OncoCyte Corporation [OCX] Is Currently -6.93 below its 200 Period Moving Avg: What Does This Mean?

OncoCyte Corporation [NASDAQ: OCX] closed the trading session at $0.81 on 08/30/22. The day’s price range saw the stock hit a low of $0.68, while the highest price level was $1.10. The company report on August 30, 2022 that Oncocyte Announces Five-Year VA Contract for DetermaRx.

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Oncocyte Corporation (Nasdaq: OCX), a precision diagnostics company with the mission to improve patient outcomes by providing personalized insights that inform critical decisions throughout the patient care journey, today announced that the US Department of Veterans Affairs (“VA”), the largest integrated health care system in the United States, has awarded a Federal Supply Schedule Contract for the Company’s DetermaRx™ test. The VA provides care at 1,293 health care facilities, including 171 VA Medical Centers and 1,112 outpatient sites of care of varying complexity to over 9 million veterans enrolled in the VA health care program. The contract is for a period of five years.

“We are excited by the VA’s recognition of the value of DetermaRx,” said Ron Andrews, Chief Executive Officer of Oncocyte. “Veterans and their families treated at VA and Military Health System medical centers will now have access to our lung cancer test, which informs timely, life-saving treatment decisions following surgery–DetermaRx is the only reimbursed test today that can be used prior to treatment initiation to assess the risk of recurrence for patients with early-stage lung cancer.”.

The stocks have a year to date performance of -62.69 percent and weekly performance of -7.95 percent. The stock has been moved at -44.16 percent over the last six months. The stock has performed -1.87 percent around the most recent 30 days and changed -25.03 percent over the most recent 3-months.

If compared to the average trading volume of 430.55K shares, OCX reached to a volume of 5164188 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 $2.38 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 2.10. 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.

Stephens have made an estimate for OncoCyte Corporation shares, keeping their opinion on the stock as Equal-Weight, with their previous recommendation back on May 24, 2022. The new note on the price target was released on March 14, 2022, representing the official price target for OncoCyte Corporation stock. Previously, the target price had yet another raise to $3.10, while Stephens analysts kept a Overweight rating on OCX stock.

The Average True Range (ATR) for OncoCyte Corporation is set at 0.09, with the Price to Sales ratio for OCX stock in the period of the last 12 months amounting to 12.12. The Price to Book ratio for the last quarter was 1.09, with the Price to Cash per share for the same quarter was set at 0.37.

OCX stock trade performance evaluation

OncoCyte Corporation [OCX] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -7.95. With this latest performance, OCX shares dropped by -1.87% in over the last four-week period, additionally sinking by -44.16% over the last 6 months – not to mention a drop of -80.01% 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 38.58, with the RSI for the last a single of trading hit 32.89, and the three-weeks RSI is set at 41.07 for OncoCyte Corporation [OCX]. The present Moving Average for the last 50 days of trading for this stock 0.8978, while it was recorded at 0.8693 for the last single week of trading, and 1.4441 for the last 200 days.

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

Operating Margin for any stock indicates how profitable investing would be, and OncoCyte Corporation [OCX] shares currently have an operating margin of -563.75 and a Gross Margin at -6.59. OncoCyte Corporation’s Net Margin is presently recorded at -829.52.

Return on Equity for this stock declined to -129.88, with Return on Assets sitting at -59.63.

OncoCyte Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 3.50 and a Current Ratio set at 3.50.

OncoCyte Corporation [OCX]: Insider Ownership positions

There are presently around $56 million, or 61.50% of OCX stock, in the hands of institutional investors. The top three institutional holders of OCX stocks are: BROADWOOD CAPITAL INC with ownership of 23,353,697, which is approximately 34.604% of the company’s market cap and around 1.70% of the total institutional ownership; PURA VIDA INVESTMENTS, LLC, holding 18,056,274 shares of the stock with an approximate value of $14.63 million in OCX stocks shares; and AWM INVESTMENT COMPANY, INC., currently with $6.28 million in OCX stock with ownership of nearly 3102.817% of the company’s market capitalization.

Positions in OncoCyte Corporation stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 31 institutional holders increased their position in OncoCyte Corporation [NASDAQ:OCX] by around 21,823,668 shares. Additionally, 50 investors decreased positions by around 7,427,020 shares, while 19 investors held positions by with 39,450,957 shares. The mentioned changes placed institutional holdings at 68,701,645 shares, according to the latest SEC report filing. OCX stock had 17 new institutional investments in for a total of 1,640,796 shares, while 23 institutional investors sold positions of 1,726,023 shares during the same period.


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