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

Key Points

• Wall Street Zen upgraded Biosig Technologies from “strong sell” to “sell,” while analyst opinions remain mixed. MarketBeat reports an average “Hold” rating and a $4.00 price target.
• Biosig shares opened at $0.83, near the lower end of their 52-week range of $0.66 to $7.44. The company reported a quarterly loss of $0.08 per share and revenue of just $0.15 million.
• The board authorized a share repurchase program covering up to 5.5% of shares, while insider ownership stands at 52.73%; recent insider activity included a chairman purchase and an executive sale tied to tax withholding.

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

Several other brokerages also recently issued reports on STEX. Weiss Ratings reissued a "sell (d-)" rating on shares of Biosig Technologies in a report on Wednesday, July 29th. Needham & Company LLC lowered their price objective on Biosig Technologies to $4.00 and set a "buy" rating for the company in a research note on Tuesday. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $4.00.

Biosig Technologies Stock Up 0.7%

Shares of NASDAQ:STEX opened at $0.83 on Friday. The company has a market cap of $151.48 million, a PE ratio of -0.09 and a beta of 1.98. Biosig Technologies has a fifty-two week low of $0.66 and a fifty-two week high of $7.44. The firm has a 50-day simple moving average of $0.84 and a 200 day simple moving average of $1.31.

Biosig Technologies (NASDAQ:STEX - Get Free Report) last issued its earnings results on Friday, August 14th. The company reported ($0.08) earnings per share (EPS) for the quarter. The business had revenue of $0.15 million for the quarter.

Biosig Technologies declared that its Board of Directors has initiated a share repurchase program on Tuesday, July 7th that allows the company to repurchase 10,000,000,000,000 shares. This repurchase authorization allows the company to repurchase up to 5.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at Biosig Technologies

In other Biosig Technologies news, Chairman Morgan Lee Lekstrom bought 50,000 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were purchased at an average cost of $0.99 per share, for a total transaction of $49,500.00. Following the transaction, the chairman directly owned 359,500 shares in the company, valued at $355,905. The trade was a 16.16% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CIO Mitchell Young Williams sold 23,810 shares of Biosig Technologies stock in a transaction on Monday, June 1st. The shares were sold at an average price of $1.05, for a total value of $25,000.50. Following the sale, 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 disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 52.73% of the stock is owned by company insiders.

About Biosig Technologies

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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