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NEW YORK ─ Piper Sandler on Tuesday downgraded OncoCyte to Neutral from Overweight and reduced its share-price target to $1.50 from $7.50 due to unsuccessful results of a clinical validation study for the molecular diagnostics firm's DetermaDx liquid biopsy test for lung cancer.

OncoCyte said on Monday that DetermaDx's performance did not meet the predetermined endpoints for the study and that it will cease further investment in DetermaDx and focus on two more advanced commercial tests, DetermaRx and DetermaIO.

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