Canaccord Genuity Group Cuts Biodesix (NASDAQ:BDSX) Price Target to $2.50

Biodesix (NASDAQ:BDSX) had its price objective decreased by Canaccord Genuity Group from $3.50 to $2.50 in a research report report published on Tuesday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

Separately, William Blair reissued an “outperform” rating on shares of Biodesix in a report on Tuesday, March 4th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $2.86.

Biodesix Price Performance

BDSX stock opened at $0.53 on Tuesday. The firm has a 50 day simple moving average of $0.67 and a two-hundred day simple moving average of $1.08. The stock has a market cap of $77.03 million, a PE ratio of -1.35 and a beta of 1.17. Biodesix has a one year low of $0.45 and a one year high of $2.04. The company has a debt-to-equity ratio of 1.30, a current ratio of 3.40 and a quick ratio of 3.40.

Biodesix (NASDAQ:BDSX) last announced its earnings results on Monday, March 3rd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. Biodesix had a negative net margin of 66.84% and a negative return on equity of 275.79%. The company had revenue of $20.43 million during the quarter, compared to analyst estimates of $19.92 million. On average, analysts predict that Biodesix will post -0.35 EPS for the current fiscal year.

Insider Buying and Selling at Biodesix

In other news, CEO Scott Hutton sold 83,660 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $0.92, for a total transaction of $76,967.20. Following the completion of the sale, the chief executive officer now owns 701,947 shares of the company’s stock, valued at approximately $645,791.24. This represents a 10.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 128,702 shares of company stock worth $118,406 over the last three months. Company insiders own 69.20% of the company’s stock.

Institutional Investors Weigh In On Biodesix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. bought a new stake in Biodesix in the 4th quarter worth $29,000. Barclays PLC boosted its holdings in shares of Biodesix by 1,140.5% during the third quarter. Barclays PLC now owns 23,036 shares of the company’s stock worth $41,000 after purchasing an additional 21,179 shares during the period. Boothbay Fund Management LLC bought a new stake in shares of Biodesix in the fourth quarter worth about $52,000. MYDA Advisors LLC purchased a new position in Biodesix during the 4th quarter valued at about $76,000. Finally, Cubist Systematic Strategies LLC raised its position in Biodesix by 385.9% during the 4th quarter. Cubist Systematic Strategies LLC now owns 51,024 shares of the company’s stock valued at $78,000 after purchasing an additional 40,524 shares during the last quarter. 20.96% of the stock is currently owned by institutional investors.

About Biodesix

Biodesix, Inc operates as a data-driven diagnostic solutions company in the United States. The company offers blood-based lung tests, including Nodify XL2 and Nodify CDT tests, together marketed as part of Nodify Lung Nodule Risk Assessment testing strategy, to assess the risk of lung cancer and help in identifying the appropriate treatment pathway and help physicians in reclassifying risk of malignancy in patients with suspicious lung nodules.