Friday Nasdaq Profile (BSGM) Full Update
2 Analysts Provide Consensus $10.00 Price Target
In the last two days, BSGM has produced two more press releases to take a look at now:
BioSig to Present at the 26th Annual International AF Symposium
BioSig PURE EP System Featured in the Editorial of EP Lab Digest
With all the big news this week from this Nasdaq Medtech profile, it's no surprise that this profile has been able to maintain $5.00 support.
Typically, $5.00 is a tough point of resistance to break through, but with BSGM now tabbing it as a line of potential support, a continued vertical move may not be far off.
Also, Barchart is reporting its composite "TrendSpotter" indicator to be triggered as bullish.
If you haven't read my BSGM report below, do so now and get it on your radar.
Let's dive in because the markets are open and there's no time to waste today...
In the past month, I've delivered 3 separate Nasdaq short-term breakout ideas:
1.) VUZI ran from $5.65 and to a high of $11.00 one week for a new 52-week high and a run of approximately 94%.
2.) GNPX blazed its way to a new 9-month high of $5.72 after opening at $4.10 for a run of approximately 39% intraday.
3.) USAU opened at $13.92 and ran to a high of $17.40 within 1 week for a new 52-week high and a short-term move of approximately 25%.
Now, I want you to turn to a new Nasdaq profile out of the Medtech sector.
In case you weren't in the know, the medical devices market reached nearly $456.9Bn in 2019, having increased at a compound annual growth rate (CAGR) of 4.4% since 2015.
The market is expected to grow at a CAGR of 6.1% from 2021 and reach $603.5Bn in 2023.
For these reasons and more that I'll highlight in this report, there is only one profile to have on your radar today:
BioSig Technologies, Inc. (BSGM)
BioSig Technologies is a medical technology company commercializing a proprietary biomedical signal processing platform designed to improve signal fidelity and uncover the full range of ECG and intra-cardiac signals.
The company’s first product, PURE EP System is a computerized system intended for acquiring, digitizing, amplifying, filtering, measuring and calculating, displaying, recording and storing of electrocardiographic and intracardiac signals for patients undergoing electrophysiology (EP) procedures in an EP laboratory.
The Future Of Bioelectronic Medicine
Bioelectronic medicine, a diverse $20Bn market, explores how targeted electrical signals can harness the body’s natural mechanisms to diagnose and treat a range of diseases that currently have a high unmet need.
This is why this recent news could become a major catalyst for BSGM in the short-term...
No. 1 Potential BSGM Driver Indicator - Commercial Milestone
BioSig Announces First Sale Of Cardiac Signal Processing Systems
BioSig Technologies Inc (NASDAQ: BSGM), a medical device company, announced Friday a commercial milestone with respect to its FDA-approved PURE EP Systems.
What Happened: Westport, Connecticut-based BioSig said it sold three PURE EP Systems to St. David's HealthCare of Austin, Texas.
The PURE EP System is a proprietary signal acquisition and processing technology that is used for acquiring and storing electrocardiographic and intracardiac signals for patients undergoing electrophysiology procedures in a lab under the supervision of licensed health care practitioners who are responsible for interpreting the data.
The PURE EP System received FDA 510(k) market clearance in August 2018. A 510(k) clearance is given by the FDA to signal the device in question is substantially equivalent to a predicate device, such as a product already cleared for sale in the U.S.
Why It's Important: BioSig installed the first PURE EP System at St. David's Medical Center in November 2019, as part of a clinical trial, with the center's Texas Cardiac Arrhythmia Institute conducting the first patient cases.
To date, more than 400 patient procedures have been conducted with the PURE EP System across six clinical sites in the U.S., BioSig said.
"Our first commercial sale to St. David's HealthCare is another important milestone as we proceed in expanding our clinical footprint nationwide," CEO Kenneth Londoner said in a statement.
"This installation cements our valued relationship with St. David's and adds to the traction we are gaining in the electrophysiology (EP) market."
Read the full article here.
No. 2 BSGM Potential Driver Indicator - Insider Buying
Insider Buys BioSig Technologies
BioSig Technologies Inc (NASDAQ:BSGM) was trading 3.2% higher from the previous closing price. Londoner Kenneth L filed a Form 4 with the SEC on Wednesday, December 2. The insider bought 2,000 shares at an average price of $4.65. After the transaction, the executive's stake in [the company] moved to 1,345,558 shares.
Knowing that an insider appears to be "all in" on BSGM's future should give traders added confidence that share price growth could be right around the corner.
Read the full article here.
No. 3 Potential BSGM Driver Indicator - Strong Analyst Coverage
Two different analysts have provided BSGM with targets of $9.00 and $11.00.
According to MarketBeat, Roth Capital provided BSGM with a target of $9.00 back on March 30th, 2020. From Tuesday's close of $5.12, that provides BSGM with upside potential of 75%.
Also, the website reports Laidlaw Capital Markets to have tagged BSGM with a price target of $11.00 back on February 20th, 2019. From Tuesday's close of $5.12, that provides BSGM with upside potential of 114%.
Now, I'm not saying that BSGM will be surging to those levels today, but there is major analyst upside potential you need to pay attention to on this Nasdaq Medtech idea.
No. 4 BSGM Potential Driver Indicator - Share*holder Update
In October, the company released an update to provide key info on where the company is and where they will be heading in 2021 and beyond.
Here are some quotes from the Kenneth L. Londoner, Founder, Chairman, and CEO:
“We believe that [BSGM] is in a strong position to expand our business headed into 2021."
".... we continue developing an additional product pipeline to complement our core technology further and strengthen its competitive positioning for years to come."
Read the full letter here.
No. 5 Potential BSGM Driver Indicator - Low Float
According to Yahoo Finance, BSGM has a small float.
The website reports this profile to have 23.57Mn shares in its float.
Why is that important? It's important on one crucial level. Volatility.
With so few shares available for trading, potential driver indicators can send shares heading vertical in the short-term.
More About BioSig Technologies, Inc. (BSGM)
From the company website:
BioSig: A Pioneer in Signal Processing Solutions
At BioSig, we're working to develop and deliver the advanced signal processing solutions that will unlock the future of bioelectronic medicine, starting with the PURE EP™ System.
We built BioSig to achieve this vision – with a strong commitment to research, a world-class leadership team, and a network of expert partners. We are now achieving important milestones as we prepare to enter the fast-growing electrophysiology market, but our aspirations reach even further: to lead one of the most innovative and most promising frontiers in healthcare.