Wednesday, July 15, 2020

OncoCyte Corporation [OCX] Announces Completion of DetermaDx™ Clinical Validation Study with Market Cap touching 222.26M

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OncoCyte Corporation [AMEX: OCX] plunged by -$0.14 during the normal trading session on Monday and reaching a high of $3.42 during the day while it closed the day at $3.23. Yesterday, the molecular diagnostics company announced the Clinical Validation study of DetermaDx™ has been completed. The company is now focusing on the improvement of resources for the growth of DetermaIO™ and DetermaRx™ as both these products are being commercialized for the biopharma and clinical markets, respectively.

The study suggests that DetermaDx was not able to achieve the anticipated endpoints of the Clinical Validation Study. The liquid biopsy test conducted by the company clarified whether a lung nodule is dubious or amiable. With the results going against the expectations the company decided to stop further investment in DetermaDx. The company will intend to explore maximum opportunities that they foresee regarding the two more advanced commercial tests.

OncoCyte Corporation stock has also gained 0.31% of its value over the past 7 days. However, OCX stock has inclined by 36.29% in the 3 months of the year. Over the past six months meanwhile, it has gained 52.36% and gained 43.56% year-on date.

The market cap for OCX stock reached $222.26 million, with 61.46 million shares outstanding and 54.91 million shares in the current float. Compared to the average trading volume of 423.40K shares, OCX reached a trading volume of 1181136 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about OncoCyte Corporation [OCX]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for OCX shares is $5.86 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on OCX stock is a recommendation set at 1.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Needham have made an estimate for OncoCyte Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on June 02, 2020. While these analysts kept the previous recommendation, Piper Jaffray raised their target price to Overweight. The new note on the price target was released on February 13, 2019, representing the official price target for OncoCyte Corporation stock.

The Average True Range (ATR) for OncoCyte Corporation is set at 0.27, with the Price to Sales ratio for OCX stock in the period of the last 12 months amounting to 13891.02. The Price to Book ratio for the last quarter was 5.38, with the Price to Cash per share for the same quarter was set at 0.25.

OCX stock trade performance evaluation

OncoCyte Corporation [OCX] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.31. With this latest performance, OCX shares gained by 17.03% in over the last four-week period, additionally plugging by 52.36% over the last 6 months – not to mention a rise of 29.72% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for OCX stock in for the last two-week period is set at 61.28, with the RSI for the last a single of trading hit 63.02, and the three-weeks RSI is set at 59.85 for OncoCyte Corporation [OCX]. The present Moving Average for the last 50 days of trading for this stock 2.67, while it was recorded at 3.27 for the last single week of trading, and 2.27 for the last 200 days.

OncoCyte Corporation [OCX]: An insightful look at the core fundamentals

Return on Total Capital for OCX is now -106.11, given the latest momentum, and Return on Invested Capital for the company is -113.91. Return on Equity for this stock declined to -130.91, with Return on Assets sitting at -90.84. When it comes to the capital structure of this company, OncoCyte Corporation [OCX] has a Total Debt to Total Equity ratio set at 19.25. Additionally, OCX Total Debt to Total Capital is recorded at 16.14, with Total Debt to Total Assets ending up at 14.89. Long-Term Debt to Equity for the company is recorded at 14.86, with the Long-Term Debt to Total Capital now at 12.46.

Reflecting on the efficiency of the workforce at the company, OncoCyte Corporation [OCX] managed to generate an average of -$679,576 per employee.OncoCyte Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.60 and a Current Ratio set at 2.60.

Earnings per share (EPS) analysis for OncoCyte Corporation [OCX] stock

With the latest financial reports released by the company, OncoCyte Corporation posted -0.1/share EPS, while the average EPS was predicted by analysts to be reported at -0.09/share.When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -11.10%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for OCX.

OncoCyte Corporation [OCX]: Insider Ownership positions

There are presently around $93 million, or 41.00% of OCX stock, in the hands of institutional investors. The top three institutional holders of OCX stocks are: BROADWOOD CAPITAL INC with ownership of 13,666,204, which is approximately 11.336% of the company’s market cap and around 9.10% of the total institutional ownership; PURA VIDA INVESTMENTS, LLC, holding 5,578,283 shares of the stock with an approximate value of $18.8 million in OCX stocks shares; and EMERALD MUTUAL FUND ADVISERS TRUST, currently with $6.86 million in OCX stock with ownership of nearly 0% of the company’s market capitalization.

Positions in OncoCyte Corporation stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 32 institutional holders increased their position in OncoCyte Corporation [AMEX:OCX] by around 4,827,701 shares. Additionally, 21 investors decreased positions by around 248,526 shares, while 12 investors held positions by with 22,612,508 shares. The mentioned changes placed institutional holdings at 27,688,735 shares, according to the latest SEC report filing. OCX stock had 10 new institutional investments in for a total of 395,704 shares, while 7 institutional investors sold positions of 66,391 shares during the same period.

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