Michael Matson, an analyst from Needham, maintained the Buy rating on OncoCyte (OCX – Research Report). The associated price target is $4.25.
Michael Matson has given his Buy rating due to a combination of factors including OncoCyte’s successful launch of the GraftAssure RUO assay in collaboration with Bio-Rad. The company is making significant strides in its preparation for the GraftAssureDx Kidney kitted test, with plans to engage at least 20 transplant centers in the US and Germany by the end of 2025, contingent on FDA clearance.
Additionally, OncoCyte is effectively managing its financial resources, having reduced its quarterly cash burn to approximately $6 million for 2025. The company also bolstered its financial position by ending the fourth quarter of 2024 with $39 million in pro forma cash, following a successful capital raise of $29.1 million. These strategic efforts and financial management are key reasons for the positive outlook on OncoCyte’s stock.
According to TipRanks, Matson is an analyst with an average return of -6.9% and a 38.28% success rate. Matson covers the Healthcare sector, focusing on stocks such as Atricure, Boston Scientific, and Hologic.