Biosig Technologies (NASDAQ:STEX) Rating Lowered to Strong Sell at Wall Street Zen

Biosig Technologies (NASDAQ:STEX) was downgraded by equities researchers at Wall Street Zen from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Saturday.

A number of other brokerages have also issued reports on STEX. Needham & Company LLC reduced their target price on Biosig Technologies from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, May 21st. Weiss Ratings upgraded shares of Biosig Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $8.00.

Biosig Technologies Stock Performance

STEX opened at $0.78 on Friday. The firm has a market capitalization of $142.39 million, a P/E ratio of -0.08 and a beta of 1.94. The firm’s 50-day moving average is $1.01. Biosig Technologies has a 52-week low of $0.70 and a 52-week high of $7.44.

Biosig Technologies (NASDAQ:STEX) last released its earnings results on Thursday, May 14th. The company reported ($0.27) EPS for the quarter.

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

Insider Buying and Selling at Biosig Technologies

In other news, Chairman Morgan Lee Lekstrom bought 147,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was purchased at an average cost 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CIO Mitchell Young Williams sold 263,863 shares of the company’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $0.79, for a total transaction of $208,451.77. Following the completion of the transaction, the executive owned 3,037,648 shares of the company’s stock, valued at approximately $2,399,741.92. This trade represents a 7.99% 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 purchased 231,000 shares of company stock valued at $252,360. Company 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.