Oncocyte (NASDAQ:IMDX) Lowered to Sell Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Oncocyte (NASDAQ:IMDX) from a "hold" to a "sell" rating, joining Weiss Ratings which also maintains a sell while consensus at MarketBeat remains a "Hold" with a $12 price target.
• The stock trades near $3.56 with a market cap of about $102 million and a 50-day SMA of $5.63, and the company reported a ($0.27) EPS last quarter with sharply negative net margin and ROE.
• Insider activity: Broadwood Partners purchased 521,739 shares at $5.75 (~$3.0M), raising its stake to roughly 11.93 million shares (a 4.57% increase); insiders now own about 2.05% of the company.

Oncocyte (NASDAQ:IMDX - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

IMDX has been the subject of a number of other reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Oncocyte in a report on Monday, December 29th. Lake Street Capital raised their price objective on shares of Oncocyte from $8.00 to $12.00 and gave the stock a "buy" rating in a report on Tuesday, February 17th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Oncocyte presently has an average rating of "Hold" and a consensus price target of $12.00.

Oncocyte Price Performance

Shares of NASDAQ IMDX opened at $3.56 on Friday. The business's 50-day simple moving average is $5.63. The stock has a market cap of $102.03 million, a P/E ratio of -2.20 and a beta of 1.35. Oncocyte has a 1 year low of $2.33 and a 1 year high of $8.51.

Oncocyte (NASDAQ:IMDX - Get Free Report) last released its quarterly earnings data on Thursday, March 26th. The company reported ($0.27) EPS for the quarter. Oncocyte had a negative net margin of 1,238.52% and a negative return on equity of 5,096.60%. The business had revenue of $1.14 million during the quarter.

Insider Buying and Selling

In related news, major shareholder Broadwood Partners, L.P. acquired 521,739 shares of Oncocyte stock in a transaction on Tuesday, February 10th. The stock was purchased at an average cost of $5.75 per share, with a total value of $2,999,999.25. Following the purchase, the insider directly owned 11,931,839 shares in the company, valued at approximately $68,608,074.25. The trade was a 4.57% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.05% of the stock is currently owned by corporate insiders.

About Oncocyte

Oncocyte NASDAQ: IMDX is a molecular diagnostics company that develops and commercializes tests intended to improve cancer detection, risk stratification and treatment decision-making. The company focuses on creating assays that provide clinically actionable information to physicians managing patients with suspected or confirmed malignancies, with particular emphasis on tools that can help evaluate lung nodules and other oncology-related diagnostic challenges.

Oncocyte's product and development efforts center on blood- and tissue-based molecular assays that analyze biomarkers and genomic signals to inform clinical workflows.

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