Oncocyte Corp (NASDAQ:IMDX) Sees Significant Increase in Short Interest

Oncocyte Corp (NASDAQ:IMDX) was the target of a large increase in short interest in May. As of May 15th, there was short interest totaling 1,183,128 shares, an increase of 65.9% from the April 30th total of 713,244 shares. Based on an average daily trading volume, of 561,599 shares, the days-to-cover ratio is currently 2.1 days. Currently, 3.7% of the shares of the stock are short sold.

Analyst Ratings Changes

A number of equities research analysts have issued reports on IMDX shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Oncocyte in a report on Friday, March 27th. Lake Street Capital raised their price target on Oncocyte from $8.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, February 17th. Finally, Wall Street Zen upgraded Oncocyte from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $12.00.

Insider Transactions at Oncocyte

In related news, major shareholder Broadwood Partners, L.P. acquired 250,923 shares of the business’s stock in a transaction on Monday, April 27th. The stock was acquired at an average cost of $3.64 per share, with a total value of $913,359.72. Following the acquisition, the insider directly owned 12,684,884 shares in the company, valued at $46,172,977.76. This represents a 2.02% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Over the last ninety days, insiders have purchased 753,045 shares of company stock worth $2,685,120. Company insiders own 2.05% of the company’s stock.

Oncocyte Stock Performance

Shares of Oncocyte stock opened at $6.55 on Friday. The company’s fifty day moving average price is $4.61. Oncocyte has a 12 month low of $2.33 and a 12 month high of $8.51. The stock has a market capitalization of $211.50 million, a price-to-earnings ratio of -4.43 and a beta of 1.79.

Oncocyte (NASDAQ:IMDX) last posted its earnings results on Wednesday, May 13th. The company reported ($0.28) earnings per share (EPS) for the quarter. The business had revenue of $0.03 million during the quarter.

About Oncocyte

Oncocyte (NASDAQ:IMDX) is a molecular diagnostics company that develops and commercializes tests intended to improve cancer detection, risk stratification and treatment decision-making. The company focuses on creating assays that provide clinically actionable information to physicians managing patients with suspected or confirmed malignancies, with particular emphasis on tools that can help evaluate lung nodules and other oncology-related diagnostic challenges.

Oncocyte’s product and development efforts center on blood- and tissue-based molecular assays that analyze biomarkers and genomic signals to inform clinical workflows.