These 5 Penny Stocks are Trending on Reddit

1. OncoCyte Corporation (NYSE:OCX)

Number of Hedge Fund Holders: 13

Closing Price on March 23: $1.37

OncoCyte Corporation (NYSE:OCX) is a molecular diagnostics company that is involved in the research, development, and commercialization of lab tests for cancer detection in the United States and internationally. On March 10, 2022, OncoCyte Corporation (NYSE:OCX) revealed its earnings for the fiscal fourth quarter of 2021 in which the company outperformed market consensus by over $65,000. The company’s revenue for the quarter came in at $3.59 million, up 613.52% year over year from about $0.5 million.

On January 5, 2022, Piper Sandler analyst David Westenberg assumed coverage of OncoCyte Corporation (NYSE:OCX) with an Overweight rating and a $3.10 price target. Moreover, OncoCyte Corporation (NYSE:OCX) was also initiated at Stephens, by analyst Mason Carrico, with an Overweight rating and a $3.10 price target. Carrico noted that the company exhibits potential to increase its revenues up to over 3 times in the next few years, and sees the company’s portfolio of diagnostic products well positioned to benefit from a number of high-growth market trends.

On January 18, 2022, OncoCyte Corporation (NYSE:OCX) announced that it will be collaborating with Thermo Fisher Scientific Inc. (NYSE:TMO) to develop and market two distributed In Vitro Diagnostic, IVD, assays on Thermo Fisher’s (NYSE:TMO) Ion Torrent Genexus System. Under the terms of the collaboration, OncoCyte Corporation (NYSE:OCX) will clinically validate Thermo Fisher’s existing Oncomine Comprehensive Assay Plus on the Genexus System, paving the way toward IVD clearance for use in tumor profiling and future submissions as a companion diagnostic.

Retail investors are bullish on OncoCyte Corporation (NYSE:OCX) in light of the company’s earnings results for the fourth quarter of 2021, and also its collaboration with Thermo Fisher Scientific Inc. (NYSE:TMO). Redditors also mentioned that the company is providing innovative solutions for IVD clearance and anticipate potential upside for the stock.

By the end of the fourth quarter of 2021, Insider Monkey was able to identify 13 hedge funds that held stakes in OncoCyte Corporation (NYSE:OCX) worth over $76.92 million. Of these, Broadwood Capital was the most prominent shareholder in the company, having stakes amounting to roughly $37.64 million.

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