Biosig Technologies (NASDAQ:STEX) Issues 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. The company had revenue of $0.15 million for the quarter.

Biosig Technologies Stock Performance

NASDAQ STEX opened at $1.04 on Friday. Biosig Technologies has a 52-week low of $0.66 and a 52-week high of $7.44. The company has a 50-day simple moving average of $0.86 and a 200 day simple moving average of $1.41. The company has a market capitalization of $189.08 million, a PE ratio of -0.11 and a beta of 1.98.

Insider Transactions at Biosig Technologies

In related news, Chairman Morgan Lee Lekstrom purchased 147,000 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was bought at an average price of $1.04 per share, for a total transaction of $152,880.00. Following the purchase, the chairman directly owned 269,500 shares in the company, valued at approximately $280,280. This trade represents a 120.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CIO Mitchell Young Williams sold 23,810 shares of the firm’s stock in a transaction that occurred 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 owned 3,013,838 shares of the company’s stock, valued at approximately $3,164,529.90. The trade was a 0.78% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders acquired 231,000 shares of company stock worth $252,360. Corporate insiders own 52.73% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Needham & Company LLC dropped their target price on shares of Biosig Technologies from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, May 21st. Wall Street Zen downgraded Biosig Technologies from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 18th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Biosig Technologies in a research report on Wednesday, July 29th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $8.00.

Biosig Technologies declared that its board has authorized a stock buyback plan on Tuesday, July 7th that authorizes the company to buyback 10,000,000,000,000 shares. This buyback authorization authorizes the company to reacquire up to 5.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Biosig Technologies Company Profile

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.