OncoCyte (NASDAQ:OCX) Posts Quarterly Earnings Results, Misses Estimates By $0.54 EPS

OncoCyte (NASDAQ:OCX) posted its quarterly earnings results on Tuesday. The company reported ($0.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.54), Zacks reports. The firm had revenue of $0.12 million for the quarter. OncoCyte had a negative net margin of 6,122.29% and a negative return on equity of 237.81%. During the same period in the prior year, the company earned ($0.57) EPS.

OncoCyte Trading Down 1.3 %

Shares of NASDAQ:OCX traded down $0.04 on Wednesday, hitting $2.96. The company had a trading volume of 13,769 shares, compared to its average volume of 36,214. The firm’s 50-day simple moving average is $3.04 and its two-hundred day simple moving average is $2.98. OncoCyte has a 1 year low of $2.29 and a 1 year high of $4.34.

Insider Activity at OncoCyte

In other news, major shareholder Broadwood Partners, L.P. bought 1,315,339 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was bought at an average price of $2.95 per share, for a total transaction of $3,880,250.05. Following the purchase, the insider now directly owns 6,244,405 shares in the company, valued at $18,420,994.75. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Andrea S. James purchased 33,670 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were bought at an average price of $2.97 per share, for a total transaction of $99,999.90. Following the purchase, the chief financial officer now directly owns 33,670 shares of the company’s stock, valued at approximately $99,999.90. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Broadwood Partners, L.P. acquired 1,315,339 shares of the stock in a transaction on Wednesday, October 2nd. The shares were bought at an average price of $2.95 per share, with a total value of $3,880,250.05. Following the purchase, the insider now directly owns 6,244,405 shares of the company’s stock, valued at $18,420,994.75. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. 1.58% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

OCX has been the topic of a number of analyst reports. StockNews.com initiated coverage on shares of OncoCyte in a research report on Friday, November 8th. They issued a “sell” rating on the stock. Needham & Company LLC restated a “buy” rating and set a $4.25 price target on shares of OncoCyte in a report on Wednesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $4.06.

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.