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 research report issued on Wednesday, Zacks.com reports. The firm presently has a $53.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 13.93% 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. “

A number of other research firms have also commented on BSTC. ValuEngine upgraded shares of BioSpecifics Technologies from a “sell” rating to a “hold” rating in a research report on Friday, October 4th. BidaskClub lowered shares of BioSpecifics Technologies from a “sell” rating to a “strong sell” rating in a research report on Thursday, October 17th. Finally, HC Wainwright set a $90.00 price target on shares of BioSpecifics Technologies and gave the company a “buy” rating in a research report on Friday, October 11th.

Shares of BioSpecifics Technologies stock traded down $0.71 during trading on Wednesday, hitting $46.52. 52,128 shares of the company’s stock traded hands, compared to its average volume of 56,183. The company has a market cap of $346.20 million, a PE ratio of 17.04 and a beta of 1.21. BioSpecifics Technologies has a twelve month low of $46.27 and a twelve month high of $73.31. The firm’s fifty day moving average price is $53.72 and its 200 day moving average price is $59.34.

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

In other BioSpecifics Technologies news, Director Toby Wegman sold 1,100 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $55.23, for a total value of $60,753.00. Following the transaction, the director now directly owns 1,890 shares in the company, valued at $104,384.70. The transaction was disclosed in a document filed with the SEC, which is available through this link. 16.39% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in BSTC. Nuveen Asset Management LLC acquired a new position in shares of BioSpecifics Technologies during the second quarter worth approximately $4,256,000. AQR Capital Management LLC lifted its position in shares of BioSpecifics Technologies by 84.7% during the second 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 in the last quarter. Roubaix Capital LLC acquired a new position in shares of BioSpecifics Technologies during the second quarter worth approximately $2,695,000. Allianz Asset Management GmbH lifted its position in shares of BioSpecifics Technologies by 59.1% during the second quarter. Allianz Asset Management GmbH now owns 114,034 shares of the biopharmaceutical company’s stock worth $6,809,000 after purchasing an additional 42,342 shares in the last quarter. Finally, Rice Hall James & Associates LLC lifted its position in shares of BioSpecifics Technologies by 12.2% during the second quarter. Rice Hall James & Associates LLC now owns 354,455 shares of the biopharmaceutical company’s stock worth $21,165,000 after purchasing an additional 38,483 shares in the last quarter. Institutional investors own 59.07% 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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