OncoCyte (NASDAQ:OCX) Earnings Announcement and Market Response

OncoCyte (NASDAQ:OCX - Get Free Report) announced its earnings results on Monday, reporting earnings per share (EPS) of $0.48 for the quarter, according to Zacks. Despite the reported EPS, the company's financial health shows concerns as it recorded a negative net margin of 6,122.29% and a negative return on equity of 269.32%.

Market Reaction to OncoCyte Stocks

Following the earnings announcement, OncoCyte's stock saw a decline of 2.1%, closing down $0.07 to reach a price of $3.33. The trading volume was 32,727 shares, compared to an average volume of 65,649 shares. Over the past year, the company's stock price has fluctuated, hitting a low of $1.92 and a high of $4.75. Additionally, OncoCyte's fifty-day simple moving average stands at $2.68, while the 200-day simple moving average is $2.72.

Analyst Ratings and Price Targets

In a separate development, StockNews.com initiated coverage of OncoCyte’s shares on January 13th, giving the stock a "sell" rating. This reflects a cautious outlook from analysts on the company's future performance.

Insider Transactions

According to other news regarding OncoCyte, Director Andrew Arno purchased 12,500 shares on December 26th for an average price of $2.11 per share, totaling $26,375. After this acquisition, Arno's ownership increased to 81,554 shares, worth approximately $172,078.94. In another transaction the same day, major shareholder Patrick W. Smith acquired 90,219 shares at an average price of $2.13 per share, totaling around $192,166.47. This increased Smith's holdings to 1,773,903 shares, with a value of about $3,778,413.39. Over the last ninety days, insiders have collectively bought 1,288,344 shares worth $2,649,051, with insiders holding 1.58% of the company stock.

Company Overview

OncoCyte Corporation specializes in precision diagnostics and is engaged in the development and commercialization of proprietary tests both in the United States and internationally. The company's key products under development include DetermaIO, a gene expression test aimed at predicting responses to immunotherapies; DetermaCNI, a blood-based monitoring tool to assess therapeutic efficacy; and VitaGraft, a blood test for monitoring solid organ transplantation.

Investment Considerations

Investors looking into OncoCyte should consider the current analyst ratings and financial health before making any decisions. Although OncoCyte has a Moderate Buy rating amongst analysts, top analysts have identified other stocks they believe are more promising for investment.

OncoCyte, Earnings, Stocks