STOCKS TELEGRAPH

Tag: BDSX

  • Biodesix Inc. (BDSX) Skyrockets After Hours on Stock Purchase by Chairman and Certain Directors

    The lung disease-focused diagnostic company, Biodesix Inc. (BDSX) stock while suffering a decline in regular trading on Monday, skyrocketed in the after hours. The downfall was a result of the company’s announcement of a private placement and an amendment to its term loan. But thankfully, the SEC filings regarding stock purchases by certain board members in connection to the private placement caused the stock to soar.

    Source: The Motley Fool

    Thus, in late trading on April 11, BDSX soared by a huge 81.13% to reach a value of $2.88 apiece. This uptick followed a 5.36% decline in the prior session, valuing the stock at $1.59 a share. The regular session also reported the stock’s new 52-week low of $1.56.

    BDSX’s Stock Purchases

    Monday’s filing revealed stock purchase by the chairman and two directors of the company at the higher end of the stock’s price on the day.

    The chairman John Patience purchased 279,329 shares of the company’s stock at $1.79 per share. Moreover, directors Matthew Strobeck and Jack Schuler bought 558,659 and 2.79 million shares respectively.

    While the directors might have bought the dip in the stock, the purchase does indicate their confidence in the company. Hence, the filings garnered the interest of investors in BDSX in the after-hours as they made the stock rally at a heavy volume of 2.73 million.

    Private Placement & Term Loan Amendment

    Early on Monday, the company announced selling 6,508,376 of its common shares in a private placement on April 7, 2022. The offering resulted in net proceeds of roughly $11.7 million for the company. Furthermore, the company shared its intention to use the proceeds in funding the partial repayment of its existing term loan as well as general corporate purposes.

    Additionally, BDSX also announced it had entered into the Third Amendment to its 2021 Term Loan on April 7. The amendment is deemed to provide additional flexibility to the company over the near term.

    What to Expect from BDSX?

    In 2022, the company has so far made some nice progress. With the full-scale commercial launch of its GeneStrat NGS test, the continued progress of the clinical development of other diagnostic tests, and partnerships for advancing lung cancer diagnostics, BDSX is looking toward much improvement in the year.

    While the company expects 2022 revenues to be in the range of $37.5-$39.5 million, analysts have recently upgraded their estimates to $39 million.

  • Biodesix Inc. (BDSX) stock Soars Pre-Market. What is the reason?

    Biodesix Inc. (BDSX) stock rallied in the pre-market to gain a huge 11.51% on Tuesday. The stock gained after the company announced an amendment to term loan along with strengthening financial position due to equity issuance.

    During the regular session, the stock fluctuated between a high of $5.76 and a low of $5.15. After closing the session with a loss of 8.78% at $5.30, the stock reversed its loss in the pre-market. Following the news, BDSX reached $5.91 at a pre-market volume of 26.68K shares.

    The lung disease blood-based diagnostics service provider, Biodesix Inc. was founded in 2005. Currently, its 27.02 million outstanding shares trade at a market capitalization of $156.99 million.

    What Happened?

    On January 04, the company announced the completion of its recent equity sale and amendment to its term loan.

    On December 30, 2021, the company had announced the sale of 3,756,994 shares of its common stock. The offering resulted in approximately $16.3 million in gross proceeds. Moreover, the net proceeds from the offering were used to fund the repayment of BDSX’s term loan.

    Furthermore, on December 31, the company also entered into a Second Amendment to its $30 million 2021 Term Loan. As per the amendment, some modifications were made for financial flexibility for strategic growth.

    The key terms under the amendment include:

    1. Integrated Diagnostics APA $4.6 million milestone payment (January 2022) consent.
    2. $20 million repayments in outstanding principal on December 31.
    3. Elimination and waiver of $600,00 prepayment fee on the above repayment.

    In conclusion, BDSX’s recent equity sale and the amendment to the term loan have enhanced its balance sheet and strengthened its financial position.

    BDSX’s Recent Developments

    On December 08, the company announced the appointment of Dr. Jon Faiz Kayyem to its board of directors. Dr. Kayyem has vast experience of over two decades including academia, lean startups, and Fortune 500 companies. He has served as the Founder, CEO, and President of GenMark Diagnostics among many other positions. He has served with and co-founded/founded other firms as well.

    Dr. Kayyem is currently serving on the board of Inhibrx as well.

    BDSX’s Q3 Earnings Report

    In the third quarter of 2021, the company had revenue of $6.5 million, primarily due to lung diagnostic revenue of $4.5 million.

    BDSX incurred a net loss of $11.5 million in the third quarter of 2021 and ended the quarter with cash and cash equivalents of $47.9 million.