Biosig Technologies (NASDAQ:STEX) Releases Quarterly Earnings Results

Biosig Technologies (NASDAQ:STEX) released its quarterly earnings results on Friday. The company reported ($0.08) earnings per share for the quarter, Zacks reports.

Biosig Technologies Stock Up 20.1%

Shares of Biosig Technologies stock traded up $0.17 during mid-day trading on Friday, reaching $1.04. 2,886,791 shares of the stock traded hands, compared to its average volume of 1,739,930. The stock has a market capitalization of $189.07 million, a PE ratio of -0.11 and a beta of 1.98. The business has a 50-day moving average of $0.86 and a 200 day moving average of $1.41. Biosig Technologies has a fifty-two week low of $0.66 and a fifty-two week high of $7.44.

Biosig Technologies declared that its Board of Directors has approved a share repurchase plan on Tuesday, July 7th that permits the company to buyback 10,000,000,000,000 shares. This buyback authorization permits the company to buy up to 5.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

STEX has been the subject of a number of recent analyst reports. Needham & Company LLC cut their price objective on Biosig Technologies from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, May 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Biosig Technologies in a report on Wednesday, July 29th. Finally, Wall Street Zen cut shares of Biosig Technologies from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 18th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $8.00.

Insider Buying and Selling

In other news, Chairman Morgan Lee Lekstrom acquired 50,000 shares of the firm’s stock in a transaction on Friday, June 12th. The shares were bought at an average price of $0.99 per share, for a total transaction of $49,500.00. Following the acquisition, the chairman owned 359,500 shares of the company’s stock, valued at approximately $355,905. This trade represents a 16.16% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CIO Mitchell Young Williams sold 23,810 shares of Biosig Technologies stock in a transaction on Monday, June 1st. The stock was sold at an average price of $1.05, for a total transaction of $25,000.50. Following the sale, the executive directly owned 3,013,838 shares in the company, valued at approximately $3,164,529.90. This trade represents a 0.78% 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. Insiders bought 231,000 shares of company stock worth $252,360 over the last ninety days. Corporate insiders own 52.73% of the company’s stock.

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.