OncoCyte drops as top investor sells remaining stake in block trade

Lineage Cell Therapeutics

06/09/2019 12:50

** OncoCyte  OCX.N  shares down ~10% premarket as #1 holder
divests remaining stake
    ** Market sources cite Raymond James re-offering 12.4 mln
shares at $1.25-$1.35, a 22%-28% discount to OCX last sale of
$1.73
    ** Seller not identified, but one holder owns that exactly
that many shares -- Lineage Cell Therapeutics Inc  LCTX.N 
(formerly Biotime Inc)
    ** On Jul 2, LCTX announced sale of 2.25 mln OCX shares at
$2 leaving it with a position of 12.4 mln, or ~24% stake in OCX
    ** At that time, LCTX said it had no plans to conduct
additional OCX sales in near-term and entered into a 45-day
lockup agreement  urn:newsml:reuters.com:*:nL2N2431B0  urn:newsml:reuters.com:*:nBw8ZtClxa
    ** On Jun 26, OCX plunged 37% after co announced delay of
ongoing CLIA validation study of DetermaVu, its liquid biopsy
test for lung cancer  urn:newsml:reuters.com:*:nL4N23X3LH
    ** OCX block of 12.4 mln shares represents ~40 days worth of
trading volumes based on 90-DMA
    ** All 5 analysts covering OCX recommend buying the stock;
median PT is $7 (Refinitiv data)

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