Biodesix (NASDAQ:BDSX) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Biodesix (NASDAQ:BDSX) had its price target upped by research analysts at Canaccord Genuity Group from $22.00 to $27.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 68.75% from the stock’s current price.

Several other equities analysts have also commented on BDSX. Weiss Ratings upgraded Biodesix from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, June 12th. William Blair raised Biodesix from a “market perform” rating to an “outperform” rating in a research note on Friday, February 27th. Finally, HC Wainwright started coverage on shares of Biodesix in a research report on Monday. They set a “buy” rating and a $26.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.50.

Biodesix Stock Performance

NASDAQ BDSX opened at $16.00 on Thursday. Biodesix has a 52-week low of $5.00 and a 52-week high of $20.21. The company has a fifty day moving average of $14.09 and a 200-day moving average of $12.16. The company has a market capitalization of $165.76 million, a P/E ratio of -3.84 and a beta of 0.59. The company has a debt-to-equity ratio of 5.09, a quick ratio of 2.82 and a current ratio of 2.82.

Biodesix (NASDAQ:BDSX) last released its earnings results on Monday, May 4th. The company reported ($0.81) EPS for the quarter, beating analysts’ consensus estimates of ($1.13) by $0.32. Biodesix had a negative return on equity of 2,101.40% and a negative net margin of 33.26%.The business had revenue of $25.56 million for the quarter, compared to analysts’ expectations of $23.12 million. As a group, equities research analysts predict that Biodesix will post -2.93 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Aberdeen Group plc bought a new stake in shares of Biodesix in the 4th quarter valued at about $1,784,000. Oracle Investment Management Inc. bought a new position in Biodesix during the 3rd quarter worth approximately $113,000. Millennium Management LLC purchased a new position in Biodesix in the 3rd quarter worth approximately $113,000. DRW Securities LLC purchased a new position in Biodesix in the 4th quarter worth approximately $105,000. Finally, Cetera Investment Advisers bought a new stake in Biodesix in the fourth quarter valued at approximately $68,000. Hedge funds and other institutional investors own 20.96% of the company’s stock.

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.