Biosig Technologies (NASDAQ:STEX) Posts Quarterly Earnings Results

Key Points

• Biosig Technologies reported quarterly EPS of negative $0.08.
• Shares rose 20.1% to $1.04 during Friday trading, while the stock remains well below its 52-week high of $7.44.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and an $8.00 target price; insiders own 52.73% of shares, and the company authorized a buyback of up to 5.5% of outstanding stock.

Biosig Technologies (NASDAQ:STEX - Get Free Report) issued its earnings results on Friday. The company reported ($0.08) earnings per share (EPS) for the quarter, Zacks reports.

Biosig Technologies Trading Up 20.1%

STEX traded up $0.17 during midday trading on Friday, hitting $1.04. 2,886,791 shares of the company were exchanged, compared to its average volume of 1,739,930. The company's 50 day simple moving average is $0.86 and its 200 day simple moving average is $1.41. The firm has a market capitalization of $189.07 million, a price-to-earnings ratio of -0.11 and a beta of 1.98. Biosig Technologies has a 1-year low of $0.66 and a 1-year high of $7.44.

Analyst Ratings Changes

STEX has been the topic of several research analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Biosig Technologies in a research note on Wednesday, July 29th. Wall Street Zen downgraded Biosig Technologies from a "sell" rating to a "strong sell" rating in a report on Saturday, July 18th. Finally, Needham & Company LLC dropped their target price on Biosig Technologies from $9.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday, May 21st. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $8.00.

Insider Transactions at Biosig Technologies

In related news, Chairman Morgan Lee Lekstrom bought 50,000 shares of the company's stock in a transaction that occurred on Friday, June 12th. The shares were purchased at an average cost of $0.99 per share, with a total value of $49,500.00. Following the completion of the acquisition, the chairman directly owned 359,500 shares in the company, valued at approximately $355,905. The trade was a 16.16% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CIO Mitchell Young Williams sold 23,810 shares of the business's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $1.05, for a total value of $25,000.50. Following the completion of the transaction, the executive directly owned 3,013,838 shares of the company's stock, valued at $3,164,529.90. The trade was a 0.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders bought 231,000 shares of company stock worth $252,360 in the last 90 days. Company insiders own 52.73% of the company's stock.

Biosig Technologies announced that its Board of Directors has authorized a stock repurchase program on Tuesday, July 7th that authorizes the company to buyback 10,000,000,000,000 outstanding shares. This buyback authorization authorizes the company to repurchase up to 5.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board believes its shares are undervalued.

About Biosig Technologies

Biosig Technologies NASDAQ: STEX is a medical technology company focused on developing advanced signal acquisition and processing solutions for cardiac electrophysiology. The company’s work centers on improving the clarity and interpretability of intracardiac signals captured during electrophysiology procedures, with the goal of helping clinicians identify arrhythmogenic substrates and make more informed procedural decisions.

Its primary offering is a signal-processing platform that combines proprietary hardware and software to amplify, filter and display intracardiac electrical activity with reduced noise and distortion.

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