Maxim Group Sticks to Their Buy Rating for Biocept Inc (BIOC)

In a report released yesterday, Jason McCarthy from Maxim Group maintained a Buy rating on Biocept Inc (BIOCResearch Report), with a price target of $3. The company’s shares closed last Monday at $1.04, close to its 52-week low of $0.66.

McCarthy said:

“Biocept reported 2Q19 with $1.2M in revenue (up 45% from 2Q18 and 16% from 1Q19) and a net loss of ($7.8M), though we note that there was a $1.9M non-cash charge (warrant inducement, interest, other expense). The company ended the period with $12.6M in cash on the balance sheet.”

According to TipRanks.com, McCarthy ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -22.8% and a 23.1% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Lineage Cell Therapeutics, Inc., Hancock Jaffe Laboratories Inc, and Aridis Pharmaceuticals Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Biocept Inc with a $3 average price target.

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Based on Biocept Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $7.82 million. In comparison, last year the company had a GAAP net loss of $6.15 million.

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Biocept, Inc. is an oncology laboratory service company, which focuses on the development and marketing of novel laboratory products in the detection of rare cells to include circulating tumor cells. It develops and commercializes proprietary circulating tumor cell and circulating tumor DNA tests utilizing a standard blood sample.