HC Wainwright Reiterates “$72.00” Price Target for BioSpecifics Technologies (BSTC)

HC Wainwright set a $72.00 price objective on BioSpecifics Technologies (NASDAQ:BSTC) in a research report sent to investors on Thursday morning, The Fly reports. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

BSTC has been the topic of a number of other research reports. ValuEngine raised shares of BioSpecifics Technologies from a sell rating to a hold rating in a report on Thursday, July 5th. Zacks Investment Research downgraded shares of BioSpecifics Technologies from a buy rating to a hold rating in a report on Tuesday, July 10th. Finally, BidaskClub downgraded shares of BioSpecifics Technologies from a sell rating to a strong sell rating in a report on Saturday, August 4th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. BioSpecifics Technologies presently has an average rating of Buy and a consensus price target of $66.33.

Shares of NASDAQ:BSTC traded up $0.47 during midday trading on Thursday, hitting $61.48. The stock had a trading volume of 17,016 shares, compared to its average volume of 40,934. The company has a market cap of $448.49 million, a price-to-earnings ratio of 30.59 and a beta of 1.48. BioSpecifics Technologies has a 1 year low of $38.05 and a 1 year high of $65.99.

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

In related news, major shareholder Of Edwin H. Wegman Estate sold 57,705 shares of the business’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $38.22, for a total transaction of $2,205,485.10. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Paul Gitman sold 1,000 shares of the business’s stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $57.64, for a total transaction of $57,640.00. Following the sale, the director now directly owns 20,000 shares in the company, valued at approximately $1,152,800. 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 insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in BSTC. Meeder Asset Management Inc. raised its position in BioSpecifics Technologies by 82.0% during the third quarter. Meeder Asset Management Inc. now owns 2,344 shares of the biopharmaceutical company’s stock worth $137,000 after acquiring an additional 1,056 shares during the last quarter. Bank of America Corp DE raised its position in BioSpecifics Technologies by 466.7% during the second quarter. Bank of America Corp DE now owns 4,086 shares of the biopharmaceutical company’s stock worth $183,000 after acquiring an additional 3,365 shares during the last quarter. Citadel Advisors LLC acquired a new position in BioSpecifics Technologies during the second quarter worth about $264,000. GSA Capital Partners LLP raised its position in BioSpecifics Technologies by 89.7% during the second quarter. GSA Capital Partners LLP now owns 9,500 shares of the biopharmaceutical company’s stock worth $426,000 after acquiring an additional 4,491 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in BioSpecifics Technologies by 639.6% during the first quarter. Russell Investments Group Ltd. now owns 9,740 shares of the biopharmaceutical company’s stock worth $431,000 after acquiring an additional 8,423 shares during the last quarter. Institutional investors own 58.02% 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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