Oncocyte Corp. investor Patrick Smith bought $192,166 in shares By Investing.com

Oncocyte Corp (NASDAQ:OCX) significant shareholder Patrick W. Smith recently increased his stake in the company by buying a significant amount of common stock. According to a recent filing, Smith acquired 90,219 shares at a price of $2.13 per share, for a total of approximately $192,166. As the time is known Invest Pro The data showed shares trading near a 52-week low of $1.97, with analyst price targets ranging from $4.00 to $4.25. This transaction will increase his total holding 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 buying could be beneficial. Invest Pro Subscribers can access comprehensive insider trading analysis and 8 additional key insights into OCX’s current market conditions.

In other recent news, Oncocyte Corporation has made significant strides in its diagnostic research and marketing strategy. The company’s research has shown that the DetermaCNI ™ test can be a non-invasive method for diagnosing central nervous system tumors, which affect approximately 300,000 US patients each year with primary brain tumors or metastases. This development could represent a $300 million market opportunity in the US.

In addition, Oncocyte is making progress in the transplant diagnostic market with the successful launch of its GraftAssure RUO product. The company is actively engaging with transplant centers in preparation for the upcoming trial of the Vitagraft kidney kit, which is expected to begin in the fourth quarter of 2025, pending FDA approval. Oncocyte It aims to secure agreements with at least 20 transplant centers across the United States and Germany by the end of 2025.

Financially, Oncocyte has shown discipline by keeping its quarterly cash burn rate around $6 million. The company recently raised about $9 million, increasing its pro forma cash reserves to about $15 million. In a recent earnings call, Oncocyte outlined its growth strategy, revealing plans to expand its transplant services and expressing confidence in its oncology product, DetermaIO.

Analysts at Needham maintained their Buy rating on Oncocyte following positive developments in GraftAssure RUO product. He also highlighted Bio-Rad’s role in making oncocyte RUO production accessible and establishing links with transplant centers. These are the latest developments that investors should consider.

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