Opaleye Management Inc. Cuts Position in Biodesix, Inc. $BDSX

Key Points

• Opaleye Management cut its Biodesix stake by 24.4% in the second quarter, selling 58,047 shares and retaining 180,000 shares worth approximately $4.06 million. Institutional investors and hedge funds collectively own 20.96% of BDSX.
• Analysts remain broadly optimistic, with a consensus rating of “Moderate Buy” and an average price target of $31.33. Recent targets range from $27 to $35.
• Biodesix exceeded quarterly expectations, reporting a smaller-than-expected loss of $0.71 per share and revenue of $26.86 million. However, the company remains unprofitable, with a negative net margin of 26.97%, while insiders have bought 42,600 shares over the past 90 days.

Opaleye Management Inc. reduced its position in Biodesix, Inc. (NASDAQ:BDSX - Free Report) by 24.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 180,000 shares of the company's stock after selling 58,047 shares during the period. Opaleye Management Inc. owned approximately 1.71% of Biodesix worth $4,059,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. XTX Topco Ltd increased its position in Biodesix by 99.4% during 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 in the last quarter. Cetera Investment Advisers acquired a new position in Biodesix during the fourth quarter valued at approximately $68,000. DRW Securities LLC acquired a new position in Biodesix during the fourth quarter valued at approximately $105,000. Allworth Financial LP purchased a new stake in Biodesix during the second quarter worth approximately $112,000. Finally, Millennium Management LLC purchased a new stake in Biodesix during the third quarter worth approximately $113,000. 20.96% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BDSX has been the subject of several recent research reports. Canaccord Genuity Group increased their price objective on shares of Biodesix from $27.00 to $35.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. HC Wainwright reaffirmed a "buy" rating and set a $27.00 price target (up from $26.00) on shares of Biodesix in a research report on Thursday, August 6th. Weiss Ratings raised shares of Biodesix from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday. Finally, Roth Capital assumed coverage on Biodesix in a report on Wednesday, June 24th. They issued a "buy" rating and a $32.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $31.33.

Biodesix Stock Performance

Shares of BDSX opened at $26.04 on Friday. The business's 50 day moving average is $23.54 and its two-hundred day moving average is $18.27. Biodesix, Inc. has a 52-week low of $5.26 and a 52-week high of $31.31. The firm has a market cap of $274.72 million, a price-to-earnings ratio of -8.21 and a beta of 0.60. The company has a quick ratio of 2.85, a current ratio of 2.85 and a debt-to-equity ratio of 5.12.

Biodesix (NASDAQ:BDSX - Get Free Report) last released its quarterly 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. The business had revenue of $26.86 million during the quarter, compared to the consensus estimate of $26.03 million. Biodesix had a negative net margin of 26.97% and a negative return on equity of 788.19%. Analysts forecast that Biodesix, Inc. will post -2.68 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jack Schuler acquired 15,000 shares of the firm's stock in a transaction on Wednesday, August 12th. The stock was bought at an average cost of $24.47 per share, with a total value of $367,050.00. Following the acquisition, the director directly owned 555,810 shares in the company, valued at approximately $13,600,670.70. The trade was a 2.77% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders have acquired 42,600 shares of company stock worth $1,033,062. Corporate insiders own 23.20% of the company's stock.

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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