OncoCyte (NYSEAMERICAN:OCX) Upgraded to Hold at Zacks Investment Research

OncoCyte (NYSEAMERICAN:OCXGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday, Zacks.com reports.

According to Zacks, “OncoCyte Corporation is primarily focused on the development of novel, non-invasive blood and urine diagnostic tests for detection of cancer. OncoCyte Corporation is based in Alameda, California. “

A number of other brokerages also recently weighed in on OCX. Piper Sandler decreased their price objective on shares of OncoCyte from $3.10 to $1.80 and set an “overweight” rating for the company in a research report on Thursday, March 17th. Needham & Company LLC dropped their price target on shares of OncoCyte from $5.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, March 11th. Finally, Lake Street Capital dropped their price target on shares of OncoCyte from $11.00 to $6.00 and set a “buy” rating for the company in a research note on Friday, March 11th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $3.98.

OncoCyte stock opened at $1.09 on Friday. OncoCyte has a fifty-two week low of $1.09 and a fifty-two week high of $6.25. The company has a market cap of $100.55 million, a PE ratio of -1.54 and a beta of 1.87.

OncoCyte (NYSEAMERICAN:OCXGet Rating) last issued its quarterly earnings data on Wednesday, May 11th. The biotechnology company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.01. OncoCyte had a negative net margin of 829.52% and a negative return on equity of 37.25%. On average, sell-side analysts expect that OncoCyte will post -0.52 EPS for the current fiscal year.

In other news, major shareholder Broadwood Partners, L.P. bought 6,003,752 shares of the stock in a transaction dated Thursday, April 14th. The shares were acquired at an average price of $1.33 per share, with a total value of $7,984,990.16. Following the completion of the acquisition, the insider now directly owns 23,353,697 shares in the company, valued at $31,060,417.01. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Ronald Asbury Andrews bought 50,000 shares of the stock in a transaction dated Wednesday, March 16th. The stock was purchased at an average cost of $1.28 per share, for a total transaction of $64,000.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 6,125,252 shares of company stock worth $8,137,390. 4.06% of the stock is currently owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA raised its position in OncoCyte by 358.6% during the third quarter. BNP Paribas Arbitrage SA now owns 11,278 shares of the biotechnology company’s stock worth $40,000 after acquiring an additional 8,819 shares during the last quarter. B. Riley Wealth Management Inc. purchased a new position in shares of OncoCyte during the 3rd quarter worth approximately $50,000. Williams Jones Wealth Management LLC. purchased a new position in shares of OncoCyte during the 4th quarter worth approximately $33,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of OncoCyte during the 3rd quarter worth approximately $56,000. Finally, Citigroup Inc. lifted its stake in OncoCyte by 166.7% in the 4th quarter. Citigroup Inc. now owns 18,279 shares of the biotechnology company’s stock valued at $39,000 after buying an additional 11,425 shares in the last quarter. 93.59% of the stock is currently owned by hedge funds and other institutional investors.

OncoCyte Company Profile (Get Rating)

OncoCyte Corporation, a molecular diagnostics company, researches, develops, and commercializes proprietary laboratory-developed tests for the detection of cancer in the United States and internationally. The company offers DetermaRx, a molecular test for early-stage adenocarcinoma of the lung; and DetermaIO, a proprietary gene expression assay.

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