OncoCyte (NASDAQ:OCX) Trading Down 3.1% - Here's What Happened

OncoCyte Co. (NASDAQ:OCX - Get Free Report)'s share price fell 3.1% during mid-day trading on Tuesday . The stock traded as low as $3.10 and last traded at $3.12. 19,472 shares were traded during mid-day trading, a decline of 65% from the average session volume of 56,388 shares. The stock had previously closed at $3.22.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on OCX. Lake Street Capital began coverage on shares of OncoCyte in a research note on Friday, March 28th. They issued a "buy" rating and a $5.00 price target for the company. Stephens reiterated an "equal weight" rating and issued a $4.00 price target on shares of OncoCyte in a research note on Tuesday, March 25th. Needham & Company LLC reiterated a "buy" rating and issued a $4.25 price target on shares of OncoCyte in a research note on Tuesday, April 8th. Finally, StockNews.com began coverage on shares of OncoCyte in a research note on Sunday, April 6th. They set a "sell" rating for the company.

OncoCyte Stock Performance

The business's fifty day moving average price is $3.14 and its 200-day moving average price is $2.71. The stock has a market cap of $89.23 million, a PE ratio of -0.71 and a beta of 0.97.

OncoCyte (NASDAQ:OCX - Get Free Report) last released its quarterly earnings data on Monday, March 24th. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.88. OncoCyte had a negative net margin of 6,122.29% and a negative return on equity of 269.32%. The firm had revenue of $1.49 million during the quarter, compared to analysts' expectations of $0.16 million. Analysts forecast that OncoCyte Co. will post -2.57 earnings per share for the current fiscal year.

Insider Activity

In other OncoCyte news, CFO Andrea S. James bought 97,561 shares of the business's stock in a transaction that occurred on Friday, February 7th. The stock was bought at an average cost of $2.05 per share, for a total transaction of $200,000.05. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Patrick W. Smith bought 1,077,600 shares of the business's stock in a transaction that occurred on Friday, February 7th. The shares were acquired at an average price of $2.05 per share, with a total value of $2,209,080.00. Following the completion of the transaction, the insider now directly owns 2,872,671 shares of the company's stock, valued at $5,888,975.55. This trade represents a 60.03 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 1,176,076 shares of company stock valued at $2,410,919 over the last three months. Insiders own 1.58% of the company's stock.

Institutional Trading of OncoCyte

Several large investors have recently added to or reduced their stakes in the business. Broadwood Capital Inc. grew its position in OncoCyte by 26.7% during the fourth quarter. Broadwood Capital Inc. now owns 6,244,405 shares of the company's stock valued at $14,862,000 after buying an additional 1,315,339 shares during the period. Pura Vida Investments LLC increased its stake in shares of OncoCyte by 32.1% in the fourth quarter. Pura Vida Investments LLC now owns 654,451 shares of the company's stock worth $1,558,000 after purchasing an additional 159,106 shares in the last quarter. Geode Capital Management LLC raised its position in shares of OncoCyte by 31.8% during the 4th quarter. Geode Capital Management LLC now owns 137,069 shares of the company's stock valued at $326,000 after purchasing an additional 33,089 shares during the period. Wealthedge Investment Advisors LLC purchased a new position in shares of OncoCyte during the 4th quarter valued at $126,000. Finally, FNY Investment Advisers LLC lifted its stake in shares of OncoCyte by 15.1% during the 4th quarter. FNY Investment Advisers LLC now owns 49,377 shares of the company's stock valued at $117,000 after buying an additional 6,481 shares in the last quarter. 55.35% of the stock is currently owned by 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.

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