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

Key Points

• Canaccord Genuity Group raised Biodesix’s price target to $35 from $27 and maintained a “buy” rating, implying approximately 48.9% upside from the stock’s $23.50 price.
• Analyst sentiment is broadly positive: Biodesix has an average “Moderate Buy” rating and a consensus price target of $31.33, with recent buy ratings from Roth Capital and HC Wainwright.
• Biodesix exceeded quarterly expectations, reporting revenue of $26.86 million and an adjusted loss of $0.71 per share versus estimates of $26.03 million and $0.90, respectively; institutional investors own about 21% of the company.

Biodesix (NASDAQ:BDSX - Get Free Report) had its price objective hoisted by investment analysts at Canaccord Genuity Group from $27.00 to $35.00 in a research note issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price target points to a potential upside of 48.94% from the company's current price.

Several other research analysts have also recently weighed in on the stock. Roth Capital began coverage on shares of Biodesix in a research report on Wednesday, June 24th. They issued a "buy" rating and a $32.00 price objective on the stock. Weiss Ratings upgraded shares of Biodesix from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, June 12th. Finally, HC Wainwright reissued a "buy" rating and issued a $27.00 price target (up from $26.00) on shares of Biodesix in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $31.33.

Biodesix Price Performance

Biodesix stock opened at $23.50 on Monday. Biodesix has a 52 week low of $5.26 and a 52 week high of $25.00. The business has a 50-day simple moving average of $19.65 and a 200 day simple moving average of $15.75. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 5.12. The stock has a market cap of $247.93 million, a price-to-earnings ratio of -7.41 and a beta of 0.56.

Biodesix (NASDAQ:BDSX - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($0.71) earnings per share for the quarter, topping analysts' consensus estimates of ($0.90) by $0.19. Biodesix had a negative return on equity of 788.19% and a negative net margin of 26.97%.The business had revenue of $26.86 million for the quarter, compared to analyst estimates of $26.03 million. On average, research analysts forecast that Biodesix will post -2.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biodesix

A number of large investors have recently modified their holdings of the company. AIGH Capital Management LLC purchased a new position in shares of Biodesix during the first quarter worth approximately $10,996,000. XTX Topco Ltd raised its position in Biodesix by 99.4% in the 2nd quarter. XTX Topco Ltd now owns 205,647 shares of the company's stock worth $58,000 after purchasing an additional 102,494 shares during the period. Monashee Investment Management LLC boosted its position in Biodesix by 12.3% during the fourth quarter. Monashee Investment Management LLC now owns 112,344 shares of the company's stock valued at $764,000 after buying an additional 12,348 shares during the period. Walleye Capital LLC bought a new position in shares of Biodesix during the second quarter valued at about $1,679,000. Finally, Stempoint Capital LP purchased a new position in shares of Biodesix in the first quarter worth about $1,015,000. 20.96% of the stock is owned by hedge funds and other institutional investors.

About Biodesix

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source