Michael Matson, an analyst from Needham, maintained the Buy rating on OncoCyte (OCX – Research Report). The associated price target remains the same with $4.25.
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Michael Matson has given his Buy rating due to a combination of factors surrounding OncoCyte’s strategic initiatives and financial management. The company is making significant strides with the launch of GraftAssureIQ, co-marketed with Bio-Rad, and is successfully signing agreements with transplant centers in anticipation of the GraftAssureDx Kidney test launch, pending FDA clearance. This progress is underscored by the advancement into Phase 3 trials, which involve a substantial patient validation process.
Additionally, OncoCyte is effectively managing its financial resources, maintaining a steady quarterly cash burn rate and bolstering its cash reserves through strategic fundraising efforts. The company’s ability to end the first quarter of 2025 with a solid cash position after a successful capital raise further supports the positive outlook. These combined efforts and financial strategies contribute to Matson’s confidence in the company’s potential, justifying the Buy rating.
According to TipRanks, Matson is an analyst with an average return of -6.9% and a 39.08% success rate. Matson covers the Healthcare sector, focusing on stocks such as LivaNova, TransMedics Group, and Atricure.