OncoCyte Co. (NYSEAMERICAN:OCX) Given Average Recommendation of “Buy” by Brokerages

OncoCyte Co. (NYSEAMERICAN:OCX – Get Rating) has been assigned a consensus rating of “Buy” from the six analysts that are presently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $4.10.

A number of equities analysts have issued reports on the stock. Needham & Company LLC decreased their price objective on shares of OncoCyte from $5.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, March 11th. Stephens lowered shares of OncoCyte from an “overweight” rating to an “equal weight” rating in a research note on Tuesday. Lake Street Capital dropped their price objective on shares of OncoCyte from $11.00 to $6.00 and set a “buy” rating on the stock in a research note on Friday, March 11th. Zacks Investment Research raised shares of OncoCyte from a “sell” rating to a “hold” rating in a research note on Friday, May 13th. Finally, Piper Sandler dropped their price objective on shares of OncoCyte from $1.80 to $1.40 in a research note on Sunday, May 15th.

In related news, major shareholder Broadwood Partners, L.P. purchased 6,003,752 shares of OncoCyte stock in a transaction that occurred 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 purchase, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cavan M. Redmond purchased 40,000 shares of OncoCyte stock in a transaction that occurred on Wednesday, March 16th. The stock was bought at an average cost of $1.19 per share, for a total transaction of $47,600.00. The disclosure for this purchase can be found here. Insiders have acquired 6,125,252 shares of company stock valued at $8,137,390 in the last quarter. 4.06% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA boosted its stake in OncoCyte by 358.6% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 11,278 shares of the biotechnology company’s stock worth $40,000 after purchasing an additional 8,819 shares in the last quarter. B. Riley Wealth Management Inc. acquired a new stake in OncoCyte in the 3rd quarter worth approximately $50,000. Williams Jones Wealth Management LLC. acquired a new stake in OncoCyte in the 4th quarter worth approximately $33,000. Raymond James Financial Services Advisors Inc. acquired a new stake in OncoCyte in the 1st quarter worth approximately $25,000. Finally, Citigroup Inc. raised its position in OncoCyte by 166.7% during the 4th quarter. Citigroup Inc. now owns 18,279 shares of the biotechnology company’s stock worth $39,000 after buying an additional 11,425 shares during the last quarter. Institutional investors and hedge funds own 93.59% of the company’s stock.

Shares of NYSEAMERICAN:OCX opened at $0.98 on Wednesday. The firm has a market capitalization of $98.34 million, a P/E ratio of -1.28 and a beta of 1.87. OncoCyte has a 52 week low of $0.97 and a 52 week high of $6.25.

OncoCyte (NYSEAMERICAN:OCX – Get Rating) last issued its earnings results 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 877.80% and a negative return on equity of 52.12%. As a group, analysts forecast that OncoCyte will post -0.52 earnings per share for the current year.

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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