Patrick W. Smith, a significant shareholder of Oncocyte Corp (NASDAQ:OCX), recently increased his stake in the company with a substantial purchase of common stock. According to a recent filing, Smith acquired 90,219 shares at a price of $2.13 per share, totaling approximately $192,166. The timing is notable as InvestingPro data shows the stock trading near its 52-week low of $1.97, with analyst price targets ranging from $4.00 to $4.25. This transaction boosts his total holdings to 1,773,903 shares. The shares are held indirectly through the Smith Irrevocable Trust, of which Smith is the trustee. With the stock's RSI indicating oversold conditions, this insider purchase could be significant. InvestingPro subscribers can access comprehensive insider trading analysis and 8 additional key insights about OCX's current market position.
In other recent news, Oncocyte Corp. has revealed significant strides in its diagnostic research and market strategy. The company's study showed the potential of its DetermaCNI™ assay as a non-invasive method for diagnosing central nervous system tumors, which could impact approximately 300,000 U.S. patients diagnosed annually with primary brain tumors or metastasis. This development could represent a $300 million market opportunity in the U.S.
Oncocyte is also making progress in the transplant diagnostics market with the successful launch of its GraftAssure RUO product. The company is actively engaging with transplant centers in preparation for its upcoming VitaGraft Kidney kitted test, expected to launch in the fourth quarter of 2025, pending FDA approval. Oncocyte aims to secure agreements with at least 20 transplant centers across the United States and Germany by the end of 2025.
Financially, Oncocyte has demonstrated discipline by maintaining its quarterly cash burn rate at around $6 million. The company recently raised about $9 million, bolstering its pro forma cash reserves to approximately $15 million. In a recent earnings call, Oncocyte outlined its growth strategy, revealing plans to expand its transplant testing services and expressed confidence in the potential of its oncology product, DetermaIO.
Analysts from Needham maintained their Buy rating for Oncocyte, following the positive developments with the GraftAssure RUO product. They also highlighted the role of Bio-Rad in providing access to Oncocyte's RUO product and building relationships with transplant centers. These are the recent developments that investors should consider.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.