Biosig Technologies (NASDAQ:STEX) Price Target Cut to $4.00 by Analysts at Needham & Company LLC

Key Points

• Needham & Company lowered Biosig Technologies’ price target to $4.00 but maintained a “buy” rating, implying potential upside of roughly 346% from the stock’s $0.90 price. MarketBeat’s consensus view is “Hold,” reflecting one Buy and one Sell rating.
• Biosig reported a quarterly loss of $0.08 per share and revenue of just $0.15 million. Its shares have traded between $0.66 and $7.44 over the past year and were recently down 13.8%.
• The company authorized a repurchase of up to 5.5% of outstanding shares, while insiders own 52.73% of the company; recent insider activity included a chairman purchase and a CIO sale tied to tax withholding.

Biosig Technologies (NASDAQ:STEX - Get Free Report) had its price objective dropped by Needham & Company LLC to $4.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Needham & Company LLC's price target would suggest a potential upside of 346.13% from the stock's current price.

STEX has been the topic of a number of other research reports. Wall Street Zen cut shares of Biosig Technologies from a "sell" rating to a "strong sell" rating in a research note on Saturday, July 18th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Biosig Technologies in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Biosig Technologies presently has an average rating of "Hold" and a consensus price target of $4.00.

Biosig Technologies Trading Down 13.8%

Shares of NASDAQ:STEX opened at $0.90 on Tuesday. The stock has a fifty day simple moving average of $0.85 and a two-hundred day simple moving average of $1.38. Biosig Technologies has a 12-month low of $0.66 and a 12-month high of $7.44. The stock has a market capitalization of $163.00 million, a price-to-earnings ratio of -0.10 and a beta of 1.98.

Biosig Technologies (NASDAQ:STEX - Get Free Report) last released its earnings results on Friday, August 14th. The company reported ($0.08) EPS for the quarter. The firm had revenue of $0.15 million during the quarter.

Biosig Technologies announced that its Board of Directors has initiated a share repurchase plan on Tuesday, July 7th that authorizes the company to buyback 10,000,000,000,000 outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, CIO Mitchell Young Williams sold 23,810 shares of the firm'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 sale, the executive owned 3,013,838 shares in the company, valued at approximately $3,164,529.90. This trade represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Chairman Morgan Lee Lekstrom bought 50,000 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was bought at an average price of $0.99 per share, for a total transaction of $49,500.00. Following the acquisition, the chairman directly owned 359,500 shares of the company's stock, valued at $355,905. The trade was a 16.16% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 231,000 shares of company stock valued at $252,360 over the last quarter. Company insiders own 52.73% of the company's stock.

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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