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

Biodesix, Inc. (NASDAQ:BDSX) was the recipient of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 357,500 shares, a decline of 15.6% from the August 15th total of 423,500 shares. Based on an average daily volume of 143,400 shares, the days-to-cover ratio is currently 2.5 days.

Institutional Trading of Biodesix

A number of hedge funds and other institutional investors have recently made changes to their positions in BDSX. AIGH Capital Management LLC increased its stake in shares of Biodesix by 74.0% during the second quarter. AIGH Capital Management LLC now owns 5,779,812 shares of the company’s stock valued at $8,843,000 after acquiring an additional 2,458,727 shares during the period. Perceptive Advisors LLC bought a new stake in shares of Biodesix in the 2nd quarter worth $3,326,000. Farallon Capital Management LLC bought a new stake in shares of Biodesix in the 2nd quarter worth $2,874,000. Opaleye Management Inc. lifted its holdings in shares of Biodesix by 9.0% in the fourth quarter. Opaleye Management Inc. now owns 496,500 shares of the company’s stock valued at $914,000 after buying an additional 40,927 shares during the period. Finally, CVI Holdings LLC bought a new position in Biodesix during the second quarter valued at about $59,000. 20.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BDSX has been the topic of a number of research reports. Craig Hallum started coverage on shares of Biodesix in a report on Friday, July 26th. They set a “buy” rating and a $3.00 target price on the stock. Scotiabank assumed coverage on Biodesix in a research note on Monday. They issued a “sector outperform” rating and a $3.00 target price on the stock. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $3.06.

Biodesix Stock Performance

BDSX traded up $0.01 during trading hours on Tuesday, hitting $1.80. The company’s stock had a trading volume of 11,045 shares, compared to its average volume of 134,387. The company has a 50-day simple moving average of $1.74 and a 200 day simple moving average of $1.55. The company has a current ratio of 3.28, a quick ratio of 3.28 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $206.43 million, a PE ratio of -3.29 and a beta of 1.23. Biodesix has a fifty-two week low of $1.15 and a fifty-two week high of $2.21.

Biodesix (NASDAQ:BDSX) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. The business had revenue of $17.93 million for the quarter, compared to analysts’ expectations of $16.05 million. Biodesix had a negative net margin of 73.08% and a negative return on equity of 505.95%. During the same period in the previous year, the business earned ($0.17) earnings per share. As a group, sell-side analysts expect that Biodesix will post -0.36 EPS for the current year.

About Biodesix

Biodesix, Inc operates as a data-driven diagnostic solutions company in the United States. The company offers blood-based lung tests, including Nodify XL2 and Nodify CDT tests, together marketed as part of Nodify Lung Nodule Risk Assessment testing strategy, to assess the risk of lung cancer and help in identifying the appropriate treatment pathway and help physicians in reclassifying risk of malignancy in patients with suspicious lung nodules.