Patrick W. Smith, a significant shareholder of Oncocyte Corp (NASDAQ:OCX), recently acquired additional shares in the company, according to a recent SEC filing. The company, currently valued at $36.3 million, has caught attention from analysts who set price targets ranging from $4.00 to $4.25, suggesting significant upside potential according to InvestingPro data. Over two days, Smith purchased a total of 16,055 shares, amounting to $34,114, with prices ranging from $2.08 to $2.15 per share.
The transactions, executed on January 13 and 14, 2025, increased Smith’s total holdings to 1,789,958 shares. The shares are held by the Smith Irrevocable Trust, where Smith serves as trustee, potentially granting him beneficial ownership of these securities.
In other recent news, Oncocyte Corp has made several significant developments. The company has amended its lease agreement with Cushing Ventures, LLC, setting the expiration date for October 31, 2027, and easing its cash security requirements through a reduction in its letter of credit. Furthermore, Oncocyte has appointed Dr. Paul Billings as its Consulting Chief Medical (TASE:) Officer, bringing with him over four decades of experience in genomics and precision medicine.
Medicare has also expanded its coverage for Oncocyte’s VitaGraft Kidney test, which aids in early detection of kidney transplant rejection. Simultaneously, the company’s DetermaCNI™ assay, according to a recent study, shows potential as a non-invasive method for diagnosing central nervous system tumors, potentially impacting approximately 300,000 U.S. patients diagnosed annually.
Analysts from Needham have maintained their Buy rating for Oncocyte, following these positive developments. The company is actively engaging transplant centers for its upcoming VitaGraft Kidney kitted test, projected to launch in the fourth quarter of 2025, pending FDA approval. These are among the recent developments in Oncocyte’s journey towards improving patient outcomes through molecular diagnostic testing.
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