Janney Montgomery Scott analyst Paul Knight upgraded OncoCyte to Buy from Neutral, calling the announcement of data from its pivotal R&D validation study “transformational” and “the most critical step to commercialization” for its DetermaVu liquid biopsy test for lung cancer. The trial’s results significantly outperform any other previous blinded study of its kind, said Knight, who estimates DetermaVu’s annual addressable market at $4.7B. He doubled his fair value estimate on OcoCyte shares to $8 from $4.
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