Biodesix

BDSX · NASDAQ

$23.87+$0.47 (+2.01%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $23.40

BDSX analyst rating

BuyConsensus of 5 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy5
Hold0
Underperform0
Sell0

12-month price target · 7 analysts

Average $37.54 (+57.3% upside)

Low: $30.30
Now: $23.87
High: $43.05

Upgrades and downgrades

The latest rating actions, newest first

BDSX analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
TD Cowen	Oct 13, 2026	Maintains	Buy	$30.00 → $40.00	61%
HC Wainwright & Co.	Sep 25, 2026	Maintains	Buy	$27.00 → $38.00	40%
Canaccord Genuity	Aug 10, 2026	Maintains	Buy	$27.00 → $35.00	55%
HC Wainwright & Co.	Aug 6, 2026	Maintains	Buy	$26.00 → $27.00	40%
Roth Capital	Jun 25, 2026	Initiates	Buy	$32.00	36%
Canaccord Genuity	Jun 18, 2026	Maintains	Buy	$22.00 → $27.00	55%
HC Wainwright & Co.	Jun 15, 2026	Initiates	Buy	$26.00	40%
Canaccord Genuity	May 5, 2026	Maintains	Buy	$20.00 → $22.00	55%
William Blair	Feb 27, 2026	Upgrade	Market Perform → Outperform	—	43%
Canaccord Genuity	Feb 17, 2026	Maintains	Buy	$20.00	55%

The case for and against

Updated Oct 21, 2026

Bull case

Biodesix is attractive because its core lung-disease diagnostics business is showing strong commercial momentum, with 2Q26 revenue of $26.9 million up 34.2% year over year, diagnostic testing revenue up 41.6%, and gross margin expanding to 82% while the adjusted EBITDA loss narrowed 56% to $3.2 million. Its outlook is further strengthened by a differentiated MRD strategy spanning both tumor-informed and newly launched tumor-naïve assays, which broadens the addressable market and deepens relationships with biopharma and Development Services partners. The company also appears to be building a more durable growth engine through expanded Medicare coverage, positive private-payer discussions, and a scalable sales structure that is increasing primary-care penetration toward a large remaining opportunity.

Bear case

Biodesix is viewed negatively because its revenue model remains vulnerable to reimbursement and payor execution, with commercial payor coverage still incomplete for three of four lung cancer tests and Medicare representing 21% of total revenue in 2023 and 23% in 2022. The company also faces meaningful downside from lower-than-projected revenue growth, competition, and the possibility that it cannot achieve sustainable profitability, while dilution risk remains a concern. Although preliminary 2027 CLFS rates are not expected to materially affect estimates, Biodesix still has only about $55 million of cash to support sales and marketing, R&D, regulatory, and laboratory expansion needs.

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