5 Penny Stocks That Can Explode in 2022

2. OncoCyte Corporation (NYSE:OCX)

Number of Hedge Fund Holders: 13

Share Price (as of March 18): $1.60

OncoCyte Corporation (NYSE:OCX) is a molecular diagnostics company that provides diagnostic tests for the detection of cancer. The US-based firm’s primary products include DetermaRx and DetermaIO.

On March 11, Lake Street analyst Thomas Flaten reiterated a ‘Buy’ rating on OncoCyte Corporation (NYSE:OCX) shares and revised the price target to $6 from $11. He noted that the firm delivered strong Q4 earnings which stood well ahead of his expectations, and boast “an impressive portfolio of diagnostic products”.

In January, Stephens analyst Mason Carrico initiated coverage of OncoCyte Corporation (NYSE:OCX) with an ‘Overweight’ rating and $3.10 price target, calling the firm an “attractive small-cap growth story with multiple catalysts on the horizon.” He sees potential for the firm to more than triple its revenue over the next few years and sees its portfolio of diagnostic products well positioned to benefit from several high-growth market trends.

Revenue of $3.59 million for OncoCyte Corporation (NYSE:OCX) in the fourth quarter was up 613.52% from the year-ago period and beat expectations by $65,130. In comparison, revenue for Q3 stood at $984,000.

Out of all the hedge funds tracked by Insider Monkey, 13 were long OncoCyte Corporation (NYSE:OCX) at the end of the fourth quarter, with aggregate positions worth $76.9 million. With 17.34 million shares valued at $37.64 million, New York-based hedge fund Broadwood Capital was the top shareholder of OncoCyte Corporation (NYSE:OCX) in the fourth quarter.