This trade activity should not be overlooked: OncoCyte Corporation (OCX)

OncoCyte Corporation (NASDAQ: OCX) stock fell -7.67% on Tuesday to $0.22 against a previous-day closing price of $0.24. With 0.91 million shares changed hands, the volume of the stock remained heavier than its average volume of 0.52 million shares. During the session, the Diagnostics & Research company that operates in wider Healthcare sector, reached to the highest price of $0.2400 whereas the lowest price it dropped to was $0.2180. The 52-week range on OCX shows that it touched its highest point at $1.35 and its lowest point at $0.20 during that stretch. Beta for the stock currently stands at 1.58.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of OCX was down-trending over the past week, with a drop of -17.33%, but this was down by -17.74% over a month. Three-month performance dropped to -45.50% while six-month performance fell -50.45%. The stock lost -80.36% in the past year, while it has lost -32.07% so far this year. A look at the trailing 12-month EPS for OCX yields -0.27 with Next year EPS estimates of -0.20. For the next quarter, that number is -0.05. This implies an EPS growth rate of -57.70% for this year and -53.80% for next year.

Float and Shares Shorts:

At present, 164.82 million OCX shares are outstanding with a float of 106.54 million shares on hand for trading. On Apr 27, 2023, short shares totaled 1.19 million, which was 0.99% higher than short shares on Mar 30, 2023. In addition to Mr. Joshua Riggs as the firm’s Pres, CEO & Director, Mr. Anish John serves as its Chief Financial Officer.

Institutional Ownership:

Through their ownership of 81.56% of OCX’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 63.46% of OCX, in contrast to 33.21% held by mutual funds. Shares owned by individuals account for 3.62%. As the largest shareholder in OCX with 14.19% of the stake, Broadwood Capital, Inc. holds 23,353,697 shares worth 23,353,697. A second-largest stockholder of OCX, Pura Vida Investments LLC, holds 18,056,274 shares, controlling over 10.97% of the firm’s shares. AWM Investment Co., Inc. is the third largest shareholder in OCX, holding 6,773,051 shares or 4.12% stake. With a 1.87% stake in OCX, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 3,079,720 shares are owned by the mutual fund manager. The Vanguard Extended Market Index Fu, which owns about 0.67% of OCX stock, is the second-largest Mutual Fund holder. It holds 1,101,689 shares valued at 0.3 million. Fidelity Extended Market Index Fu holds 0.37% of the stake in OCX, owning 601,267 shares worth 0.16 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, OCX reported revenue of $2.07M and operating income of -$14.92M. The EBITDA in the recently reported quarter was -$14.64M and diluted EPS was -$0.07.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for OCX since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With OCX analysts setting a high price target of $0.45 and a low target of $0.20, the average target price over the next 12 months is $0.35. Based on these targets, OCX could surge 104.55% to reach the target high and fall by -9.09% to reach the target low. Reaching the average price target will result in a growth of 59.09% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.

Summary of Insider Activity:

Insiders traded OCX stock several times over the past three months with 8 Buys and 2 Sells. In these transactions, 29,618,890 shares were bought while 7,780,222 shares were sold. The number of buy transactions has increased to 40 while that of sell transactions has risen to 8 over the past year. The total number of shares bought during that period was 31,658,187 while 8,204,608 shares were sold.

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