Patrick W. Smith, a major shareholder of Oncosis Corp (NASDAQ:OCX), recently increased his stake in the company by purchasing significant amounts of common stock. According to a recent filing, Smith acquired 90,219 shares at $2.13 per share, for a total of about $192,166. The timing is notable like InvestingPro The data shows the stock is trading near its 52-week low of $1.97, with analyst price targets ranging from $4.00 to $4.25. This deal increases his total holdings to 1,773,903 shares. The shares are held indirectly through Smith's Irrevocable Trust, of which Smith is trustee. With the stock's RSI indicating oversold conditions, this insider buying could be significant. InvestingPro Subscribers get access to comprehensive insider trading analysis and 8 additional key insights into OCX's current market position.
In other recent news, Oncosis Corp. revealed major strides in its diagnostics research and market strategy. The company's study demonstrated the potential of its DetermaCNI™ test as a non-invasive way to diagnose central nervous system tumors, which could affect approximately 300,000 U.S. patients diagnosed with primary brain tumors or metastases annually. This development could represent a $300 million market opportunity in the United States
Onccycle is also making progress in the transplant diagnostics market with the successful launch of its GraftAssure RUO product. The company is actively working with transplant centers in preparation for the upcoming VitaGraft Kidney trial, expected to launch in the fourth quarter of 2025, pending FDA approval. Oncosis aims to secure agreements with at least 20 transplant centers across the United States and Germany by the end of 2025.
Financially, Oncosis has shown discipline by maintaining its quarterly cash burn rate at around $6 million. The company recently raised about $9 million, boosting its initial cash reserves to about $15 million. In a recent earnings call, Oncocyt explained its growth strategy, revealed plans to expand its transplant testing services and expressed confidence in the potential of its oncology product, DetermaIO.
Needham analysts maintained a Buy rating on Oncocyt, following positive developments with its GraftAssure RUO product. They also highlighted Bio-Rad's role in providing access to Onccyt's RUO product and building relationships with transplant centers. These are the latest developments that investors should take into account.
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