Biocept, Inc. (NASDAQ: BIOC)
Biocept is a molecular diagnostics company based out of San Diego. They specialize in commercializing and developing liquid biopsies to improve the detection and treatment of cancer.
Early this morning, Biocept announced the launch of its proprietary assay targeting BRAF mutations utilizing a patient’s blood sample. This diagnostic assay has the potential to help physicians identify patients who might benefit from currently available targeted therapies. About half of all melanoma patients experience mutations in the BRAF gene. These changes can cause the gene to grow and divide quickly. BRAF’s test can also be used for monitoring patients for response to treatment and for progression of disease during the course of therapy.
Biocept has also announced the launch of commercialized blood based tests for lung, gastric and breast cancer biomarkers. The Street Insider
Biocept Earnings & Outlook
Despite the positive news, BIOC is down significantly from where it was a year ago. The net result is down 60.10%. Although, in the most recent quarter, Biocept has reported significant earnings per share improvement when compared to the same quarter a year ago. Net operating cash flow has increased to -$3.33 million when compared to the same quarter last year. Unfortunately, BIOC is still operating at a significantly lower rate than the industry average. The Street
Biocept’s Senior Vice President’s Comments
“Due to their high sensitivity, our mutation tests offer a great advantage in assessing patients with advanced disease and provide a new tool for following patients who are likely to be at high risk for disease recurrence. The addition of BRAF to our test menu expands the spectrum of both tumor types and relevant biomarkers we are able to detect in blood with our proprietary methods. We look to cover all guidelines-listed biomarkers that aid medical decision making and that have potential companion diagnostic value,” said Lyle Arnold, Ph.D., Biocept’s Senior Vice President of Research & Development and Chief Scientific Officer.
BIOC Technical Analysis
Biocept’s 52 week trading range is from $1.09 to $5.78. Today the stock gapped up in price from yesterday’s close of $2.64 to today’s opening of $2.89, which is 9% on today’s favorable news. The stock reached its yearly low on Feb 10 due to an announcement stating that the pricing of 8 million shares of its common stock and warrants to purchase up to an aggregate of 8 million shares at a combined offering price of $1.25. The stock did rebound for an impressive run up to $4.91 on Feb. 25 due to a breakthrough in a study that was used to detect hormonal status of metastatic breast cancer patients. Since then the stock has been in a range of $2-$4 putting in lower highs along the way. Trading the stock today, the $3 level will be an important number to see if it can hold the gap up in price and break thru that level or form a consolidation near or above that price. The next interesting level will be $3.70 back on May 28 breaking that level will reverse the trend of lower of highs. The stock does have a low float of 14 million shares and with the favorable news has the ability to run so it will interesting to see if it can break out of its current pattern.
Company Profile
Biocept, Inc., a cancer diagnostics company, develops and commercializes proprietary circulating tumor cell (CTC) and circulating tumor DNA tests utilizing a standard blood sample. The companys tests provide information to oncologists that enable them to select the appropriate treatment for their patients based on detailed data on the characteristics of tumors. It offers OncoCEE-BR, a breast cancer CTC test that allows physician to characterize the tumor to help define treatment options; OncoCEE-LU, a test for non-small cell lung cancer; and OncoCEE-GA for gastric cancer. The company is also developing other OncoCEE CTC tests, including OncoCEE-CR for colorectal cancer; OncoCEE-PR for prostate cancer; and OncoCEE-ME for melanoma, as well as CEE-Selector, a sequencing application for various cancer types. It sells its cancer diagnostic tests directly to oncologists and other physicians at private and group practices, hospitals, and cancer centers in the United States, as well as markets its clinical trial and research services to pharmaceutical and biopharmaceutical companies, and clinical research organizations. The company was founded in 1997 and is headquartered in San Diego, California. Yahoo Finance
