Oncocyte Corp (OCX) said before open Thursday that it lost $0.5 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $429 thousand, beating estimates by $99 thousand.
In the same quarter a year ago, the company lost $1.6 per share on revenue of $1 million.
The stock is up 19.77% to $2.58 after the report.
Oncocyte Corp's profit margins took a hit as earnings fell at a faster pace than revenues.
The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.
InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.
Oncocyte Corp has performed a little above average during the past few months. Before the report, Oncocyte Corp received a Long-Term Technical Rank by InvestorsObserver of 65, putting it in the top half of stocks. The firm was recently trading at a 52-week low of $2.08 on November 8, 2023 and set a 52-week high on November 11, 2022 at $13.2.
OncoCyte Corp focuses on the discovery, development, and commercialization of novel, non-invasive, liquid biopsy diagnostics for the early detection of cancer. The company develops diagnostic tests based on liquid biopsies using blood or urine samples for detecting lung, bladder, and breast cancers. In addition, it also develops screening diagnostics as potential replacements for screening imaging procedures that do not meet the needs of patients, health care providers or payers. Geographically operation of the group is carried through the United States, and it earns revenue from the sale of diagnostic tests.
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Oncocyte Corp Up 19.77% To $2.58 After Earnings Beat
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