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Why OncoCyte Soared Yesterday

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Stock price movements

On January 29, OncoCyte (OCX) issued a press release announcing positive results from a research and development validation study evaluating the efficacy of its DetermaVu liquid biopsy test in diagnosing lung cancer. According to the press release, the high sensitivity demonstrated by the liquid biopsy test will enable the company to target a market opportunity of $4.7 billion in the US. This news has led to OncoCyte stock soaring by 224.73% and closing at $5.91 yesterday.

OncoCyte closed at a premium of 437.27% as compared to its 52-week low price of $1.10 and at a premium of 28.62% as compared to its 52-week high price of $4.59.

 

Based on its closing price on January 29, the company reported returns of 237.71% in the last week, 307.59% in the last month, and 260.37% in the last quarter. OncoCyte reported returns of 118.89% in the last half year, 45.93% in the last year, and 328.26% YTD.

OncoCyte has a market capitalization of $227.77 million. A microcap is a stock with a market cap between ~$50 million and ~$300 million. OncoCyte a microcap stock and thus poses a higher risk compared to the broader market or large-cap stocks for retail investors.

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Analysts’ recommendations and target price for OncoCyte

The 12-month consensus analyst recommendation for OncoCyte on January 30 is a “buy.” The 12-month consensus target price for the company is $7.44, which is 25.89% higher than the company’s closing price yesterday. The highest, median, and the lowest target price for OncoCyte is $8.00, $7.38, and $7.00, respectively.

Out of the four analysts covering OncoCyte on January 29, one analyst has rated the company a “strong buy,” and three analysts have rated the company as a “buy.”

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