Fly Intel: Top five analyst initiations » 10:0706/0206/02/20
SPT, OCX, WORK, CRTX, FAT
Catch up on today's…
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Sprout Social (SPT) initiated with an Outperform at Baird. 2. OncoCyte (OCX) initiated with a Buy at Needham. 3. Slack Technologies (WORK) initiated with an Outperform at Cowen. 4. Cortexyme (CRTX) initiated with a Buy at Jefferies. 5. Fat Brands (FAT) initiated with a Market Perform at Noble Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
OncoCyte initiated with a Buy at Needham » 05:4706/0206/02/20
Needham analyst Stephen…
Needham analyst Stephen Unger initiated coverage of OncoCyte with a Buy rating and $4 price target. The analyst believes the company has "significant potential for meaningful long-term revenue growth" associated with the commercialization of its portfolio of its novel blood-based test DetermaDx. OncoCyte is an "emerging provider in the rapidly growing market" for next-generation diagnostic tests that utilize genomic information to improve cancer diagnosis or assist with treatment decisions, Unger tells investors in a research note.
|Over a week ago|
OncoCyte continues to build scientific evidence for products, says Lake Street » 08:4405/1405/14/20
Lake Street analyst…
Lake Street analyst Thomas Flaten noted that OncoCyte published two ASCO abstracts for DetermaRx and TNBCType. The analyst, who sees OncoCyte continuing to build scientific evidence in support of the development and commercialization of its products and candidates, keeps a Buy rating and $6 price target on the shares.
OncoCyte reports Q1 EPS (13c), consensus (11c) » 16:3105/1205/12/20
Reports Q1 revenue $16K,…
Reports Q1 revenue $16K, consensus $.
OncoCyte announces publication of data for TNBCType assay » 08:2005/0505/05/20
Oncocyte Corporation announced the peer-reviewed publication of data underscoring the potential of its TNBCType assay for use in triple negative breast cancer pharmaceutical research. The paper, entitled "Identification of triple-negative breast cancer cell lines classified under the same molecular subtype using different molecular characterization techniques: implications for translational research", was written by collaborators at The University of Texas MD Anderson Cancer Center and demonstrates the ability of the assay to work consistently across six cell lines typically used in drug development, both in vivo and in vitro. The findings were published in the peer-reviewed journal PLOS One. Breast cancer is the most common cancer with more than 1.6 million new cases diagnosed annually in the world. In the United States, the overall 5-Year survival rates in breast cancer are over 90%, but survival rates for triple negative breast cancer are lower at 77%. TNBC is generally more aggressive than other types of breast cancer and is the focus of intense research by biopharmaceutical companies with over 100 clinical trials and several discovery-phase programs in process. TNBCType-IM is a 101 gene assay that measures the amount of RNA from a biopsy or surgical specimen and then uses a proprietary algorithm to classify patients into five subtypes associated with response to four different types of therapeutics including immune-therapy, targeted therapies and cytotoxic chemotherapy. The Company believes that the assay may be an attractive companion diagnostic candidate for proprietary therapeutics in development at biopharmaceutical companies. In the study, researchers established tumor xenografts from 17 TNBC cell lines that were then subjected to gene expression profiling with a 2188-gene algorithm, TNBCType, and Oncocyte's revised 101-gene algorithm TNBCtype-IM. A total of six cell lines were identified as maintaining consistent subtype classification between in vitro and in vivo tumor xenograft analyses by Oncocyte's TNBCtype-IM algorithm, suggesting they may be the optimal cell lines for use in subtype specific TNBC drug development and translational research.
|Over a month ago|
OncoCyte announces publication of long-term follow up data for DetermaRx » 08:0405/0105/01/20
Oncocyte Corporation announced the publication of two abstracts in the American Journal of Respiratory and Clinical Care Medicine, one detailing new data on DetermaRx, and the other highlighting the IRENE clinical study being used for the development of DetermaDx. Both abstracts were accepted as oral presentations at the American Thoracic Society 2020 International Conference, which has been cancelled due to the ongoing COVID-19 pandemic. The first abstract, entitled "Everybody Must Get Scanned? Molecular Risk Stratification May Limit the Need for CT Surveillance Following Surgical Resection of Early-Stage Non-Squamous, Non-Small Cell Lung Cancer," was accepted as part of a mini symposium session, "Advancing Risk Assessment for Pulmonary Nodules" and highlights long term follow-up data from a 195-patient study of DetermaRx. One in three patients identified as high risk through testing with DetermaRx experienced a recurrence of their cancer, and 70% of these patients experienced a recurrence within two years of surgery. Further, 96% of patients identified as low risk through DetermaRx testing did not recur but continued to undergo frequent scans, which are associated with patient stress and can be an inefficient use of healthcare resources. The data also showed that limiting the follow up of those low risk patients to annual surveillance scans would have reduced overall scan frequency by 50%, while having little impact on detection of cancer recurrence. The second abstract, entitled "Diagnostic Evaluation of Pulmonary Nodules in the Irene Cohort: A Comparison of Practice Settings," included in the Abstract Poster Discussion Session, "Novel Insights in Lung Cancer Diagnosis, Staging, and Prognosis," discusses practice patterns from the IRENE Biobank, which includes 2,903 patient samples from 62 sites across the United states, with comprehensive clinical data and patient follow up. The data highlight the unprecedented scale of the biobank, which can be used for development of blood-based diagnostics to aid in the management of radiologically-identified lung nodules. Significant differences in the management of pulmonary nodules between settings were identified, including differences in the rate of invasive procedures resulting in a benign diagnosis across the academic, community and Veterans Affairs settings. These findings bring attention to the clinical decision challenge that DetermaDx, which is designed to help more judiciously manage the use of invasive biopsy procedures for diagnosis of lung nodules, has the potential to address.
OncoCyte announces final Medicare LCD from Palmetto for DetermaRx » 14:2204/3004/30/20
Oncocyte announced that…
Oncocyte announced that Palmetto, the Medicare Administrative Contractor for the Centers for Medicare & Medicaid Services , has issued a final local coverage decision for DetermaRx. The test, which launched earlier this year via an early access program, is "the first and only" predictive test for the identification of patients with Stage I-IIA non-squamous NSCLC who are at high-risk for recurrence following surgery and are likely responsive to adjuvant chemotherapy, the company said. "Today's CMS decision is a significant milestone for Oncocyte. Not only can we now increase outreach to more patients and physicians around the country, but we believe several national and regional payers will follow this decision, giving additional patients insurance coverage for this important test...Despite the impact of COVID-19, we have seen significant interest in this test just in the first quarter of launch, with twenty onboarded sites and more than 1500 attendees to physician education programs. Today's CMS decision further supports the promise of DetermaRx, and we are looking forward to expanding our reach throughout the U.S. over the coming months," said Ron Andrews, CEO of Oncocyte.
Palmetto gave final Medicare coverage for OncoCyte's DetermaRx, says Piper » 10:4004/3004/30/20
OncoCyte received final…
OncoCyte received final Medicare coverage for DetermaRx, previously the Razor Test, by Palmetto, Piper Sandler analyst Rachel Vatnsdal tells investors in a research note. The final local coverage determination is nearly identical to the draft version and is effective June 14 to allow time for pricing discussions, the analyst adds. Vatnsdal believes reimbursement will be between $3,000-$4,000. Further, Noridian typically follows Palmetto's lead relatively quickly, says the analyst, who believes the Palmetto final local coverage determination was the key event for DetermaRx. Vatnsdal keeps an Overweight rating on OncoCyte with a $5.40 price target. The stock in morning trading is up 18% to $2.70.
OncoCyte receives final LCD for Medicare coverage for DetermaRx » 10:3904/3004/30/20
CMS posted the final…
CMS posted the final local coverage determination, or LCD, to its website. Reference Link
Lineage Cell Therapeutics conducts sale of shares in OncoCyte » 08:0504/2404/24/20
Lineage Cell Therapeutics…
Lineage Cell Therapeutics (LCTX) announced the pricing of the sale of 1,672,689 shares of common stock of OncoCyte (OCX) at a price to buyers of $2.27 per share, representing the closing price of OncoCyte common stock on April 23. Net proceeds from the sale were approximately $3.7 million. The sale is expected to close by April 30, subject to certain closing conditions. Following the completion of the sale, Lineage will own approximately 4.3 million shares of OncoCyte. Based on the closing price of OncoCyte's common stock on April 23, the value of Lineage's remaining OncoCyte shares following the closing is approximately $9.7 million. Lineage has agreed not to sell additional shares of OncoCyte common stock prior to June 8 or unless the OncoCyte common stock price closes above $3.40.