Stock of The Day: How Analysts Feel About ONEX Corporation After Today’s Gap Down?

Stock of The Day: How Analysts Feel About ONEX Corporation After Today's Gap Down?

The stock of ONEX Corporation (TSE:OCX) gapped down by $0.02 today and has $77.73 target or 8.00% below today’s $84.49 share price. The 8 months technical chart setup indicates high risk for the $8.75 billion company. The gap down was reported on Oct, 1 by Barchart.com. If the $77.73 price target is reached, the company will be worth $700.00 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock increased 0.60% or $0.5 on September 30, hitting $84.49. About 143,615 shares traded hands or 33.66% up from the average. ONEX Corporation (TSE:OCX) has risen 1.59% since February 26, 2016 and is uptrending. It has underperformed by 8.84% the S&P500.

Analysts await ONEX Corporation (OCX) to report earnings on November, 10. After $-0.10 actual earnings per share reported by ONEX Corporation for the previous quarter, Wall Street now forecasts 0.00% EPS growth.

ONEX Corporation (TSE:OCX) Ratings Coverage

Out of 4 analysts covering Onex Corporation (TSE:OCX), 2 rate it a “Buy”, 0 “Sell”, while 2 “Hold”. This means 50% are positive. Onex Corporation has been the topic of 17 analyst reports since July 28, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating given on Friday, August 14 by RBC Capital Markets. The stock of ONEX Corporation (TSE:OCX) has “Buy” rating given on Friday, August 14 by Canaccord Genuity. The stock has “Sector Perform” rating given by Scotia Capital on Wednesday, June 15. BMO Capital Markets maintained the stock with “Market Perform” rating in Monday, August 29 report. The rating was maintained by Scotia Capital with “Sector Perform” on Tuesday, June 28. The rating was upgraded by RBC Capital Markets on Tuesday, July 28 to “Outperform”. The stock of ONEX Corporation (TSE:OCX) has “Sector Perform” rating given on Friday, August 14 by Scotia Capital. The stock has “Outperform” rating given by RBC Capital Markets on Wednesday, June 15.

According to Zacks Investment Research, “OncoCyte Corporation is primarily focused on the development of novel, non-invasive blood and urine diagnostic tests for detection of cancer. OncoCyte Corporation is based in Alameda, California.”

More notable recent ONEX Corporation (TSE:OCX) news were published by: Finance.Yahoo.com which released: “Onex Completes Investment in WireCo WorldGroup” on September 30, 2016, also Business.Financialpost.com with their article: “Onex Corp reverses its normal exit strategy, plans to use IPO to sell stake in …” published on June 06, 2016, Business.Financialpost.com published: “Onex Corp sells KraussMaffei to China National Chemical Corp for about $1 billion” on January 11, 2016. More interesting news about ONEX Corporation (TSE:OCX) were released by: Seekingalpha.com and their article: “Onex Corporation (ONEXF) Q2 2016 Results – Earnings Call Transcript” published on August 11, 2016 as well as Business.Financialpost.com‘s news article titled: “How Onex is beating its private equity peers with 161% returns to shareholders …” with publication date: March 12, 2015.

OCX Company Profile

OncoCyte Corporation (OncoCyte), incorporated on October 30, 2009, is a development-stage biotechnology firm focused in the field of regenerative medicine. The Firm is developing molecular cancer diagnostics utilizing a discovery platform that focuses on identifying genetic markers expressed in various types of cancer. It operates through the research and development of diagnostic tests for the detection of cancer segment. The Company’s initial focus will be confirmatory diagnostics, utilizing liquid biopsy technology, for use in conjunction with imaging to confirm initial diagnoses within certain oncology indications. In addition, it will be developing screening diagnostics as replacements for screening imaging procedures. For some indications, it will also be pursuing the probability of recurrence of a specific cancer through the development of prognostics or companion diagnostics that help a physician determine which therapy is the optimal treatment for the patient.

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