OncoCyte (NYSE:OCX) had an astounding Tuesday as the company’s stock skyrocketed on its latest lung cancer blood diagnostic test study results.
The California-based company announced that its DetermaVu diagnostic test for lung cancer churned out a better performance than the company was expecting. The test was created thanks to a new sequencing platform and algorithm that used more biomarkers than the company’s previous available versions of the test.
OncoCyte’s impressive results have encouraged the company to move DetermaVu to a different and better testing platform that would help “resolve the inconsistent data issues” that plagued the company in previous versions of the biopsy test, according to its press release.
The company had to previously delay the test’s clinical validation study that launched in November 2017 as test results came back as irregular due to a “variance in the lots of consumables” of the blood sample-testing system, according to OncoCyte’s 2017 annual earnings report.
The pharmaceutical company believes that DetermaVu could be the new leading test in lung cancer detection in a market that the company values at $4.7 billion annually if the test can prove to be accurate in a large clinical trial.
OCX stock was up more than 13.1% on Tuesday by day’s end but shares fell about 1.5% after the bell. At one point, shares were up more than 40%.