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

OncoCyte (NASDAQ:OCX) posted its earnings results on Tuesday. The company reported ($0.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.54), Zacks reports. The business had revenue of $0.12 million for the quarter. OncoCyte had a negative return on equity of 237.81% and a negative net margin of 6,122.29%. During the same period last year, the business posted ($0.57) earnings per share.

OncoCyte Price Performance

NASDAQ:OCX remained flat at $3.00 during trading hours on Wednesday. 12,608 shares of the company’s stock were exchanged, compared to its average volume of 36,208. The company’s 50-day moving average is $3.04 and its 200 day moving average is $2.98. OncoCyte has a 12 month low of $2.29 and a 12 month high of $4.34.

Insider Transactions at OncoCyte

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

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on OCX shares. StockNews.com assumed coverage on OncoCyte in a research report on Friday, November 8th. They issued a “sell” rating for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $4.25 price objective on shares of OncoCyte in a report on Wednesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $4.06.

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.