OncoCyte (OCX) Stock Price Up 17.8% Following Earnings Beat

OncoCyte Corp (NYSEAMERICAN:OCX)’s share price rose 17.8% during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $5.11 and last traded at $5.04. Approximately 578,900 shares traded hands during trading, a decline of 39% from the average daily volume of 942,593 shares. The stock had previously closed at $4.28.

The biotechnology company reported ($0.08) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.09) by $0.01.

OCX has been the topic of several research analyst reports. Lake Street Capital boosted their target price on OncoCyte from $4.00 to $7.00 and gave the company a “buy” rating in a research note on Tuesday, January 29th. Janney Montgomery Scott raised OncoCyte from a “neutral” rating to a “buy” rating in a research note on Tuesday, January 29th. Piper Jaffray Companies initiated coverage on OncoCyte in a research note on Wednesday, February 13th. They set an “overweight” rating and a $6.00 target price on the stock. Chardan Capital reissued a “buy” rating and set a $8.00 target price on shares of OncoCyte in a research note on Tuesday, April 2nd. Finally, Zacks Investment Research cut OncoCyte from a “buy” rating to a “hold” rating in a research note on Friday, January 18th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $5.95.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ExodusPoint Capital Management LP bought a new stake in shares of OncoCyte during the first quarter valued at approximately $41,000. Charles Schwab Investment Management Inc. bought a new stake in shares of OncoCyte during the first quarter valued at approximately $53,000. Citigroup Inc. bought a new stake in shares of OncoCyte during the first quarter valued at approximately $82,000. Perkins Capital Management Inc. bought a new stake in shares of OncoCyte during the first quarter valued at approximately $99,000. Finally, Virtu Financial LLC bought a new stake in shares of OncoCyte during the first quarter valued at approximately $114,000.

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About OncoCyte (NYSEAMERICAN:OCX)

OncoCyte Corporation focuses on the development and commercialization of novel and non-invasive blood and urine (liquid biopsy) diagnostic tests for the early detection of cancer. The company is developing diagnostic tests using genetic and protein markers expressed in various types of cancer. It develops diagnostic tests based on liquid biopsies using blood or urine samples for detecting lung, bladder, and breast cancer.

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