Canaccord Genuity Group Boosts Biodesix (NASDAQ:BDSX) Price Target to $35.00

Biodesix (NASDAQ:BDSX) had its price objective increased by equities research analysts at Canaccord Genuity Group from $27.00 to $35.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 48.94% from the company’s previous close.

A number of other brokerages have also recently commented on BDSX. HC Wainwright restated a “buy” rating and set a $27.00 target price (up from $26.00) on shares of Biodesix in a report on Thursday. Roth Capital assumed coverage on shares of Biodesix in a research report on Wednesday, June 24th. They set a “buy” rating and a $32.00 price target for the company. Finally, Weiss Ratings raised shares of Biodesix from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.33.

Biodesix Price Performance

Shares of Biodesix stock opened at $23.50 on Monday. The company has a current ratio of 2.85, a quick ratio of 2.85 and a debt-to-equity ratio of 5.12. Biodesix has a 12-month low of $5.26 and a 12-month high of $25.00. The company has a market cap of $247.93 million, a P/E ratio of -7.41 and a beta of 0.56. The company’s fifty day simple moving average is $19.65 and its two-hundred day simple moving average is $15.75.

Biodesix (NASDAQ:BDSX) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.71) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.90) by $0.19. Biodesix had a negative net margin of 26.97% and a negative return on equity of 788.19%. The company had revenue of $26.86 million for the quarter, compared to analysts’ expectations of $26.03 million. Research analysts anticipate that Biodesix will post -2.68 EPS for the current year.

Hedge Funds Weigh In On Biodesix

Large investors have recently modified their holdings of the stock. AIGH Capital Management LLC bought a new position in Biodesix in the 1st quarter worth about $10,996,000. XTX Topco Ltd grew its position in Biodesix by 99.4% during 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 during the last quarter. Monashee Investment Management LLC increased its stake in Biodesix by 12.3% during the 4th quarter. Monashee Investment Management LLC now owns 112,344 shares of the company’s stock valued at $764,000 after purchasing an additional 12,348 shares in the last quarter. Walleye Capital LLC bought a new stake in Biodesix during the 2nd quarter valued at about $1,679,000. Finally, Stempoint Capital LP purchased a new position in Biodesix in the first quarter worth about $1,015,000. 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.