Biodesix (NASDAQ:BDSX) Price Target Raised to $27.00 at Canaccord Genuity Group

Biodesix (NASDAQ:BDSX) had its price objective lifted by analysts at Canaccord Genuity Group from $22.00 to $27.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would suggest a potential upside of 68.75% from the company’s previous close.

A number of other analysts have also recently issued reports on BDSX. Weiss Ratings raised Biodesix from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, June 12th. William Blair upgraded Biodesix from a “market perform” rating to an “outperform” rating in a research report on Friday, February 27th. Finally, HC Wainwright assumed coverage on shares of Biodesix in a report on Monday. They issued a “buy” rating and a $26.00 price target on the stock. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.50.

Biodesix Stock Up 5.1%

Biodesix stock opened at $16.00 on Thursday. The firm has a 50 day simple moving average of $14.09 and a 200 day simple moving average of $12.16. The company has a current ratio of 2.82, a quick ratio of 2.82 and a debt-to-equity ratio of 5.09. Biodesix has a 1-year low of $5.00 and a 1-year high of $20.21. The firm has a market capitalization of $165.76 million, a price-to-earnings ratio of -3.84 and a beta of 0.59.

Biodesix (NASDAQ:BDSX) last posted its earnings results on Monday, May 4th. The company reported ($0.81) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $25.56 million for the quarter, compared to the consensus estimate of $23.12 million. On average, analysts predict that Biodesix will post -2.93 earnings per share for the current year.

Institutional Investors Weigh In On Biodesix

A number of institutional investors and hedge funds have recently made changes to their positions in BDSX. Cetera Investment Advisers purchased a new position in Biodesix during the fourth quarter worth about $68,000. Walleye Capital LLC purchased a new stake in shares of Biodesix in the 1st quarter valued at about $157,000. Thompson Davis & CO. Inc. bought a new stake in shares of Biodesix during the 1st quarter valued at about $170,000. Renaissance Technologies LLC purchased a new position in shares of Biodesix during the first quarter worth about $173,000. Finally, Millennium Management LLC purchased a new position in shares of Biodesix during the third quarter worth about $113,000. Hedge funds and other institutional investors own 20.96% of the company’s stock.

Biodesix Company Profile

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.