Biodesix Inc (NASDAQ:BDSX) President and CEO Scott Hutton engaged in transactions involving the company's stock on May 8 and May 9, according to a recent SEC filing. On May 9, Hutton sold a total of 3,764 shares of common stock at an average price of $1.4795, totaling over $5,568. The transactions were executed in multiple parts, with prices ranging from $1.43 to $1.53.
The sale was made to cover taxes associated with the vesting of Restricted Stock Units (RSUs), as noted in the SEC filing footnotes. These RSUs are part of an equity compensation program that grants the right to receive shares of Biodesix's common stock upon vesting. The RSUs vest over sixteen quarters, beginning from February 8, 2022, and are contingent upon Hutton's continued service with the company.
Following these transactions, Hutton's direct ownership in the company stands at 483,780 shares of common stock. The SEC filing also revealed that on May 8, Hutton acquired 12,212 RSUs, which represent the contingent right to receive an equal number of common stock shares. This transaction did not involve any monetary exchange as it pertained to the vesting of previously granted RSUs.
Additionally, Hutton's total direct holdings include an aggregate of 321 shares that had been incorrectly reported as sold in February 2024, as well as 10,000 shares purchased under Biodesix's Employee Stock Purchase Plan on February 29, 2024.
Investors often monitor insider transactions as they provide insights into executives' perspectives on the company's stock value and future prospects. The recent transactions by Biodesix's CEO are part of the regular compensation and tax fulfillment processes for company executives.
InvestingPro Insights
As Biodesix Inc's (NASDAQ:BDSX) CEO Scott Hutton navigates through compensation-related stock transactions, investors are keeping a close eye on the company's financial health and market performance. According to InvestingPro data, Biodesix currently holds a market capitalization of 179.53 million USD. Despite the company's significant revenue growth over the last quarter, with a 63.63% increase in Q1 2024, Biodesix remains unprofitable with an operating income margin of -65.45% for the same period.
InvestingPro Tips reveal that Biodesix's stock is in overbought territory based on the Relative Strength Index (RSI), which could signal a potential pullback. Moreover, the company has experienced a strong return over the last month with a 26.02% price total return, which may interest traders looking for short-term gains. It's important to note that Biodesix does not pay a dividend, which could be a deciding factor for income-focused investors.
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