BioSpecifics Technologies (BSTC) Rating Increased to Buy at BidaskClub

BidaskClub upgraded shares of BioSpecifics Technologies (NASDAQ:BSTC) from a hold rating to a buy rating in a report issued on Tuesday morning.

Several other equities research analysts have also recently commented on the company. Zacks Investment Research cut BioSpecifics Technologies from a strong-buy rating to a hold rating in a report on Wednesday, October 10th. HC Wainwright set a $65.00 target price on BioSpecifics Technologies and gave the stock a buy rating in a report on Friday, August 10th. Finally, ValuEngine raised BioSpecifics Technologies from a sell rating to a hold rating in a report on Thursday, July 5th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $64.00.

Shares of NASDAQ:BSTC opened at $62.49 on Tuesday. BioSpecifics Technologies has a 12 month low of $38.05 and a 12 month high of $65.00. The company has a market cap of $445.72 million, a P/E ratio of 37.18 and a beta of 1.63.

BioSpecifics Technologies (NASDAQ:BSTC) last announced its earnings results on Thursday, August 9th. The biopharmaceutical company reported $0.59 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.10. BioSpecifics Technologies had a return on equity of 19.59% and a net margin of 49.78%. The firm had revenue of $7.10 million for the quarter, compared to analysts’ expectations of $7.10 million. On average, analysts expect that BioSpecifics Technologies will post 2.28 EPS for the current year.

In related news, President Thomas Wegman sold 23,908 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $50.81, for a total transaction of $1,214,765.48. Following the sale, the president now owns 320,340 shares of the company’s stock, valued at $16,276,475.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder Of Edwin H. Wegman Estate sold 7,935 shares of BioSpecifics Technologies stock in a transaction that occurred 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 completion of the transaction, the insider now owns 1,005,128 shares in the company, valued at approximately $37,722,453.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 177,952 shares of company stock worth $8,128,384. 21.40% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC grew its position in BioSpecifics Technologies by 5.0% in the second quarter. Renaissance Technologies LLC now owns 526,900 shares of the biopharmaceutical company’s stock worth $23,637,000 after buying an additional 24,900 shares during the last quarter. BlackRock Inc. grew its position in BioSpecifics Technologies by 25.4% in the second quarter. BlackRock Inc. now owns 404,524 shares of the biopharmaceutical company’s stock worth $18,146,000 after buying an additional 81,981 shares during the last quarter. Dimensional Fund Advisors LP grew its position in BioSpecifics Technologies by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 271,262 shares of the biopharmaceutical company’s stock worth $12,168,000 after buying an additional 1,612 shares during the last quarter. Summit Trail Advisors LLC grew its position in BioSpecifics Technologies by 3,339.8% in the first quarter. Summit Trail Advisors LLC now owns 233,802 shares of the biopharmaceutical company’s stock worth $234,000 after buying an additional 227,005 shares during the last quarter. Finally, Rice Hall James & Associates LLC grew its position in BioSpecifics Technologies by 26.2% in the second quarter. Rice Hall James & Associates LLC now owns 204,183 shares of the biopharmaceutical company’s stock worth $9,160,000 after buying an additional 42,429 shares during the last quarter. Hedge funds and other institutional investors own 57.92% of the company’s stock.

About BioSpecifics Technologies

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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