Lake Street analyst Thomas Flaten said OncoCyte’s (OCX) R&D Validation study results are in line with previously published data and better than requirements for commercialization. He noted that a company-sponsored survey of 250 chest physicians previously indicated they would require minimum sensitivity and specificity of 85% and 35%, respectively. Flaten believes the fact that the study results were generated solely on biomarkers creates a favorable competitive advantage relative to competitors Veracyte (VCYT) and BioDesix, he added. Stating that he thinks today’s results provide strong evidence the company can move forward with a commercially viable product, Flaten raised his price target to $7 from $4 and keeps a Buy rating on OncoCyte shares.
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