Shares of Biocept, Inc. (NASDAQ:BIOC) Advance After Release of Study Results

Molecular diagnostics company, Biocept, Inc. (NASDAQ:BIOC), announced that clinical results from a study demonstrated up to 90% concordance.

SAN DIEGO, Oct. 20, 2016 /PRNewswire/ — Biocept, Inc. (BIOC), a molecular diagnostics company commercializing and developing proprietary liquid biopsy tests that provide information to physicians to improve cancer treatment, announces that clinical results from a study evaluating 40 patients with advanced non-small cell lung cancer (NSCLC) demonstrated up to 90% concordance between the Company’s Target-Selector™ platform and tissue biopsy for the detection of actionable oncogene mutations and other validated cancer biomarkers. Analysis of a patient subset in the study showed that changes in both circulating tumor DNA (ctDNA) and circulating tumor cells (CTCs), detected using Biocept’s proprietary liquid biopsy assays, correlated significantly to response to systemic drug therapy in a majority of cases.  The clinical data were presented at the 2016 European Society for Medical Oncology (ESMO) Annual Congress in Copenhagen, Denmark.

“In this dataset, Biocept’s blood-based ctDNA assay demonstrated high concordance relative to tissue biopsy for the identification of actionable molecular alterations associated with non-small cell lung cancer,” stated Oscar Arrieta, M.D., the study’s lead investigator, and Coordinator of Clinical Lung Cancer and Thoracic Tumor and Head of the Laboratory of Personalized Medicine at the National Cancer Institute of Mexico. “Given these findings, the Target Selector™ technology appears to be a viable noninvasive alternative for establishing mutational status, and for identifying secondary resistance mutations such as EGFR T790M in patients who progress on first-line tyrosine kinase inhibitor therapy. Clear changes observed in the level of detectable mutant allele frequency after treatment suggest that this liquid biopsy method holds promise to be used for real-time monitoring of patients’ clinical status.”

In the study, analysis with Biocept’s Target Selector™ ctDNA platform found that the T790M resistance mutation was present in the plasma of 50% of patients with clinical progression when treated with tyrosine kinase inhibitors.

“These study results validate the ability of our Target Selector™ tests to comprehensively profile a patient’s cancer, and further demonstrate the high sensitivity and specificity of our dual ctDNA and CTC assay platforms,” said Biocept’s Senior Vice President and Chief Scientific Officer, Lyle Arnold, Ph.D.

“We are pleased that these findings, generated by world-class collaborators from both academia and biopharma, were presented at the Annual ESMO Congress in Copenhagen,” said Biocept’s President and CEO Michael Nall. “We continue to build the body of clinical evidence supporting the utility of our proprietary liquid biopsy platform, as we increase physician adoption of our technology and help patients in their fight against cancer.”

Physicians interested in ordering Biocept’s liquid biopsy tests for cancer biomarkers should contact Customer Service at 858-320-8206, or visit http://biocept.com/medical-professionals/.

About Biocept

Biocept, Inc. is a molecular diagnostics company with commercialized assays for lung, breast, gastric, colorectal and prostate cancers, and melanoma.  The Company uses its proprietary liquid biopsy technology to provide physicians with information for treating and monitoring patients diagnosed with cancer.  The Company’s patented Target Selector™ liquid biopsy technology platform captures and analyzes tumor-associated molecular markers in both CTCs and ctDNA.  With thousands of tests performed, the platform has demonstrated the ability to identify cancer mutations and alterations to inform physicians about a patient’s disease and therapeutic options.  For additional information, please visit www.biocept.com.

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Biocept, Inc. (NASDAQ:BIOC) shares have moved +2.7742% on the news thus far today and have traded in the range of $0.9300 – 0.9700 during the current session. In order to take a look at where the stock might be headed longer term, investors often look to research firms that cover the stock. Sell-side research firms currently have a consensus one-year price target of $4.5000 on the stock.  This is according to brokerage analysts polled by Thomson Reuters First Call.  The sell-side analysts are projecting earnings per share of $-0.5400 for the next fiscal quarter.  For the current year, analysts are predicting earnings of $0.4000 per share according to First Call.

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In looking at where the stock is trading on a technical level, the stock is trading -38.1415% away from its 50-day moving average of $1.5451.  Based on the most recent available data, the equity is -87.4071% off of its 52-week high of $7.5900 and +7.3933% away from its 52-week low which is $0.8900.

Today, the stock opened at $0.9600 and the last bid at the time of writing stood at $0.9558.  During the session thus far, the equity dipped down to $0.9300 and touched $0.9700 as the high point.  Biocept, Inc. (NASDAQ:BIOC) has a market cap of $8.02M and has seen an average daily volume of 118,755 over the past three months.

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