Analysts at Lake Street Capital Begin Coverage of OncoCyte

Research analysts from Lake Street Capital have recently initiated coverage on OncoCyte (NASDAQ:OCX) as indicated in a research note published for investors on Friday. The analysts have assigned a "buy" rating to the stock with a price target set at $5.00.

This price objective suggests a potential upside of approximately 55.28% from OncoCyte's most recent closing price. Lake Street Capital's bullish outlook implies confidence in the company's future performance.

In addition to Lake Street Capital's assessment, other analysts have also shared their views on OncoCyte. For instance, Stephens maintained an "equal weight" rating with a price target of $4.00, while Needham & Company LLC reiterated a "buy" rating with a target price of $4.25. However, there has also been contrasting assessment from StockNews.com, which recently began coverage with a "sell" rating for the stock.

Presently, one analyst holds a sell rating on OncoCyte, another has issued a hold rating, while three analysts have provided buy ratings. As per the consensus data from MarketBeat, OncoCyte enjoys an average rating of "Hold" with a prevailing price target of $4.56.

OncoCyte Stock Performance

OncoCyte shares started at $3.22 on Friday. The stock has had a turbulent year, with a 52-week low of $1.92 and a high of $4.75. For technical analysis, the 50-day moving average stands at $2.77 and the 200-day moving average at $2.73. The company's market capitalization is approximately $56.20 million, with a staggering P/E ratio of -0.73, indicating negative earnings, and a beta of 0.79, suggesting lower volatility compared to the market.

In its last quarterly earnings report released on March 24th, OncoCyte reported earnings of $0.48 per share, exceeding the analysts’ consensus estimate of a loss of $0.40 by a swing of $0.88. The company's revenue for the quarter amounted to $1.49 million, a significant increase compared to the expected $0.16 million. Despite this, OncoCyte demonstrated negative margins and a return on equity, forecasting -2.57 EPS for the current fiscal year.

Insider Transactions

In insider trading news, CFO Andrea S. James purchased 97,561 shares at an average price of $2.05 per share, amounting to a total investment of $200,000.05. As a result, she now holds 151,231 shares valued at approximately $310,023.55, marking a 181.78% increase in her holdings. This transaction was reported in a filing with the SEC.

Moreover, major shareholder Patrick W. Smith has also enhanced his stake by acquiring 1,077,600 shares at the same average price of $2.05 per share. This substantial transaction totaled $2,209,080.00, leading to a 60.03% boost in his ownership of OncoCyte stock. In the last three months, insiders have bought a total of 1,185,625 shares valued at around $2,430,510, with insiders currently holding about 1.58% of the company's shares.

Institutional Investor Activity

Recent activity among hedge funds indicates a growing interest in OncoCyte. Geode Capital Management LLC increased its ownership by 12.2% in the third quarter, acquiring 103,980 shares, now valued at $296,000. FNY Investment Advisers LLC raised its stake by 15.1% in the fourth quarter, owning 49,377 shares worth $117,000. Pura Vida Investments LLC also lifted its position by 32.1%, owning 654,451 shares valued at $1,558,000 after a purchase of 159,106 additional shares. The firm Two Sigma Securities LLC acquired a new stake valued at $31,000 during this same period.

In addition, Broadwood Capital Inc. increased its holdings by 26.7%, now owning 6,244,405 shares, worth approximately $14,862,000. A notable 55.35% of OncoCyte's stock is now owned by institutional investors, reflecting a trend in investment interest.

About OncoCyte Corporation

OncoCyte Corporation is a precision diagnostics firm dedicated to developing and commercializing proprietary tests both in the United States and internationally. Among its key projects are DetermaIO, a gene expression test predicting responses to immunotherapies; DetermaCNI, a blood-based tool to monitor therapeutic efficacy in cancer patients; and VitaGraft, a test designed for monitoring solid organ transplantation through blood analysis.

OncoCyte, stock, investment