Fintel reports that Broadwood Partners has filed a 13D/A form with the SEC disclosing ownership of 57.13MM shares of OncoCyte Corp (OCX). This represents 33.3% of the company.
In their previous filing dated July 28, 2022 they reported 30.21MM shares and 24.10% of the company, an increase in shares of 89.10% and an increase in total ownership of 9.20% (calculated as current – previous percent ownership).
Analyst Price Forecast Suggests 48.06% Upside
As of April 6, 2023, the average one-year price target for OncoCyte is $0.46. The forecasts range from a low of $0.40 to a high of $0.52. The average price target represents an increase of 48.06% from its latest reported closing price of $0.31.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for OncoCyte is $12MM, an increase of 1,165.14%. The projected annual non-GAAP EPS is -$0.36.
What is the Fund Sentiment?
There are 85 funds or institutions reporting positions in OncoCyte. This is a decrease of 7 owner(s) or 7.61% in the last quarter. Average portfolio weight of all funds dedicated to OCX is 0.02%, a decrease of 50.10%. Total shares owned by institutions decreased in the last three months by 7.61% to 61,354K shares. The put/call ratio of OCX is 0.00, indicating a bullish outlook.
What are Other Shareholders Doing?
Meeder Asset Management holds 0K shares representing 0.00% ownership of the company. No change in the last quarter.
Jane Street Group holds 42K shares representing 0.04% ownership of the company. In it’s prior filing, the firm reported owning 31K shares, representing an increase of 26.97%. The firm decreased its portfolio allocation in OCX by 35.14% over the last quarter.
Penbrook Management holds 208K shares representing 0.18% ownership of the company. In it’s prior filing, the firm reported owning 563K shares, representing a decrease of 171.27%. The firm decreased its portfolio allocation in OCX by 83.94% over the last quarter.
FSMAX – Fidelity Extended Market Index Fund holds 604K shares representing 0.51% ownership of the company. In it’s prior filing, the firm reported owning 605K shares, representing a decrease of 0.16%. The firm decreased its portfolio allocation in OCX by 40.37% over the last quarter.
IBBQ – Invesco Nasdaq Biotechnology ETF holds 2K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 2K shares, representing a decrease of 11.34%. The firm decreased its portfolio allocation in OCX by 47.46% over the last quarter.
Oncocyte Background Information
(This description is provided by the company.)
Oncocyte is a molecular diagnostics company whose mission is to provide actionable answers at critical decision points across the cancer care continuum. The Company, through its proprietary tests and pharmaceutical services business, aims to help save lives and improve outcomes by accelerating and optimizing the diagnosis and treatment of cancer. The Company’s tests and services present multiple opportunities to advance cancer care while also driving revenue growth for the Company. Oncocyte has launched DetermaRx™, a test that identifies early-stage lung cancer patients who are at high risk for cancer recurrence post-resection and predicts benefit from adjuvant chemotherapy. Oncocyte has also launched DetermaIO™, a gene expression test that assesses the tumor microenvironment to predict response to immunotherapies, as a research use only tool for pharmaceutical and academic clinical trials. To complement DetermaIO™, the company anticipates launching DetermaTx™, a test to assess mutational status of a tumor to help identify the appropriate targeted therapy, in the second half of 2021. The Company previously announced its planned acquisition of Chronix Biomedical Inc. and its TheraSure™ CNI Monitor test, and also plans to continue with the development of DetermaMx™ as the Company seeks to expand into the blood-based monitoring market. Oncocyte’s pharmaceutical services provide pharmaceutical companies who are developing new cancer treatments a full suite of molecular testing services to support the drug development process.
This article originally appeared on Fintel
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