Biosig Technologies (NASDAQ:STEX) Posts Quarterly Earnings Results

Biosig Technologies (NASDAQ:STEX) issued its quarterly earnings data on Friday. The company reported ($0.08) earnings per share (EPS) for the quarter, Zacks reports. The firm had revenue of $0.15 million for the quarter.

Biosig Technologies Trading Up 20.1%

Shares of NASDAQ STEX traded up $0.17 during mid-day trading on Friday, hitting $1.04. The company had a trading volume of 2,886,791 shares, compared to its average volume of 733,312. The company has a market capitalization of $189.07 million, a PE ratio of -0.11 and a beta of 1.98. The firm has a 50-day simple moving average of $0.86 and a two-hundred day simple moving average of $1.41. Biosig Technologies has a one year low of $0.66 and a one year high of $7.44.

Biosig Technologies declared that its board has approved a share buyback program on Tuesday, July 7th that allows the company to buyback 10,000,000,000,000 shares. This buyback authorization allows the company to repurchase up to 5.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, CIO Mitchell Young Williams sold 23,810 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $1.05, for a total transaction of $25,000.50. Following the transaction, the executive directly owned 3,013,838 shares in the company, valued at $3,164,529.90. The trade was a 0.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Chairman Morgan Lee Lekstrom purchased 50,000 shares of Biosig Technologies stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average price of $0.99 per share, with a total value of $49,500.00. Following the acquisition, the chairman directly owned 359,500 shares of the company’s stock, valued at $355,905. This trade represents a 16.16% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased 231,000 shares of company stock worth $252,360 in the last quarter. 52.73% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

STEX has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Biosig Technologies in a research note on Wednesday, July 29th. Needham & Company LLC dropped their price target on Biosig Technologies from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Thursday, May 21st. Finally, Wall Street Zen lowered Biosig Technologies from a “sell” rating to a “strong sell” rating in a report on Saturday, July 18th. One analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.00.

About Biosig Technologies

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.