Lake Street Capital Forecasts Strong Price Appreciation for OncoCyte (NASDAQ:OCX) Stock

OncoCyte (NASDAQ:OCX) had its target price boosted by equities research analysts at Lake Street Capital from $5.00 to $8.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Lake Street Capital’s price objective indicates a potential upside of 132.56% from the company’s previous close.

Other analysts have also issued research reports about the company. Wall Street Zen started coverage on OncoCyte in a report on Sunday, April 6th. They issued a “sell” rating for the company. Stephens restated an “equal weight” rating and issued a $4.00 target price on shares of OncoCyte in a report on Tuesday, March 25th. Finally, Needham & Company LLC restated a “buy” rating and issued a $4.25 target price on shares of OncoCyte in a report on Tuesday, May 13th.

OncoCyte Stock Performance

Shares of NASDAQ:OCX opened at $3.44 on Wednesday. OncoCyte has a one year low of $1.92 and a one year high of $4.75. The stock has a fifty day moving average of $3.00 and a 200-day moving average of $2.70. The company has a market capitalization of $98.38 million, a PE ratio of -0.97 and a beta of 0.95.

OncoCyte (NASDAQ:OCX) last released its earnings results on Monday, May 12th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.02). The business had revenue of $2.14 million during the quarter, compared to analysts’ expectations of $0.13 million. OncoCyte had a negative net margin of 6,122.29% and a negative return on equity of 269.32%. As a group, research analysts forecast that OncoCyte will post -2.57 EPS for the current fiscal year.

Institutional Trading of OncoCyte

Several hedge funds and other institutional investors have recently modified their holdings of OCX. Pura Vida Investments LLC raised its holdings in shares of OncoCyte by 32.1% during the fourth quarter. Pura Vida Investments LLC now owns 654,451 shares of the company’s stock worth $1,558,000 after acquiring an additional 159,106 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of OncoCyte by 31.8% during the fourth quarter. Geode Capital Management LLC now owns 137,069 shares of the company’s stock worth $326,000 after acquiring an additional 33,089 shares in the last quarter. Two Sigma Securities LLC purchased a new stake in shares of OncoCyte during the fourth quarter worth $31,000. Broadwood Capital Inc. raised its holdings in shares of OncoCyte by 26.7% during the fourth quarter. Broadwood Capital Inc. now owns 6,244,405 shares of the company’s stock worth $14,862,000 after acquiring an additional 1,315,339 shares in the last quarter. Finally, Ground Swell Capital LLC purchased a new stake in shares of OncoCyte during the fourth quarter worth $26,000. 55.35% of the stock is currently owned by hedge funds and other institutional investors.

OncoCyte Company Profile

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.