Good day everyone,
This week’s feature coverage BioSig Technologies, Inc. (NASDAQ: BSGM), a medical technology company developing a proprietary biomedical signal processing platform designed to improve the electrophysiology (EP) marketplace.
Current price $4.48 per share
Outstanding shares (est.) 30.7M
Shares in float (est.) 23.5M
Insider ownership 22%
Institutional ownership 18.4%
52-week high $12.43/share
BSGM shares have been trending in the new year. At the beginning of last week, the company’s shares opened at $3.90 and in the ensuing five trading sessions gained 16%. As the chart indicates BSGM shares have broken through their 50 DMA of $4.15/share. The SMA20 and SMA50 are both green.
We believe that BSGM has the potential for a breakout in the near term. The current share price is 63% off the 52-week high and is substantially off the recent high of $9.00/share reached on September 18, 2020. The trend in BSGM shares may be fueled by recent developments and milestones at the company as we describe below.
Those who have followed BSGM for a while have now seen a milestone long awaited. The first commercial sale of their PURE EP System.
Last week, St. David’s HealthCare of Austin, Texas, purchased three PURE EP™ Systems, marking the company’s first commercial sale and a critical milestone to expand its clinical footprint nationwide.
“This installation cements our valued relationship with St. David’s and adds to the traction we are gaining in the electrophysiology (EP) market,” said Kenneth L. Londoner, Chairman & CEO of BioSig Technologies, Inc.
The significance of the first commercial sale of the PURE EP™ Systems underscores the quality and benefit of the technology. In the biotech sector we follow many developmental companies waiting for the day when their product(s) come to market. BSGM has reached that milestone.
The company’s NeuroClear Technologies division signed a new research agreement with the University of Minnesota.
Under the terms of the agreement, the Company intends to launch a program to develop novel therapies to treat sympathetic nervous system disease. NeuroClear intends to develop hardware, software, and algorithmic solutions, developed under the new agreement, in partnership with a tier 1 US-based manufacturing partner and take it through FDA approval, manufacturing, and commercialization.
BSGM has a high level of insider ownership. Insiders continue to buy up the company shares and there have been zero insider sales in the past year. In December, CEO Kenneth Londoner bought 2,000 shares at an average price of $4.65. After the transaction, his stake in BioSig Technologies Inc. moved to 1,345,558 shares.
Institutional investment is also high at BSGM at 18% with most of those shares being held by Blackrock and Vanguard Funds. Institutions always hold some shares in developmental companies, but a level of 18% may indicate confidence in the BSGM technology and/or their management team.
Why BSGM shares may see a near term breakout
Low float can make the share price move quickly.
Revenues, first major product sales can quickly lead to more.
63% off 52-week high and 51% off their September high.
New agreements and partners at NeuroClear.
The events happening at BSGM, right now, could drive the price much higher in the near term.
Stay tuned for our full report on BSGM tomorrow when we look at the potential market for the PURE EP™ System and who their competitors might be.
The Traders News Group
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