During the last reported quarter, the top line tumbled 31.5% to $762 million. Though net loss narrowed during this quarter to $2.42 per share from $5.90 per share, it was still wider than the street expectation of a loss of $2.02 per share.
BIOC shares have fallen 90% in the trailing 52 weeks. A 10% increase in stock price since the beginning of this year has given a breather to Biocept investors.
This year’s stock price rise was spurred by a 13% rally on March 26, when the San Diego, California-based firm announced that it was expanding its Empower TC into urology. The platform would now be used to diagnose prostate cancer by performing biomarker tests.
READ: AFFIMED CUTS DOWN LOSSES IN 2018
CEO Michael Nall said following this announcement, “We believe that our pathology partnership platform offers urologists and uropathologists a unique solution to evaluate and treat their patients diagnosed with prostate cancer, which further distinguishes Biocept from other commercial liquid biopsy services.”
Maxim Group analyst Jason McCarthy recently launched his coverage of the stock with a Buy rating and a price target of $3. The average price target on the stock suggests a 400% upside from the last close, signifying analyst confidence in it.