OncoCyte (NYSEAMERICAN:OCX) Shares Down 40.9% Following Analyst Downgrade

Shares of OncoCyte Corp (NYSEAMERICAN:OCX) were down 40.9% during trading on Tuesday after Piper Sandler downgraded the stock from an overweight rating to a neutral rating. The company traded as low as $1.55 and last traded at $1.91, approximately 6,008,564 shares traded hands during mid-day trading. An increase of 1,355% from the average daily volume of 412,909 shares. The stock had previously closed at $3.23.

A number of other analysts have also commented on the company. Lake Street Capital lowered their price objective on OncoCyte from $6.00 to $4.00 and set a “buy” rating for the company in a research report on Tuesday. Chardan Capital lowered OncoCyte from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $7.75 to $2.00 in a research report on Tuesday. Needham & Company LLC restated a “buy” rating and set a $4.00 target price on shares of OncoCyte in a research report on Wednesday, June 17th. Finally, Zacks Investment Research lowered OncoCyte from a “hold” rating to a “sell” rating in a research report on Tuesday, June 16th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. OncoCyte has an average rating of “Hold” and an average target price of $4.05.

In other OncoCyte news, major shareholder Broadwood Partners, L.P. acquired 1,050,000 shares of the firm’s stock in a transaction that occurred on Friday, April 24th. The stock was acquired at an average cost of $2.24 per share, for a total transaction of $2,352,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its position in shares of OncoCyte by 2.3% in the 4th quarter. Geode Capital Management LLC now owns 312,765 shares of the biotechnology company’s stock valued at $703,000 after purchasing an additional 7,073 shares during the period. JPMorgan Chase & Co. lifted its stake in OncoCyte by 31.9% in the 1st quarter. JPMorgan Chase & Co. now owns 36,905 shares of the biotechnology company’s stock valued at $91,000 after acquiring an additional 8,933 shares in the last quarter. Squarepoint Ops LLC bought a new stake in OncoCyte in the 1st quarter valued at approximately $26,000. UBS Group AG lifted its stake in OncoCyte by 28.7% in the 4th quarter. UBS Group AG now owns 55,370 shares of the biotechnology company’s stock valued at $124,000 after acquiring an additional 12,364 shares in the last quarter. Finally, Two Sigma Investments LP bought a new stake in OncoCyte in the 1st quarter valued at approximately $32,000.

OncoCyte (NYSEAMERICAN:OCX) last announced its quarterly earnings data on Tuesday, May 12th. The biotechnology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The firm had revenue of $0.02 million during the quarter.

OncoCyte Company Profile (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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