Fly News Breaks for July 3, 2019
Jul 3, 2019 | 08:42 EDT
Benchmark analyst Bruce Jackson noted that OncoCyte's (OCX) majority shareholder, BioTime (BTX), is selling 2.25M of its 14.7M shares in the former. He views the share sale as positive for both, noting that BioTime will gain additional capital and OncoCyte will gain a broader shareholder base. BioTime will still hold about 24% of OncoCyte's stock following the deal's completion and Broadwood Partners will be building on its 15.6% stake by acquiring about 1M of the 2.25M shares being offered, noted Jackson, who keeps a Speculative Buy rating on OncoCyte shares.
News For OCX;BTX From the Last 2 Days
Aug 15, 2019 | 05:10 EDT
OncoCyte management said last night that the CLIA Validation study for DetermaVu will be delayed 6-9 months from now following inconsistencies with the RNA extraction reagents used in the workflow, which was impacting reproducibility of the data, Piper Jaffray analyst William Quirk tells investors in a research note. The analyst pushed out his assumptions for reimbursement and commercialization by six months and lowered his price target for the shares to $5.40 from $6. His new model assumes commercialization in Q3 of 2020 and reimbursement beginning in Q3 of 2021. Quirk keeps an Overweight rating on he shares.