Biodesix initiated with a Buy at Lake Street

Lake Street initiated coverage of Biodesix with a Buy rating and $3 price target. As the only player in the lung cancer diagnostic category with six quarters of 50% revenue growth, gross margins in the high 70s, and a largely untapped market, the analyst asks investors “What’s not to like?” Shares are down 32% over the last two years, but this has provided investors with an opportunity to buy shares at what the firm sees as “a generous discount” as it believes 2024 guidance is conservative and likely to be revised upward, the analyst tells investors.