Zacks Investment Research Upgrades BioSpecifics Technologies (NASDAQ:BSTC) to Buy

BioSpecifics Technologies (NASDAQ:BSTC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday, Zacks.com reports. The firm presently has a $55.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price points to a potential upside of 10.94% from the company’s previous close.

According to Zacks, “BIOSPECIFICS TECHNOLOGIES is engaged in the business of producing and licensing, for sale by other, a U.S. Food and Drug Administration (FDA) approved enzyme derived from collagenase, named Collagenase ABC, and researching, developing and clinically testing additional products derived therefrom for potential use as pharmaceuticals. “

Several other research analysts have also recently commented on BSTC. HC Wainwright set a $90.00 price target on BioSpecifics Technologies and gave the stock a “buy” rating in a research note on Friday, October 11th. BidaskClub cut BioSpecifics Technologies from a “sell” rating to a “strong sell” rating in a research note on Thursday. Finally, ValuEngine upgraded BioSpecifics Technologies from a “sell” rating to a “hold” rating in a research note on Friday, October 4th.

Shares of NASDAQ:BSTC traded up $0.68 during trading on Thursday, hitting $49.58. The company’s stock had a trading volume of 11,066 shares, compared to its average volume of 55,670. BioSpecifics Technologies has a fifty-two week low of $48.27 and a fifty-two week high of $73.31. The stock’s 50-day moving average price is $54.42 and its two-hundred day moving average price is $59.71. The company has a market capitalization of $361.37 million, a PE ratio of 18.16 and a beta of 1.21.

BioSpecifics Technologies (NASDAQ:BSTC) last released its quarterly earnings results on Friday, August 9th. The biopharmaceutical company reported $0.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.15. BioSpecifics Technologies had a return on equity of 21.97% and a net margin of 63.06%. The business had revenue of $8.85 million for the quarter, compared to analysts’ expectations of $8.98 million. Equities research analysts forecast that BioSpecifics Technologies will post 3.17 EPS for the current year.

In related news, Director Toby Wegman sold 1,100 shares of the business’s stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $55.23, for a total value of $60,753.00. Following the transaction, the director now owns 1,890 shares in the company, valued at $104,384.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 16.39% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Aperio Group LLC raised its position in shares of BioSpecifics Technologies by 14.5% during the 2nd quarter. Aperio Group LLC now owns 4,496 shares of the biopharmaceutical company’s stock worth $269,000 after purchasing an additional 571 shares during the period. AQR Capital Management LLC raised its position in shares of BioSpecifics Technologies by 84.7% during the 2nd quarter. AQR Capital Management LLC now owns 113,730 shares of the biopharmaceutical company’s stock worth $6,791,000 after purchasing an additional 52,147 shares during the period. Municipal Employees Retirement System of Michigan acquired a new stake in shares of BioSpecifics Technologies during the 2nd quarter worth approximately $525,000. Wedge Capital Management L L P NC acquired a new stake in shares of BioSpecifics Technologies during the 2nd quarter worth approximately $1,634,000. Finally, BlackRock Inc. raised its position in shares of BioSpecifics Technologies by 5.7% during the 2nd quarter. BlackRock Inc. now owns 428,545 shares of the biopharmaceutical company’s stock worth $25,589,000 after purchasing an additional 23,007 shares during the period. Hedge funds and other institutional investors own 59.08% of the company’s stock.

BioSpecifics Technologies Company Profile

BioSpecifics Technologies Corp., a biopharmaceutical company, engages in the development of an injectable collagenase clostridium histolyticum for various indications in the United States and internationally. The company offers injectable collagenase for the treatment of Dupuytren's contracture and Peyronie's disease under the XIAFLEX or Xiapex brands.

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