Shares of OncoCyte Corp.
rocketed 63% on very heavy volume in premarket trading Tuesday, after the molecular diagnostics company announced overnight that it entered into an exclusive licensing agreement with China-based Burning Rock Biotech Ltd.
to bring OncoCyte’s DetermaRX test for early-stage lung cancer patients to China. Trading volume spiked to 8.3 million shares, compared with the full-day average of about 419,500 shares. “This agreement with Burning Rock accelerates the ongoing expansion of our DetermaRx test to patients and physicians outside the U.S., and exemplifies our global growth strategy,” said OncoCyte Chief Executive Ron Andrews. The news and stock’s rally comes as several OncoCyte executives and directors disclosed that they acquired shares on Dec. 11, as “repayment of deferred compensation in lieu of cash at a price of $2.07 per share,” which was 2.4% below Monday’s closing price. The stock has lost 5.8% year to date through Monday, while the S&P 500
has gained 12.9%.