Biodesix Stock Soars 51% After Major Insider Buys $1.5 Million in Shares
Director Jack Schuler boosts his ownership stake to 26%, signaling strong confidence in the diagnostic firm's valuation and future.
Shares of Biodesix Inc. (BDSX), a Colorado-based diagnostics company, surged more than 51% in after-hours trading on Wednesday after a major shareholder disclosed a significant insider purchase. The transaction is being viewed by investors as a strong vote of confidence in the company, which has seen its stock price decline significantly over the past year.
The catalyst for the rally was the revelation that director and major investor Jack W. Schuler had purchased nearly 3.5 million shares for approximately $1.5 million. , the stock jumped from its closing price of $0.42 to $0.64 in the post-market session.
Details of the transaction were made public through a , which showed Schuler acquired 3,488,372 shares at a price of $0.43 per share on August 29. The purchase was made indirectly through a living trust that Schuler controls. This move significantly increases his holdings, bringing his total beneficial ownership to 26% of the company's outstanding stock.
Insider purchases of this magnitude are often seen as a bullish signal, as they indicate that those with the most knowledge of the company believe the shares are undervalued. Schuler’s investment is particularly noteworthy given Biodesix's recent performance; the stock had fallen nearly 77% over the past 52 weeks. His substantial increase in ownership demonstrates a strong conviction in the diagnostic company's long-term strategy and growth prospects.
Before the after-hours spike, Biodesix's market capitalization stood at approximately $62.4 million. Schuler’s investment represents a significant infusion of confidence from a key stakeholder, suggesting he sees considerable upside from the stock's beaten-down levels. Investors will now be watching to see if this insider conviction can translate into a sustained reversal for the stock.