The stock of OncoCyte Corporation (NYSE:OCX) is now priced at $1.59 and the shares are 0.24 points up or 17.78% higher compared to its previous closing price of $1.35. The stock had 6.812 million contracts set over the past session. OCX shares’ daily volume is compared to its average trading volume at 825806 shares. However, it has a float of 56.92 million and although its performance was 15.22% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the OCX share price recently placing at $1.3 to $1.95. However, some brokerage firms have priced the stock below the average, including one that has called $1.5.
The shorts are running away from the OncoCyte Corporation stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the OCX shares have declined. Short interest in the stock represents just 3.07% of its float, but the volume has dropped by 0.
In the last trading session, OncoCyte Corporation (NYSE:OCX) raised by $0.21 over the week and gained $0.26 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $3.51. The stock recorded its established 52-week high on 06/25/20.
Since 07/08/20, the stock has traded to a low of $1.2 at 32.5%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.62. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, OncoCyte Corporation’s two-week RSI is 48.64. This suggests that the stock is neutral at the moment and that OCX shares’ price movement remains stable. The stochastic readings are equally revealing at 58.72% meaning the OCX share price is currently in neutral territory.
The technical chart shows that the OCX stock will likely settle at between $1.9267 and $2.2633 per share. However, if the stock dips below $1.2767, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.9633.
Currently, the stock is trading in the green of MACD, with a reading of 0.0778. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at The Benchmark Company though dropped target price of OCX stock from $7 to $6 but maintained Speculative Buy recommendation in their July 30 review. Piper Sandler analysts downgraded their recommendation of the stock from Overweight to Neutral in a flash note released to investors on July 01. Chardan Capital Markets seeing the stock struggling downgraded it from Buy to Neutral on June 30 placing it at $2.
The average rating for the OCX equity is 1.83 and is currently gathering a bullish momentum. Of 5 analysts tracking OncoCyte Corporation polled by Reuters, 2 rated OCX as a hold. The remaining 3 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.