Clark Capital Management Group Inc. Invests $2.31 Million in BioSpecifics Technologies Corp. (BSTC) Stock

Clark Capital Management Group Inc. bought a new stake in BioSpecifics Technologies Corp. (NASDAQ:BSTC) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 37,084 shares of the biopharmaceutical company’s stock, valued at approximately $2,311,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Metropolitan Life Insurance Co. NY boosted its position in BioSpecifics Technologies by 356.5% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 2,100 shares of the biopharmaceutical company’s stock valued at $127,000 after buying an additional 1,640 shares during the last quarter. Geode Capital Management LLC lifted its holdings in BioSpecifics Technologies by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 68,017 shares of the biopharmaceutical company’s stock valued at $4,121,000 after acquiring an additional 4,056 shares during the period. Assenagon Asset Management S.A. acquired a new position in BioSpecifics Technologies in the fourth quarter valued at approximately $1,447,000. Vanguard Group Inc lifted its holdings in BioSpecifics Technologies by 1.3% in the third quarter. Vanguard Group Inc now owns 263,100 shares of the biopharmaceutical company’s stock valued at $15,389,000 after acquiring an additional 3,433 shares during the period. Finally, American Century Companies Inc. lifted its holdings in BioSpecifics Technologies by 340.5% in the fourth quarter. American Century Companies Inc. now owns 39,967 shares of the biopharmaceutical company’s stock valued at $2,422,000 after acquiring an additional 30,894 shares during the period. Hedge funds and other institutional investors own 60.69% of the company’s stock.

Shares of NASDAQ:BSTC opened at $64.17 on Wednesday. BioSpecifics Technologies Corp. has a 12-month low of $40.58 and a 12-month high of $73.31. The company has a market capitalization of $461.99 million, a price-to-earnings ratio of 23.51 and a beta of 1.27.

BioSpecifics Technologies (NASDAQ:BSTC) last announced its quarterly earnings results on Friday, May 10th. The biopharmaceutical company reported $0.60 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.02). BioSpecifics Technologies had a net margin of 59.99% and a return on equity of 21.08%. The company had revenue of $8.13 million during the quarter, compared to analyst estimates of $8.10 million. Equities research analysts predict that BioSpecifics Technologies Corp. will post 3 EPS for the current fiscal year.

A number of brokerages have issued reports on BSTC. Zacks Investment Research downgraded BioSpecifics Technologies from a “strong-buy” rating to a “sell” rating in a report on Tuesday. HC Wainwright set a $85.00 price target on BioSpecifics Technologies and gave the company a “buy” rating in a report on Tuesday, March 19th. Finally, BidaskClub downgraded BioSpecifics Technologies from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 24th.

In other news, Director Jennifer M. Chao sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $63.72, for a total transaction of $254,880.00. Following the completion of the transaction, the director now directly owns 3,313 shares of the company’s stock, valued at approximately $211,104.36. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Paul Gitman sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $65.83, for a total value of $329,150.00. The disclosure for this sale can be found here. Insiders own 21.40% of the company’s stock.

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About BioSpecifics Technologies

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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Institutional Ownership by Quarter for BioSpecifics Technologies (NASDAQ:BSTC)

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