872,671 shares of the company’s stock, valued at $5,888,975.55. This represents a 60.03 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Andrea S. James acquired 97,561 shares of OncoCyte stock in a transaction dated Friday, February 7th. The shares were acquired at an average price of $2.05 per share, with a total value of $200,000.05. Following the completion of the purchase, the chief financial officer now owns 151,231 shares in the company, valued at approximately $310,023.55. The trade was a 181.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 1,185,625 shares of company stock worth $2,430,510 over the last three months. Corporate insiders own 1.58% of the company’s stock.

Institutional Trading of OncoCyte

Several institutional investors and hedge funds have recently bought and sold shares of OCX. Wealthedge Investment Advisors LLC bought a new position in shares of OncoCyte in the fourth quarter valued at $126,000. Ground Swell Capital LLC acquired a new stake in OncoCyte in the fourth quarter valued at $26,000. Broadwood Capital Inc. grew its position in shares of OncoCyte by 26.7% in the 4th quarter. Broadwood Capital Inc. now owns 6,244,405 shares of the company’s stock valued at $14,862,000 after acquiring an additional 1,315,339 shares during the period. Two Sigma Securities LLC acquired a new position in shares of OncoCyte during the 4th quarter worth about $31,000. Finally, Geode Capital Management LLC raised its holdings in shares of OncoCyte by 31.8% in the 4th quarter. Geode Capital Management LLC now owns 137,069 shares of the company’s stock valued at $326,000 after purchasing an additional 33,089 shares during the period. Institutional investors own 55.35% of the company’s stock.

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.