Biodesix initiated with an Outperform at Scotiabank

Scotiabank analyst Sung Ji Nam initiated coverage of Biodesix with an Outperform rating and $3 price target. Biodesix is an advanced diagnostics company focused on lung cancer, the analyst tells investors in a research note. The firm says the company’s Nodify Lung can aid in the definitive diagnosis of or rule out lung cancer, thus potentially facilitating earlier disease detection and management. It believes Biodesix is well positioned to capitalize on the multi-billion-dollar total addressable market opportunity as the first mover for this test indication.