OncoCyte price target lowered to $5 from $9 at Benchmark

Benchmark lowered the firm’s price target on OncoCyte to $5 from $9 and keeps a Speculative Buy rating on the shares following the company’s Q2 update. Attention is now focused on the launch of VitaGraft and DetermaIO later this year, but the firm doesn’t expect much out of the shares until VitaGraft receives CMS reimbursement, which is expected during Q3, adding that DetermaIO is not expected to receive CMS reimbursement until 2024, which “implies no meaningful revenue gains until 2025.”