OncoCyte Corporation (OCX) Shoots Up 29% A Week After Strategy Shift
OncoCyte (OCX), a medical diagnostics company, shot up 29% for the day. There’s no new press releases today, but the gains come shortly after several significant changes to the company.
Seven days ago, OCX announced that the company was cutting 40% of their staff, and a new shift in corporate strategy. OncoCyte entered into a Stock Purchase Agreement where the Company will transfer 70% of ownership of Razor Genomics to buyers who are leaders in the development of early stage lung cancer diagnostics. OCX will retain a 30% stake in Razor. In addition, the C-suite was restructured.
Shortly after these announcements, the stock dipped and has now mostly recovered in share price.
OCX will be a stock to watch in the near future as the new corporate strategy takes hold.
Oncocyte is a precision diagnostics company with a mission to improve patient outcomes by providing personalized insights that inform critical decisions throughout the patient care journey.
Through its proprietary tests, the Company aims to help save lives by accelerating the diagnosis of cancer and advancing cancer care. The Company’s tests are designed to help provide clarity and confidence to physicians and their patients. DetermaIO™ is a gene expression test that assesses the tumor microenvironment to predict response to immunotherapies. The Company’s pipeline of tests in development also includes DetermaTx™, which will assess mutational status of a tumor, DetermaCNI™, a blood-based monitoring test, DetermaMx™, a long-term recurrence monitoring test, and VitaGraft™, a blood-based solid organ transplantation monitoring test. In addition, Oncocyte’s pharmaceutical services provide companies that are developing new cancer treatments a full suite of molecular testing services to support the drug development process.
DetermaIO™, DetermaTx™, DetermaCNI™, DetermaMx™ and VitaGraft™ are trademarks of Oncocyte Corporation.