Biosig Technologies (NASDAQ:STEX) Downgraded to “Strong Sell” Rating by Wall Street Zen

Biosig Technologies (NASDAQ:STEX) was downgraded by research analysts at Wall Street Zen from a “sell” rating to a “strong sell” rating in a report released on Saturday.

Other equities analysts also recently issued research reports about the stock. Needham & Company LLC cut their price target on shares of Biosig Technologies from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, May 21st. Weiss Ratings upgraded shares of Biosig Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $8.00.

Biosig Technologies Stock Performance

NASDAQ STEX opened at $0.78 on Friday. The firm has a market cap of $142.39 million, a P/E ratio of -0.08 and a beta of 1.94. The firm has a fifty day moving average price of $1.01. Biosig Technologies has a 1 year low of $0.70 and a 1 year high of $7.44.

Biosig Technologies (NASDAQ:STEX) last announced 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 has approved a stock repurchase program on Tuesday, July 7th that authorizes the company to buyback 10,000,000,000,000 outstanding shares. This buyback authorization authorizes the company to purchase up to 5.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Biosig Technologies

In related news, Chairman Morgan Lee Lekstrom purchased 147,000 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was bought at an average cost of $1.04 per share, with a total value of $152,880.00. Following the completion of the acquisition, the chairman owned 269,500 shares of the company’s stock, valued at $280,280. The trade was a 120.00% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CIO Mitchell Young Williams sold 263,863 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $0.79, for a total transaction of $208,451.77. Following the sale, the executive directly owned 3,037,648 shares in the company, valued at $2,399,741.92. The trade was a 7.99% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have purchased 231,000 shares of company stock valued at $252,360. 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.