Biodesix (NASDAQ:BDSX) Shares Up 0.4% - What's Next?

Key Points

• Biodesix shares rose 0.4% to $21.26 in mid-day trading, while volume was about 40% below the average session level.
• Analyst sentiment remains generally positive: the stock has a consensus rating of “Moderate Buy” and a $36.25 price target, with Canaccord Genuity and TD Cowen recently raising their targets to $35 and $40, respectively.
• Biodesix beat quarterly expectations, reporting a loss of $0.71 per share versus the $0.90 expected and revenue of $26.86 million; insiders also bought 42,600 shares over the past three months.

Biodesix, Inc. (NASDAQ:BDSX - Get Free Report) traded up 0.4% during mid-day trading on Monday. The stock traded as high as $22.36 and last traded at $21.26. 60,925 shares were traded during mid-day trading, a decline of 40% from the average session volume of 101,162 shares. The stock had previously closed at $21.18.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BDSX. Canaccord Genuity Group increased their price objective on Biodesix from $27.00 to $35.00 and gave the company a "buy" rating in a report on Monday, August 10th. Weiss Ratings raised Biodesix from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, September 8th. HC Wainwright restated a "buy" rating on shares of Biodesix in a research note on Thursday. Finally, TD Cowen reaffirmed a "buy" rating and set a $40.00 target price (up from $30.00) on shares of Biodesix in a research report on Tuesday, October 13th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Biodesix presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.25.

Biodesix Stock Up 0.4%

The business's 50 day moving average is $26.51 and its 200 day moving average is $18.31. The company has a market capitalization of $224.29 million, a price-to-earnings ratio of -6.71 and a beta of 0.56. The company has a debt-to-equity ratio of 5.12, a quick ratio of 2.85 and a current ratio of 2.85.

Biodesix (NASDAQ:BDSX - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported ($0.71) earnings per share for the quarter, topping the consensus estimate of ($0.90) by $0.19. Biodesix had a negative net margin of 26.97% and a negative return on equity of 788.19%. The company had revenue of $26.86 million for the quarter, compared to the consensus estimate of $26.03 million. Sell-side analysts anticipate that Biodesix, Inc. will post -2.68 earnings per share for the current year.

Insider Activity at Biodesix

In other news, Director Jack Schuler bought 15,000 shares of the company's stock in a transaction that occurred on Wednesday, August 12th. The shares were purchased at an average price of $24.47 per share, for a total transaction of $367,050.00. Following the completion of the transaction, the director directly owned 555,810 shares in the company, valued at approximately $13,600,670.70. This represents a 2.77% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders bought a total of 42,600 shares of company stock worth $1,033,062 over the last three months. Insiders own 23.20% of the company's stock.

Institutional Investors Weigh In On Biodesix

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP purchased a new stake in shares of Biodesix in the second quarter worth about $112,000. Walleye Capital LLC purchased a new position in Biodesix during the first quarter valued at approximately $157,000. Renaissance Technologies LLC purchased a new position in Biodesix during the first quarter valued at approximately $173,000. Cetera Investment Advisers lifted its holdings in Biodesix by 20.0% in the first quarter. Cetera Investment Advisers now owns 12,000 shares of the company's stock valued at $174,000 after acquiring an additional 2,000 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in Biodesix in the second quarter valued at approximately $354,000. 20.96% of the stock is owned by institutional investors and hedge funds.

About Biodesix

Biodesix, Inc is a data-driven diagnostic solutions company focused on improving the diagnosis and treatment of lung diseases, including lung cancer. The company combines proprietary molecular diagnostic technologies, clinical data, and artificial intelligence to help physicians assess disease risk and make more informed treatment decisions.

Its offerings include blood-based tests designed to help evaluate indeterminate pulmonary nodules, identify patients who may be at higher risk of lung cancer, and support treatment selection and monitoring.

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