OncoCyte Corp (NYSEAMERICAN: OCX) is having rocketing early on in the pre-market hours this morning, and for good reason. The company announced positive data supporting its lung cancer diagnostics blood test that is proving to be a source of excitement for investors. Today, we’ll talk about:
- The data;
- what we’re seeing from OCX stock as a result; and
- what we’ll be watching for ahead.
OCX Announces Positive Data
As mentioned above, OncoCyte is having an incredibly strong start to the session this morning after reporting data. In a press release issued late yesterday, the company reported its most recent clinical study of samples in the development of its lung cancer diagnostic blood test known as DetermaVu™. Of course, the data proved to be positive. In fact, OCX said that the data was so positive that the study supports moving the test to a leading clinical diagnostic testing platform and indicates that the clinical performance of the test might just be better than even the company expected.
In the release, the company said that the study incorporated newly discovered biomarkers into a new, next generation version of DetermaVu™. The data reported suggests that these biomarkers are more robust than those used in the earlier biomarker panel. Of course, if this is indeed the case, the newly discovered biomarkers will help to enhance the utility and accuracy of DetermaVu™.
OCX said that the study found that an enhanced algorithm incorporating the best-performing new biomarkers with the best-performing biomarkers used in previous studies yielded accuracy results equivalent or superior to results of previous studies using the earlier biomarker panel and algorithm. However, because the error bar or potential range of results from the small sample set in the study is wide, these results must be confirmed in a larger sample set.
In a statement, William Annett, President and CEO at OCX had the following to offer:
We are extremely pleased with the results of this study, which provide us with a new diagnostic testing platform and a route forward for the development of a next-generation DetermaVu™.
The above statement was followed up by Lyndal Hesterberg, Senior Vice President of Research and Development. Here’s what he had to offer:
The study results are very encouraging. Although further studies testing larger numbers of samples are necessary, it appears the addition of the new biomarkers in DetermaVu™ may enhance the accuracy of our diagnostic test.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. In the case of OncoCyte, the news proved to be overwhelmingly positive. After all, data showing positive results in the diagnosis of lung cancer was just what investors were looking for. So, it’s no surprise to see that the stock is making a run for the top in the market this morning. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:32), OCX is trading at $4.55 per share after a gain of $1.50 per share or 49.18% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on OCX. In particular, we’re interested in following the story surrounding the company’s continued work with regard to the DetermaVu™ liquid biopsy platform. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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