Why OncoCyte Corporation (OCX) stock couldn’t hold on to its gains in the after-hours on Tuesday?

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BMO Stock

OncoCyte Corporation (OCX) shares plummeted 9.13% in after-hours on Tuesday, January 18, 2022, and closed the daily trading at $1.99. However, in the regular trading session of Tuesday, OCX’s stock gained 15.87%. OCX shares have fallen 37.78% over the last 12 months, and they have moved up 7.88% in the past week. Over the past three months, the stock has lost 33.64%, while over the past six months, it has declined 60.47%.

Let’s have a look at its latest developments.


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OCX agreement with Thermo Fisher Scientific

On January 18, 2022, Oncocyte Corporation (OCX), announced a development and co-marketing agreement for two distributed in vitro diagnostic (IVD) assays on Thermo Fisher Scientific’s Ion Torrent™ Genexus™ System. The agreement also grants Oncocyte rights to develop future companion diagnostics on the Genexus System.

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According to the agreement, Oncocyte will clinically validate Thermo Fisher’s existing Oncomine Comprehensive Assay Plus* on the Genexus System.

OCX DetermaCNI data publication

On January 04, 2022, Oncocyte Corporation (OCX), published the data showcasing the clinical utility of its DetermaCNI™ blood-based monitoring test in the peer-reviewed journal Cancers.

The published results demonstrated that DetermaCNI has the potential to address a significant unmet need for patients with primary epithelial ovarian cancer, which is the leading cause of death in gynecological cancers in Western countries.

The study evaluated the role of the CNI score in monitoring patients’ response to treatment, commonly platinum-based adjuvant chemotherapy following surgery.

DetermaIO presentation at SABCS 2021

On December 09, 2021, Oncocyte Corporation (OCX), announced results showing the ability of the Company’s DetermaIO™ test, determine the likelihood of response to immunotherapies (IO), at the 2021 San Antonio Breast Cancer Symposium (SABCS 2021).

In past, DetermaIO identified patients who respond to immunotherapy in the lung, bladder, kidney cancers, as well as appropriately classify the immune system in other solid tumor types, suggesting a pan-cancer utility in both primary and metastatic settings. The data presented at SABCS is expected to remove a barrier to wider adoption and can help address an unmet need for patients with TNBC.

OCX agreement completion with Burning Rock

On December 08, 2021, Oncocyte Corporation (OCX), completed the second part of the technology transfer under its revised Exclusive Sublicense Agreement with Burning Rock Biotech. According to the agreement, Burning Rock has licensed Oncocyte’s proprietary risk stratification DetermaRx™ test in China and is now poised to launch the test to the world’s largest early-stage lung cancer market.

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Conclusion

Oncocyte stock shined in the regular trading after the OCX agreement with Thermo Fisher Scientific but we were unable to find any reason for its decline in the after-hours on Tuesday. Let’s see how it will perform on Wednesday?

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