Biocept, Inc. (BIOC) Trading Down 13.8% After Earnings Miss
Biocept, Inc. (NASDAQ:BIOC)’s share price fell 13.8% during trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $1.11 and last traded at $1.25, with a volume of 777,933 shares changing hands. The stock had previously closed at $1.45.
The medical research company reported ($0.21) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.20) by $0.01. The business had revenue of $1.28 million for the quarter, compared to the consensus estimate of $1.23 million. Biocept had a negative return on equity of 1,177.51% and a negative net margin of 383.29%.
A number of research firms recently weighed in on BIOC. Zacks Investment Research downgraded shares of Biocept from a “buy” rating to a “hold” rating in a research note on Tuesday, May 9th. ValuEngine raised shares of Biocept from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 6th. Finally, Westpark Capital reissued an “outperform” rating on shares of Biocept in a research note on Thursday, August 3rd. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $2.31.
Several large investors have recently bought and sold shares of BIOC. Vanguard Group Inc. increased its stake in Biocept by 9.6% in the second quarter. Vanguard Group Inc. now owns 764,351 shares of the medical research company’s stock worth $1,048,000 after buying an additional 66,746 shares during the period. Creative Planning increased its stake in shares of Biocept by 64,679.8% in the second quarter. Creative Planning now owns 246,811 shares of the medical research company’s stock valued at $338,000 after buying an additional 246,430 shares during the last quarter. Intellectus Partners LLC increased its stake in shares of Biocept by 6,250.0% in the first quarter. Intellectus Partners LLC now owns 127,000 shares of the medical research company’s stock valued at $271,000 after buying an additional 125,000 shares during the last quarter. Finally, WealthTrust Axiom LLC purchased a new stake in shares of Biocept during the first quarter valued at approximately $298,000. 15.26% of the stock is owned by institutional investors and hedge funds.
The company’s 50 day moving average is $1.40 and its 200 day moving average is $1.68. The stock’s market capitalization is $33.25 million.
Biocept Company Profile
Biocept, Inc is an early commercial-stage molecular oncology diagnostics company. The Company develops and commercializes circulating tumor cell (CTC) and circulating tumor deoxyribonucleic acid (ctDNA), assays utilizing a standard blood sample, or liquid biopsy. The Company’s Target-Selector offering is based on an internally developed, microfluidics-based CTC capture and analysis platform, with enabling features that change how CTC testing can be used by clinicians by providing biomarker detection and monitoring requiring only a standard blood sample.
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