Share Buyback Plan Approved by Biosig Technologies (NASDAQ:STEX) Board

Biosig Technologies (NASDAQ:STEX) announced that its Board of Directors has initiated a share buyback plan on Tuesday, July 7th, RTT News reports. The company plans to buyback 10,000,000,000,000 shares. This buyback authorization authorizes the company to purchase up to 5.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Biosig Technologies Stock Performance

Shares of NASDAQ:STEX traded down $0.04 during trading on Tuesday, hitting $1.05. 13,187,876 shares of the stock traded hands, compared to its average volume of 1,401,058. The business’s fifty day simple moving average is $1.02. Biosig Technologies has a 52-week low of $0.70 and a 52-week high of $14.11. The stock has a market capitalization of $190.89 million, a P/E ratio of -0.11 and a beta of 1.94.

Biosig Technologies (NASDAQ:STEX) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.27) earnings per share for the quarter.

Wall Street Analysts Forecast Growth

STEX has been the topic of several recent analyst reports. Needham & Company LLC reduced their price target on shares of Biosig Technologies from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Thursday, May 21st. Weiss Ratings raised shares of Biosig Technologies from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, May 1st. Finally, Wall Street Zen upgraded shares of Biosig Technologies from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 20th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Biosig Technologies has an average rating of “Hold” and a consensus price target of $8.00.

Insiders Place Their Bets

In related news, CEO Karl Henry Michael Mcphie sold 30,611 shares of the company’s stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $1.07, for a total transaction of $32,753.77. Following the completion of the transaction, the chief executive officer owned 969,389 shares in the company, valued at $1,037,246.23. This represents a 3.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Chairman Morgan Lee Lekstrom purchased 147,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was bought at an average cost of $1.04 per share, for a total transaction of $152,880.00. Following the completion of the purchase, the chairman directly owned 269,500 shares in the company, valued at $280,280. This represents a 120.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have acquired 231,000 shares of company stock worth $252,360 and have sold 344,546 shares worth $294,660. 52.73% of the stock is currently owned by company insiders.

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.