Latest Stock Market News

Biodesix (NASDAQ:BDSX) Stock Spikes on String of Insider Purchases


Several insiders at Biodesix (NASDAQ:BDSX) bought about 13.5 million shares of the company on November 21, 2022, for a total value of $15.5 million. Shares of the data-driven diagnostic solutions company traded over 14% higher in the after-trading hours on Monday. 

The spike in insider buying activity is due to the closing of Biodesix’s underwritten public offering of 30,500,000 shares of its common stock at a price of $1.15 per share.

Let’s have a closer look at the insider buying transactions that took place yesterday.

Director and more than 10% owner of Biodesix’s shares, Jack W. Schuler, has made the largest buy. He bought about 8,695,652 shares in the offering for a total value of about $10 million.

Further, Matthew Strobeck, one of Biodesix’s directors, made an informative buy of 2,669,562 shares. The recent buy increased Strobeck’s holding value of BDSX stock to $6.61 million.

Chairman John Patience purchased 1,739,130 shares of BDSX stock, worth nearly $2 million. Patience also holds more than 10% of the company’s shares. Some of the other directors, including Jon Faiz Kayyem, Charles M. Watts, and Hany Massarany, also bought some of the shares in the offering.

Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.

Ending Thoughts

While Insiders are bullish on BDSX, hedge funds have a neutral stance on the stock. Also, Biodesix scores 2 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock is likely to underperform market expectations.

BDSX stock is down more than 77% so far this year. However, the significant price correction may seem attractive to investors looking to invest in penny stocks.

Disclosure



Read More: Biodesix (NASDAQ:BDSX) Stock Spikes on String of Insider Purchases

You might also like