Several insiders at Biodesix (NASDAQ:BDSX) bought about 13.5 million shares of the company on November 21, 2022, for a total value of $15.5 million. Shares of the data-driven diagnostic solutions company traded over 14% higher in the after-trading hours on Monday.
The spike in insider buying activity is due to the closing of Biodesix’s underwritten public offering of 30,500,000 shares of its common stock at a price of $1.15 per share.
Let’s have a closer look at the insider buying transactions that took place yesterday.
Director and more than 10% owner of Biodesix’s shares, Jack W. Schuler, has made the largest buy. He bought about 8,695,652 shares in the offering for a total value of about $10 million.
Further, Matthew Strobeck, one of Biodesix’s directors, made an informative buy of 2,669,562 shares. The recent buy increased Strobeck’s holding value of BDSX stock to $6.61 million.
Chairman John Patience purchased 1,739,130 shares of BDSX stock, worth nearly $2 million. Patience also holds more than 10% of the company’s shares. Some of the other directors, including Jon Faiz Kayyem, Charles M. Watts, and Hany Massarany, also bought some of the shares in the offering.
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Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Ending Thoughts
While Insiders are bullish on BDSX, hedge funds have a neutral stance on the stock. Also, Biodesix scores 2 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock is likely to underperform market expectations.
BDSX stock is down more than 77% so far this year. However, the significant price correction may seem attractive to investors looking to invest in penny stocks.