OncoCyte (NYSEAMERICAN:OCX) Downgraded by Stephens

OncoCyte (NYSEAMERICAN:OCXGet Rating) was downgraded by research analysts at Stephens from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Tuesday, MarketBeat.com reports.

OCX has been the topic of several other research reports. Lake Street Capital dropped their target price on shares of OncoCyte from $11.00 to $6.00 and set a “buy” rating on the stock in a research report on Friday, March 11th. Zacks Investment Research upgraded OncoCyte from a “sell” rating to a “hold” rating in a research note on Friday, May 13th. Piper Sandler dropped their price objective on shares of OncoCyte from $1.80 to $1.40 in a report on Sunday, May 15th. Finally, Needham & Company LLC cut their price target on OncoCyte from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, March 11th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, OncoCyte has a consensus rating of “Buy” and a consensus price target of $3.90.

NYSEAMERICAN OCX opened at $1.08 on Tuesday. The firm has a market capitalization of $107.93 million, a price-to-earnings ratio of -1.40 and a beta of 1.87. OncoCyte has a 12-month low of $1.07 and a 12-month high of $6.25.

OncoCyte (NYSEAMERICAN:OCXGet Rating) last announced its earnings results on Wednesday, May 11th. The biotechnology company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.01. OncoCyte had a negative return on equity of 52.12% and a negative net margin of 877.80%. As a group, sell-side analysts anticipate that OncoCyte will post -0.52 EPS for the current fiscal year.

In related news, major shareholder Broadwood Partners, L.P. bought 6,003,752 shares of the firm’s stock in a transaction on Thursday, April 14th. The shares were bought at an average price of $1.33 per share, with a total value of $7,984,990.16. Following the completion of the transaction, the insider now directly owns 23,353,697 shares of the company’s stock, valued at approximately $31,060,417.01. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cavan M. Redmond acquired 40,000 shares of the stock in a transaction that occurred on Wednesday, March 16th. The shares were bought at an average cost of $1.19 per share, with a total value of $47,600.00. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 6,125,252 shares of company stock valued at $8,137,390. 4.06% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Goldman Sachs Group Inc. raised its holdings in shares of OncoCyte by 5.7% in the first quarter. Goldman Sachs Group Inc. now owns 460,004 shares of the biotechnology company’s stock valued at $686,000 after buying an additional 24,964 shares during the last quarter. DCF Advisers LLC grew its stake in shares of OncoCyte by 107.0% in the 1st quarter. DCF Advisers LLC now owns 25,149 shares of the biotechnology company’s stock valued at $37,000 after purchasing an additional 13,000 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of OncoCyte by 2.3% in the first quarter. Vanguard Group Inc. now owns 3,986,270 shares of the biotechnology company’s stock valued at $5,940,000 after purchasing an additional 90,534 shares during the period. Raymond James Financial Services Advisors Inc. acquired a new stake in shares of OncoCyte during the first quarter worth $25,000. Finally, Defender Capital LLC. grew its position in OncoCyte by 15.6% in the 1st quarter. Defender Capital LLC. now owns 2,562,130 shares of the biotechnology company’s stock valued at $4,001,000 after buying an additional 345,330 shares during the last quarter. 93.59% of the stock is 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.

See Also

Analyst Recommendations for OncoCyte (NYSEAMERICAN:OCX)

Receive News & Ratings for OncoCyte Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for OncoCyte and related companies with MarketBeat.com's FREE daily email newsletter.