Wall Street Zen Downgrades Biosig Technologies (NASDAQ:STEX) to Strong Sell

Key Points

• Wall Street Zen downgraded Biosig Technologies from “sell” to “strong sell”, adding to mixed analyst sentiment around the stock.
• Despite the downgrade, the stock was up 5.6% and opened at $0.78; it remains well below its 12-month high of $7.44.
• The company also announced a stock repurchase plan authorizing buybacks of up to 5.5% of its shares, while insiders have remained active with both sales and purchases in recent months.

Biosig Technologies (NASDAQ:STEX - Get Free Report) was downgraded by Wall Street Zen from a "sell" rating to a "strong sell" rating in a note issued to investors on Saturday.

Several other analysts have also commented on the stock. Needham & Company LLC decreased their price target on shares of Biosig Technologies from $9.00 to $8.00 and set a "buy" rating for the company in a research report on Thursday, May 21st. Weiss Ratings raised shares of Biosig Technologies from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $8.00.

Biosig Technologies Trading Up 5.6%

STEX opened at $0.78 on Friday. The company has a market cap of $142.39 million, a price-to-earnings ratio of -0.08 and a beta of 1.94. Biosig Technologies has a 12 month low of $0.70 and a 12 month high of $7.44. The stock has a fifty day moving average of $1.01.

Biosig Technologies (NASDAQ:STEX - Get Free Report) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.27) earnings per share for the quarter.

Biosig Technologies announced that its Board of Directors has approved a stock repurchase plan on Tuesday, July 7th that allows the company to buyback 10,000,000,000,000 shares. This buyback authorization allows the company to buy up to 5.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In related news, CIO Mitchell Young Williams sold 23,810 shares of the business's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $1.05, for a total transaction of $25,000.50. Following the transaction, the executive directly owned 3,013,838 shares in the company, valued at $3,164,529.90. The trade was a 0.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 Biosig Technologies stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average cost of $0.99 per share, for a total transaction of $49,500.00. Following the completion of the transaction, the chairman directly owned 359,500 shares in the company, valued at $355,905. This represents a 16.16% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 231,000 shares of company stock valued at $252,360 in the last three months. Insiders own 52.73% of the company's stock.

Biosig Technologies Company Profile

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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