Short Interest in Oncocyte Corp (NASDAQ:IMDX) Increases By 65.9%

Oncocyte Corp (NASDAQ:IMDX) was the target of a significant growth in short interest in May. As of May 15th, there was short interest totaling 1,183,128 shares, a growth of 65.9% from the April 30th total of 713,244 shares. Based on an average daily volume of 561,599 shares, the short-interest ratio is currently 2.1 days. Approximately 3.7% of the shares of the stock are sold short.

Oncocyte Stock Up 9.1%

Shares of IMDX stock traded up $0.55 on Thursday, hitting $6.58. 67,933 shares of the company’s stock traded hands, compared to its average volume of 233,218. Oncocyte has a one year low of $2.33 and a one year high of $8.51. The firm’s fifty day moving average is $4.56. The stock has a market cap of $212.40 million, a PE ratio of -4.54 and a beta of 1.79.

Oncocyte (NASDAQ:IMDX) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.28) earnings per share (EPS) for the quarter. The business had revenue of $0.03 million for the quarter.

Insiders Place Their Bets

In other news, major shareholder Broadwood Partners, L.P. purchased 250,923 shares of the stock in a transaction on Monday, April 27th. The shares were acquired at an average price of $3.64 per share, for a total transaction of $913,359.72. Following the completion of the transaction, the insider directly owned 12,684,884 shares of the company’s stock, valued at approximately $46,172,977.76. This trade represents a 2.02% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders bought a total of 753,045 shares of company stock worth $2,685,120 in the last quarter. Company insiders own 2.05% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on IMDX. Weiss Ratings restated a “sell (d-)” rating on shares of Oncocyte in a research report on Friday, March 27th. Wall Street Zen raised shares of Oncocyte from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, Lake Street Capital increased their target price on shares of Oncocyte from $8.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, February 17th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $12.00.

About Oncocyte

Oncocyte (NASDAQ:IMDX) is a molecular diagnostics company that develops and commercializes tests intended to improve cancer detection, risk stratification and treatment decision-making. The company focuses on creating assays that provide clinically actionable information to physicians managing patients with suspected or confirmed malignancies, with particular emphasis on tools that can help evaluate lung nodules and other oncology-related diagnostic challenges.

Oncocyte’s product and development efforts center on blood- and tissue-based molecular assays that analyze biomarkers and genomic signals to inform clinical workflows.