OncoCyte Announces Earnings Results

OncoCyte (NASDAQ:OCX) announced its earnings results on Monday. The company reported earnings of $0.48 per share for the quarter, as reported by Zacks. However, it faced significant challenges with a negative net margin of 6,122.29% and a negative return on equity of 269.32%.

OncoCyte Stock Performance

Following the earnings announcement, OncoCyte's stock saw a decline of 2.1%, trading down by $0.07 to reach a price of $3.33. A total of 32,727 shares changed hands, which is lower than its average trading volume of 65,649 shares. Over the past year, the stock hit a low of $1.92 and a high of $4.75, with its fifty-day moving average at $2.68 and the 200-day moving average at $2.72.

Analysts and Price Targets

In a separate report, StockNews.com began coverage on OncoCyte, giving the stock a "sell" rating, reflecting their cautious outlook on the company's performance going forward.

Insider Transactions

In recent insider activity, Director Andrew Arno acquired 12,500 shares of OncoCyte stock on December 26th for an average price of $2.11 per share, totaling approximately $26,375. After this purchase, Arno owns 81,554 shares in the company, amounting to a value of about $172,078.94, marking an 18.10% increase in ownership. Additionally, major shareholder Patrick W. Smith bought 90,219 shares on the same day at an average price of $2.13 per share, with a total transaction value of $192,166.47. Smith's ownership has also increased by 5.36%, bringing his total to 1,773,903 shares worth approximately $3,778,413.39. In the last ninety days, insiders have bought 1,288,344 shares valued at $2,649,051, representing 1.58% of the total stock owned by insiders.

About OncoCyte

OncoCyte Corporation specializes in precision diagnostics and focuses on the development and commercialization of proprietary tests both in the United States and internationally. The company is working on several important tests, including DetermaIO, which predicts patient response to immunotherapies based on gene expression analysis of the tumor microenvironment; DetermaCNI, a blood test for monitoring cancer treatment efficacy; and VitaGraft, a test for blood-based monitoring in organ transplantation.

Earnings, Stocks, Performance