OncoCyte (NASDAQ:OCX) Issues Quarterly Earnings Results, Beats Expectations By $0.88 EPS

OncoCyte (NASDAQ:OCX) announced its earnings results on Monday. The company reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.88, Zacks reports. The business had revenue of $1.49 million during the quarter, compared to analysts’ expectations of $0.16 million. OncoCyte had a negative net margin of 6,122.29% and a negative return on equity of 269.32%.

OncoCyte Stock Performance

OCX opened at $3.04 on Wednesday. The firm’s fifty day moving average is $2.73 and its 200 day moving average is $2.72. OncoCyte has a fifty-two week low of $1.92 and a fifty-two week high of $4.75.

Wall Street Analyst Weigh In

Several research firms have recently commented on OCX. StockNews.com began coverage on OncoCyte in a research note on Monday, January 13th. They issued a “sell” rating for the company. Stephens reissued an “equal weight” rating and set a $4.00 price target on shares of OncoCyte in a report on Tuesday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $4.25 price objective on shares of OncoCyte in a research note on Tuesday.

Insiders Place Their Bets

In related news, major shareholder Patrick W. Smith bought 1,077,600 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The stock was purchased at an average price of $2.05 per share, for a total transaction of $2,209,080.00. Following the completion of the transaction, the insider now owns 2,872,671 shares in the company, valued at $5,888,975.55. The trade was a 60.03 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Andrea S. James purchased 97,561 shares of OncoCyte stock in a transaction on Friday, February 7th. The stock was bought at an average price of $2.05 per share, for a total transaction of $200,000.05. Following the completion of the acquisition, the chief financial officer now owns 151,231 shares in the company, valued at $310,023.55. The trade was a 181.78 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 1,288,344 shares of company stock worth $2,649,051. Corporate insiders own 1.58% of the company’s stock.

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.