Canaccord Genuity Group Issues Positive Forecast for Biodesix (NASDAQ:BDSX) Stock Price

Key Points

• Canaccord Genuity raised its target on Biodesix from $20 to $22 and keeps a "buy" rating (implying ~48.7% upside), while William Blair upgraded to "outperform" and the consensus rating is a Moderate Buy with a $33 consensus target.
• Biodesix beat the latest quarter's estimates—EPS of ($0.81) vs. ($1.13) expected and revenue of $25.56M vs. $23.12M—but remains unprofitable (negative net margin ~39.85%) and analysts expect roughly -3.62 EPS for the year.
• Insider activity shows CEO Scott Hutton sold 3,559 shares (insiders sold 9,052 shares in the past 90 days), reducing his stake; corporate insiders still own about 23.2% of the company.

Biodesix (NASDAQ:BDSX - Get Free Report) had its target price raised by investment analysts at Canaccord Genuity Group from $20.00 to $22.00 in a report issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's target price suggests a potential upside of 48.65% from the company's current price.

Separately, William Blair raised Biodesix from a "market perform" rating to an "outperform" rating in a research report on Friday, February 27th. Five research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $33.00.

Biodesix Stock Performance

Shares of BDSX traded up $3.53 during trading hours on Tuesday, hitting $14.80. The company had a trading volume of 347,827 shares, compared to its average volume of 1,073,841. The stock has a market capitalization of $149.63 million, a price-to-earnings ratio of -3.05 and a beta of 0.43. The firm has a fifty day moving average price of $14.39 and a 200-day moving average price of $10.36. Biodesix has a 52-week low of $3.44 and a 52-week high of $20.21.

Biodesix (NASDAQ:BDSX - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported ($0.81) EPS for the quarter, beating the consensus estimate of ($1.13) by $0.32. The company had revenue of $25.56 million for the quarter, compared to the consensus estimate of $23.12 million. Biodesix had a negative net margin of 39.85% and a negative return on equity of 1,760.83%. Research analysts anticipate that Biodesix will post -3.62 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Scott Hutton sold 3,559 shares of the business's stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $10.08, for a total value of $35,874.72. Following the transaction, the chief executive officer owned 45,413 shares of the company's stock, valued at approximately $457,763.04. The trade was a 7.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders sold 9,052 shares of company stock valued at $100,227. Corporate insiders own 23.20% of the company's stock.

Institutional Investors Weigh In On Biodesix

Large investors have recently made changes to their positions in the company. XTX Topco Ltd grew its holdings in shares of Biodesix by 99.4% in the second quarter. XTX Topco Ltd now owns 205,647 shares of the company's stock valued at $58,000 after purchasing an additional 102,494 shares in the last quarter. Millennium Management LLC purchased a new stake in Biodesix during the third quarter valued at $113,000. Oracle Investment Management Inc. bought a new position in Biodesix during the third quarter valued at $113,000. Aberdeen Group plc purchased a new position in shares of Biodesix in the 4th quarter worth $1,784,000. Finally, Geode Capital Management LLC grew its stake in shares of Biodesix by 5.6% in the 4th quarter. Geode Capital Management LLC now owns 42,453 shares of the company's stock worth $289,000 after buying an additional 2,235 shares in the last quarter. 20.96% of the stock is owned by institutional investors.

Biodesix Company Profile

Biodesix, Inc is a commercial-stage molecular diagnostics company headquartered in Boulder, Colorado, that develops and delivers blood-based tests to improve the diagnosis and management of lung diseases, including lung cancer. The company integrates advanced proteomic and, more recently, genomic technologies to offer noninvasive testing solutions designed to guide clinical decision-making. Biodesix operates a CLIA-certified and CAP-accredited laboratory, allowing it to process patient samples at scale and maintain rigorous quality standards.

The company's flagship product, VeriStrat®, is a proteomic test that stratifies patients with non-small cell lung cancer into groups more likely to benefit from specific therapies.

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