Biodesix, Inc. (NASDAQ:BDSX) Sees Significant Decline in Short Interest

Biodesix, Inc. (NASDAQ:BDSX) was the recipient of a significant decrease in short interest in the month of March. As of March 13th, there was short interest totaling 179,099 shares, a decrease of 19.4% from the February 26th total of 222,245 shares. Based on an average daily trading volume, of 176,780 shares, the days-to-cover ratio is currently 1.0 days. Currently, 2.6% of the company’s shares are sold short.

Biodesix Stock Performance

Shares of NASDAQ BDSX opened at $14.21 on Monday. The company has a quick ratio of 1.86, a current ratio of 1.87 and a debt-to-equity ratio of 41.11. The business has a fifty day simple moving average of $13.37 and a two-hundred day simple moving average of $9.47. The firm has a market cap of $140.11 million, a PE ratio of -2.93 and a beta of 0.58. Biodesix has a twelve month low of $3.44 and a twelve month high of $20.21.

Biodesix (NASDAQ:BDSX) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.49) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.56. The business had revenue of $28.76 million for the quarter, compared to the consensus estimate of $26.25 million. Biodesix had a negative return on equity of 1,760.83% and a negative net margin of 39.85%. Analysts expect that Biodesix will post -0.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BDSX has been the topic of several recent analyst reports. William Blair raised shares of Biodesix from a “market perform” rating to an “outperform” rating in a research note on Friday, February 27th. Weiss Ratings reissued a “sell (e+)” rating on shares of Biodesix in a research report on Monday, December 22nd. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $20.00 target price on shares of Biodesix in a research note on Tuesday, February 17th. Five 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $32.50.

Insider Buying and Selling

In related news, CEO Scott Hutton sold 3,559 shares of the business’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $10.08, for a total transaction of $35,874.72. Following the completion of the transaction, the chief executive officer owned 45,413 shares in the company, valued at $457,763.04. The trade was a 7.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jack W. Schuler acquired 20,000 shares of the business’s stock in a transaction on Monday, January 26th. The stock was acquired at an average cost of $11.80 per share, for a total transaction of $236,000.00. Following the transaction, the director directly owned 1,563,210 shares in the company, valued at $18,445,878. The trade was a 1.30% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have purchased 182,465 shares of company stock valued at $2,084,616 and have sold 10,999 shares valued at $116,095. 30.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Aberdeen Group plc purchased a new position in Biodesix during the 4th quarter valued at about $1,784,000. XTX Topco Ltd raised its holdings in shares of Biodesix by 99.4% in the 2nd quarter. XTX Topco Ltd now owns 205,647 shares of the company’s stock valued at $58,000 after purchasing an additional 102,494 shares in the last quarter. Monashee Investment Management LLC lifted its position in shares of Biodesix by 12.3% in the 4th quarter. Monashee Investment Management LLC now owns 112,344 shares of the company’s stock worth $764,000 after purchasing an additional 12,348 shares during the period. Geode Capital Management LLC lifted its position in shares of Biodesix by 5.6% in the 4th quarter. Geode Capital Management LLC now owns 42,453 shares of the company’s stock worth $289,000 after purchasing an additional 2,235 shares during the period. Finally, Trexquant Investment LP bought a new position in shares of Biodesix during the fourth quarter valued at approximately $187,000. 20.96% of the stock is currently 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.