Biodesix (NASDAQ:BDSX) Price Target Raised to $35.00

Biodesix (NASDAQ:BDSX) had its price objective upped by Canaccord Genuity Group from $27.00 to $35.00 in a report issued on Monday morning, MarketBeat.com reports. They currently have a buy rating on the stock.

A number of other brokerages also recently issued reports on BDSX. Roth Capital began coverage on shares of Biodesix in a research report on Wednesday, June 24th. They set a “buy” rating and a $32.00 price objective for the company. Weiss Ratings upgraded 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 set a $27.00 price target (up from $26.00) on shares of Biodesix in a report on Thursday, August 6th. 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $31.33.

Biodesix Price Performance

Shares of NASDAQ:BDSX opened at $24.22 on Monday. The firm’s 50 day moving average price is $20.19 and its 200-day moving average price is $16.05. Biodesix has a twelve month low of $5.26 and a twelve month high of $25.52. 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 capitalization of $255.52 million, a PE ratio of -7.64 and a beta of 0.56.

Biodesix (NASDAQ:BDSX) last announced its earnings results on Wednesday, August 5th. The company reported ($0.71) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $26.86 million during the quarter, compared to analysts’ expectations of $26.03 million. Equities research analysts expect that Biodesix will post -2.68 EPS for the current year.

Insider Buying and Selling at Biodesix

In other news, Director Jack W. Schuler bought 13,900 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were bought at an average price of $24.25 per share, for a total transaction of $337,075.00. Following the purchase, the director owned 527,110 shares in the company, valued at $12,782,417.50. This represents a 2.71% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 23.20% of the company’s stock.

Institutional Investors Weigh In On Biodesix

Institutional investors and hedge funds have recently bought and sold shares of the business. XTX Topco Ltd boosted its stake in shares of Biodesix by 99.4% in the second quarter. XTX Topco Ltd now owns 205,647 shares of the company’s stock worth $58,000 after acquiring an additional 102,494 shares during the period. Cetera Investment Advisers bought a new stake in Biodesix during the 4th quarter valued at approximately $68,000. DRW Securities LLC bought a new stake in Biodesix during the 4th quarter valued at approximately $105,000. Allworth Financial LP purchased a new position in Biodesix in the 2nd quarter worth approximately $112,000. Finally, Millennium Management LLC purchased a new position in Biodesix in the 3rd quarter worth approximately $113,000. 20.96% of the stock is owned by 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.