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Broadwood Partners, L.P. has increased its stake in Oncocyte Corp (NASDAQ:OCX), a $34.6 million market cap company, through substantial purchases of the company’s common stock. According to the recent SEC filing, Broadwood Partners acquired a total of 5,165,695 shares, which includes two significant transactions.
The first transaction involved the purchase of 660,207 shares at a price of $2.05 per share, totaling approximately $1.35 million. This acquisition was part of a registered direct offering. The second and larger transaction consisted of 4,505,488 shares, also at $2.05 per share, amounting to roughly $9.24 million. This acquisition was conducted through a private placement agreement with Oncocyte Corp. According to InvestingPro data, analysts have set price targets ranging from $4.00 to $4.25, suggesting potential upside from current levels.
These transactions have increased Broadwood Partners’ total ownership to 11,410,100 shares of Oncocyte’s common stock. The purchases reflect Broadwood’s continued interest and investment in Oncocyte, a company engaged in the development of diagnostic substances. InvestingPro analysis indicates the company faces financial challenges with a WEAK health score of 1.42 and a concerning current ratio of 0.53. Discover more insights about OCX and 1,400+ other stocks with InvestingPro’s comprehensive research reports.
In other recent news, Oncocyte Corporation has seen a series of significant developments. The company amended its lease agreement, setting an expiration date of October 31, 2027, and established terms for a reduction in its letter of credit amount. Oncocyte also announced the appointment of Dr. Paul Billings as its Consulting Chief Medical (TASE:PMCN) Officer, bringing four decades of experience in genomics and precision medicine to the company.
Oncocyte’s VitaGraft Kidney test for kidney transplant patients received expanded Medicare coverage, following a study indicating the test’s effectiveness in early detection of transplant rejection. The company also revealed research suggesting its DetermaCNI™ assay could be a non-invasive method for diagnosing central nervous system tumors.
Analyst firm Needham maintained its Buy rating for Oncocyte following the positive developments with its GraftAssure RUO product, which is being co-marketed with Bio-Rad. The company is actively engaging transplant centers in preparation for its upcoming VitaGraft Kidney kitted test, anticipated to launch in the fourth quarter of 2025, pending FDA approval. Oncocyte continues to manage its expenses effectively, aiming to maintain its cash burn rate at approximately $6 million.
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