Nucor earnings beat by $0.08, revenue fell short of estimates
Oncocyte Corp (NASDAQ:OCX), a micro-cap company with a market value of $35.35 million, saw insider activity with Patrick W. Smith, a ten-percent owner, purchasing additional shares of the company. According to InvestingPro data, the stock is currently trading at $2.13, down 10.5% year-to-date. According to a recent SEC filing, Smith acquired a total of 915 shares of Oncocyte’s common stock over two transactions. The purchases were made on January 31 and February 4, with prices ranging from $2.01 to $2.02 per share, amounting to a total investment of $1,839. Following these transactions, Smith holds a total of 1,795,071 shares. The shares are held in the Smith Irrevocable Trust, for which Smith serves as trustee. InvestingPro analysis reveals the company is quickly burning through cash, with a weak financial health score and current ratio of 0.53. Get access to 7 more key ProTips and comprehensive insider trading analysis with an InvestingPro subscription.
In other recent news, Oncocyte Corporation has been actively making strides in the diagnostic industry. The company recently entered into an amended lease agreement that sets the expiration of its current lease and establishes terms for a reduction in its letter of credit amount. The lease term for Oncocyte’s current premises will now expire on October 31, 2027, and starting July 1, 2025, the company’s letter of credit amount of $1,700,000 will be reduced monthly by $60,714.29 until fully depleted.
In a significant personnel update, Oncocyte has appointed Dr. Paul Billings as its Consulting Chief Medical (TASE:PMCN) Officer. Dr. Billings, with his extensive experience in genomics and precision medicine, is expected to contribute to strategic and clinical initiatives within the company.
The company’s VitaGraft Kidney test for kidney transplant patients has received expanded Medicare coverage, following a study indicating the test’s effectiveness in early detection of transplant rejection. The Molecular Diagnostics program (MolDX) now confirms eligibility for billing under current Local Coverage Determination (LCD) for patients with newly developed donor-specific antibodies (DSA).
A recent study conducted by Oncocyte revealed that its DetermaCNI™ assay could be a non-invasive method for diagnosing central nervous system tumors. The study showed the assay’s effectiveness in detecting somatic copy number aberrations (SCNAs) in cerebrospinal fluid, a significant cancer hallmark.
Lastly, Needham has maintained its Buy rating for Oncocyte following the company’s positive developments with its GraftAssure RUO product. 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.
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