OncoCyte (NASDAQ:OCX) Announces Quarterly Earnings Results, Beats Estimates 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 company had revenue of $1.49 million during the quarter, compared to analysts’ expectations of $0.16 million. OncoCyte had a negative return on equity of 269.32% and a negative net margin of 6,122.29%.

OncoCyte Stock Performance

Shares of OCX traded down $0.29 during midday trading on Tuesday, hitting $3.04. The company had a trading volume of 93,137 shares, compared to its average volume of 65,653. The company’s 50-day simple moving average is $2.71 and its 200-day simple moving average is $2.72. OncoCyte has a 1 year low of $1.92 and a 1 year high of $4.75.

Insider Activity at OncoCyte

In other OncoCyte news, Director Andrew Arno bought 12,500 shares of the company’s stock in a transaction that occurred on Thursday, December 26th. The shares were purchased at an average price of $2.11 per share, with a total value of $26,375.00. Following the completion of the acquisition, the director now directly owns 81,554 shares of the company’s stock, valued at $172,078.94. This represents a 18.10 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Andrea S. James purchased 97,561 shares of the business’s stock in a transaction on Friday, February 7th. The stock was acquired at an average price of $2.05 per share, for a total transaction of $200,000.05. Following the completion of the purchase, the chief financial officer now owns 151,231 shares of the company’s stock, valued at $310,023.55. This represents a 181.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 1,288,344 shares of company stock valued at $2,649,051 over the last 90 days. 1.58% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $4.25 price target on shares of OncoCyte in a research report on Tuesday. StockNews.com started coverage on shares of OncoCyte in a report on Monday, January 13th. They set a “sell” rating on the stock. Finally, Stephens restated an “equal weight” rating and issued a $4.00 price target on shares of OncoCyte in a research note on Tuesday.

About OncoCyte

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.