Needham Reiterates Buy Rating on OncoCyte Corp (OCX)

Needham analyst Mike Matson reiterated a Buy rating and $4.25 price target on OncoCyte Corp (NASDAQ: OCX).

The analyst commented: "OCX has shifted its nearer-term focus to its transplant tests though it still intends to commercialize its oncology tests in the longer-term. It has partnered with Bio-Rad Laboratories (BIO - Not Rated) to commercialize its GraftAssure and VitaGraft tests and BIO has taken a ~9% stake in OCX. OCX believes that it can disrupt the transplant testing market by offering kitted tests that transplant centers can run in their own labs and bill for themselves, as opposed to sending the tests out to companies like CareDx (CDNA - Not Rated). We believe that the transplant rejection diagnostics market is large and growing rapidly and that OCX's GraftAssure (research use only [RUO]) and VitaGraft (clinical in vitro diagnostic [IVD]) tests can capture significant market share and serve as strong growth drivers. We reiterate our Buy rating."

For an analyst ratings summary and ratings history on OncoCyte Corp click here. For more ratings news on OncoCyte Corp click here.

Shares of OncoCyte Corp closed at $3.12 yesterday.

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