BioSpecifics Technologies (NASDAQ:BSTC) Upgraded to “Buy” by Zacks Investment Research

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Zacks Investment Research upgraded shares of BioSpecifics Technologies (NASDAQ:BSTC) from a hold rating to a buy rating in a research report released on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $55.00 price objective on the biopharmaceutical company’s stock.

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 commented on the stock. BidaskClub lowered shares of BioSpecifics Technologies from a sell rating to a strong sell rating in a research note on Thursday. ValuEngine raised shares of BioSpecifics Technologies from a sell rating to a hold rating in a research note on Friday, October 4th. Finally, HC Wainwright set a $90.00 price target on shares of BioSpecifics Technologies and gave the stock a buy rating in a research note on Friday, October 11th.

Shares of NASDAQ BSTC traded down $0.56 during midday trading on Thursday, hitting $48.78. The company’s stock had a trading volume of 56,150 shares, compared to its average volume of 55,673. The business’s fifty day simple moving average is $54.42 and its two-hundred day simple moving average is $59.71. BioSpecifics Technologies has a 1 year low of $47.90 and a 1 year high of $73.31. The firm has a market capitalization of $361.59 million, a price-to-earnings ratio of 17.87 and a beta of 1.21.

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

In related news, Director Toby Wegman sold 1,100 shares of BioSpecifics Technologies stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $55.23, for a total value of $60,753.00. Following the completion of the transaction, the director now owns 1,890 shares in the company, valued at $104,384.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 16.39% of the stock is owned by insiders.

A number of institutional investors have recently modified their holdings of the stock. Advisor Group Inc. raised its holdings in BioSpecifics Technologies by 94.2% during the second quarter. Advisor Group Inc. now owns 734 shares of the biopharmaceutical company’s stock worth $44,000 after purchasing an additional 356 shares in the last quarter. Advantage Investment Management LLC raised its holdings in BioSpecifics Technologies by 40.9% during the second quarter. Advantage Investment Management LLC now owns 957 shares of the biopharmaceutical company’s stock worth $57,000 after purchasing an additional 278 shares in the last quarter. Meeder Asset Management Inc. raised its holdings in BioSpecifics Technologies by 10.0% during the third quarter. Meeder Asset Management Inc. now owns 2,274 shares of the biopharmaceutical company’s stock worth $122,000 after purchasing an additional 206 shares in the last quarter. Nisa Investment Advisors LLC acquired a new stake in BioSpecifics Technologies during the third quarter worth approximately $189,000. Finally, Shaker Investments LLC OH acquired a new stake in BioSpecifics Technologies during the second quarter worth approximately $205,000. 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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