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Needham Thinks OncoCyte’s Stock is Going to Recover

Needham analyst Michael Matson maintained a Buy rating on OncoCyte (OCXResearch Report) today and set a price target of $4.00. The company’s shares closed last Thursday at $1.40, close to its 52-week low of $1.22.

According to TipRanks.com, Matson is a 4-star analyst with an average return of 6.8% and a 52.0% success rate. Matson covers the Healthcare sector, focusing on stocks such as Axonics Modulation Technologies, Cardiovascular Systems, and Zimmer Biomet Holdings.

OncoCyte has an analyst consensus of Strong Buy, with a price target consensus of $3.80.

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Based on OncoCyte’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $984K and GAAP net loss of $13.8 million. In comparison, last year the company earned revenue of $555K and had a GAAP net loss of $6.78 million.

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OncoCyte Corp. is a pharmaceutical company. It is focused on the discovery, development and commercialization of novel, non-invasive, liquid biopsy diagnostics for the early detection of cancer. The company was founded in September 2009 and is headquartered in Alameda, CA.

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