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Why Biocept’s Stock Price Is Soaring Today

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Stock performance

Today, Biocept (BIOC) is trading at a stock price of $10.72, which represents ~63.66% growth from yesterday’s close of $6.55.

On July 11, Biocept’s stock price hiked 115.22% to reach $7.92 from its previous day’s close of $3.68 on July 10. Also, on July 11, Biocept hit a 52-week low of $3.50.

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The reason for the hike in the stock price

Today, Biocept entered into an agreement with Alliance Global FZ for the marketing and distribution of Biocept’s Target Selector liquid Biopsy tests in the United Arab Emirates, certain countries in the Middle East, North & Sub-Saharan Africa, and South East Asia.

Presently, Biocept has eight agreements globally for the distribution of Target Selector. Biocept’s Target Selector Liquid Biopsy technology helps in the analysis of tumor-associated molecular markers in circulating tumor cells as well as plasma.

The collaboration for geographic expansion is expected to significantly boost the company’s revenue growth.

Biocept is a diagnostics company focused on the development of molecular diagnostics.

First-quarter 2018 revenue

Biocept reported revenues of $0.8 million in Q1 2018, compared to $1.7 million in Q1 2017. In Q1 2017, Biocept’s net revenues of $1.7 million included revenues of $874,000 from a one-time event of conversion of cash-based to accrual-based recognition.

In Q1 2018, Biocept reported a net loss of $6.4 million compared to net loss of $4.4 million in Q1 2047. Biocept reported a net loss per share of $0.11 in Q1 2018, compared to $0.21 in Q1 2017.

Wall Street analysts estimate Biocept to generate revenues of $1.09 million in the second quarter of 2018. Wall Street analysts anticipate Biocept to report a net loss of $6.04 million in the second quarter of 2018.

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Analysts’ recommendations

Of the two analysts tracking Biocept this month, one analyst recommended a “buy” while another analyst recommended a “hold” rating.

On July 13, Biocept had consensus 12-month target price of $19.5, which represents an ~83.10% return on investment over the next 12 months.

Peers’ ratings

Of the eight analysts tracking Natera (NTRA), ~88% recommended “buys” while two of the four analysts tracking Lantheus Holding (LNTH) recommended a “strong buy.” Of the five analysts tracking NanoString Technologies (NSTG), ~40% of the analysts recommended “buys.”

On July 13, Natera, Lantheus Holding, and NanoString Technologies had consensus 12-month target prices of $19.75, $22.5, and $13.4, respectively, which represents a ~9.03% decline, ~56.79% growth, and a ~10.79% decline over the next 12 months.

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