StockNews.com Initiates Coverage on OncoCyte (NASDAQ:OCX)

Investment analysts at StockNews.com started coverage on shares of OncoCyte (NASDAQ:OCX) in a report issued on Thursday. The brokerage set a “sell” rating on the stock.

Several other research firms also recently weighed in on OCX. Benchmark reiterated a “speculative buy” rating and issued a $5.00 target price on shares of OncoCyte in a research note on Monday, April 15th. Stephens reiterated an “equal weight” rating and issued a $4.00 target price on shares of OncoCyte in a research note on Wednesday. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $3.90.

OncoCyte Trading Down 2.3 %

OCX opened at $2.50 on Thursday. The firm has a 50-day moving average price of $2.93 and a 200-day moving average price of $3.05. OncoCyte has a twelve month low of $2.08 and a twelve month high of $6.20.

Insider Activity

In other news, major shareholder Broadwood Partners, L.P. acquired 2,420,000 shares of the business’s stock in a transaction dated Thursday, April 11th. The stock was bought at an average cost of $2.92 per share, for a total transaction of $7,066,400.00. Following the completion of the transaction, the insider now owns 4,929,066 shares of the company’s stock, valued at $14,392,872.72. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Andrew Arno bought 33,898 shares of the company’s stock in a transaction on Thursday, April 11th. The stock was acquired at an average cost of $2.95 per share, for a total transaction of $99,999.10. Following the completion of the transaction, the director now directly owns 69,054 shares in the company, valued at approximately $203,709.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Broadwood Partners, L.P. bought 2,420,000 shares of the company’s stock in a transaction on Thursday, April 11th. The shares were bought at an average price of $2.92 per share, with a total value of $7,066,400.00. Following the completion of the transaction, the insider now owns 4,929,066 shares of the company’s stock, valued at $14,392,872.72. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 2,457,288 shares of company stock worth $7,176,400. 1.94% of the stock is owned by company insiders.

Institutional Investors Weigh In On OncoCyte

Hedge funds have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. bought a new stake in OncoCyte during the first quarter valued at approximately $25,000. DCF Advisers LLC lifted its holdings in shares of OncoCyte by 107.0% in the 1st quarter. DCF Advisers LLC now owns 25,149 shares of the company’s stock worth $37,000 after acquiring an additional 13,000 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of OncoCyte in the 2nd quarter worth approximately $25,000. Balyasny Asset Management LLC lifted its holdings in shares of OncoCyte by 389.9% in the 3rd quarter. Balyasny Asset Management LLC now owns 52,887 shares of the company’s stock worth $39,000 after acquiring an additional 42,091 shares during the last quarter. Finally, LPL Financial LLC lifted its holdings in shares of OncoCyte by 58.1% in the 2nd quarter. LPL Financial LLC now owns 108,816 shares of the company’s stock worth $98,000 after acquiring an additional 40,000 shares during the last quarter. 55.35% of the stock is currently owned by institutional investors.

OncoCyte Company Profile

OncoCyte Corporation, a molecular diagnostics company, research, develops, and commercializes proprietary laboratory-developed tests for the detection of cancer in the United States and internationally. The company offers DetermaRx, a molecular test for early-stage adenocarcinoma of the lung; and DetermaIO, a proprietary gene expression assay.