Zacks: BioSpecifics Technologies Corp. (BSTC) Given $65.00 Average Price Target by Brokerages

BioSpecifics Technologies Corp. (NASDAQ:BSTC) has been given an average broker rating score of 1.00 (Strong Buy) from the one analysts that cover the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy rating.

Brokers have set a 1-year consensus target price of $65.00 for the company and are expecting that the company will post $0.55 earnings per share for the current quarter, according to Zacks. Zacks has also assigned BioSpecifics Technologies an industry rank of 105 out of 255 based on the ratings given to related companies.

Several analysts have commented on the company. Zacks Investment Research downgraded BioSpecifics Technologies from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 10th. HC Wainwright reiterated a “buy” rating and set a $65.00 target price on shares of BioSpecifics Technologies in a research note on Thursday, July 5th. BidaskClub upgraded BioSpecifics Technologies from a “strong sell” rating to a “sell” rating in a research note on Friday, June 22nd. Finally, ValuEngine upgraded BioSpecifics Technologies from a “sell” rating to a “hold” rating in a research note on Thursday, July 5th.

BioSpecifics Technologies stock opened at $61.10 on Monday. The company has a market capitalization of $426.68 million, a P/E ratio of 35.94 and a beta of 1.62. BioSpecifics Technologies has a twelve month low of $38.05 and a twelve month high of $62.50.

BioSpecifics Technologies (NASDAQ:BSTC) last posted its quarterly earnings results on Thursday, August 9th. The biopharmaceutical company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.10. The company had revenue of $7.10 million for the quarter, compared to the consensus estimate of $7.10 million. BioSpecifics Technologies had a return on equity of 19.59% and a net margin of 49.78%. As a group, analysts forecast that BioSpecifics Technologies will post 2.28 earnings per share for the current fiscal year.

In other BioSpecifics Technologies news, major shareholder Of Edwin H. Wegman Estate sold 7,935 shares of the stock in a transaction on Saturday, September 1st. The stock was sold at an average price of $37.53, for a total transaction of $297,800.55. Following the sale, the insider now directly owns 1,005,128 shares in the company, valued at approximately $37,722,453.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Thomas Wegman sold 23,908 shares of the stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $50.81, for a total value of $1,214,765.48. Following the sale, the president now owns 320,340 shares in the company, valued at $16,276,475.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 177,952 shares of company stock worth $8,128,384. Company insiders own 21.40% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of BSTC. Bank of America Corp DE lifted its holdings in shares of BioSpecifics Technologies by 466.7% during the 2nd quarter. Bank of America Corp DE now owns 4,086 shares of the biopharmaceutical company’s stock valued at $183,000 after buying an additional 3,365 shares during the period. Summit Trail Advisors LLC lifted its holdings in shares of BioSpecifics Technologies by 3,339.8% during the 1st quarter. Summit Trail Advisors LLC now owns 233,802 shares of the biopharmaceutical company’s stock valued at $234,000 after buying an additional 227,005 shares during the period. Citadel Advisors LLC bought a new position in shares of BioSpecifics Technologies during the 2nd quarter valued at $264,000. GSA Capital Partners LLP lifted its holdings in shares of BioSpecifics Technologies by 89.7% during the 2nd quarter. GSA Capital Partners LLP now owns 9,500 shares of the biopharmaceutical company’s stock valued at $426,000 after buying an additional 4,491 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in shares of BioSpecifics Technologies by 639.6% during the 1st quarter. Russell Investments Group Ltd. now owns 9,740 shares of the biopharmaceutical company’s stock valued at $431,000 after buying an additional 8,423 shares during the period. Institutional investors and hedge funds own 57.92% 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 multiple 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 brand names.

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