Biosig Technologies (NASDAQ:STEX) Posts Earnings Results

Biosig Technologies (NASDAQ:STEX) issued its quarterly earnings results on Friday. The company reported ($0.08) earnings per share (EPS) for the quarter, Zacks reports.

Biosig Technologies Price Performance

STEX traded up $0.17 during midday trading on Friday, reaching $1.04. The company’s stock had a trading volume of 2,886,791 shares, compared to its average volume of 733,312. The stock’s 50-day moving average is $0.86 and its 200-day moving average is $1.41. Biosig Technologies has a 1 year low of $0.66 and a 1 year high of $7.44.

Biosig Technologies announced that its board has approved a stock repurchase program on Tuesday, July 7th that allows the company to buyback 10,000,000,000,000 outstanding shares. This buyback authorization allows the company to buy up to 5.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on STEX. Weiss Ratings reiterated a “sell (d-)” rating on shares of Biosig Technologies in a research report on Wednesday, July 29th. Needham & Company LLC dropped their price target on shares of Biosig Technologies from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Thursday, May 21st. Finally, Wall Street Zen cut Biosig Technologies from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 18th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Biosig Technologies presently has a consensus rating of “Hold” and a consensus price target of $8.00.

Insider Buying and Selling at Biosig Technologies

In related news, Chairman Morgan Lee Lekstrom purchased 147,000 shares of the stock in a transaction dated Thursday, May 21st. The stock was purchased at an average price of $1.04 per share, with a total value of $152,880.00. Following the transaction, the chairman directly owned 269,500 shares in the company, valued at $280,280. This trade represents a 120.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CIO Mitchell Young Williams sold 23,810 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $1.05, for a total value of $25,000.50. Following the completion of the sale, the executive owned 3,013,838 shares of the company’s stock, valued at $3,164,529.90. This trade represents a 0.78% decrease in their ownership of the stock. 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. Insiders have bought 231,000 shares of company stock valued at $252,360 over the last 90 days. Corporate insiders own 52.73% of the company’s stock.

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.