BioSpecifics Technologies Corp. (BSTC) Cut to “Hold” at Zacks Investment Research
BioSpecifics Technologies Corp. (NASDAQ:BSTC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
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. “
Other research analysts have also recently issued research reports about the company. Rodman & Renshaw reaffirmed a “buy” rating and set a $60.00 target price on shares of BioSpecifics Technologies Corp. in a research note on Wednesday, August 10th. HC Wainwright reaffirmed a “buy” rating and set a $60.00 target price on shares of BioSpecifics Technologies Corp. in a research note on Thursday, October 6th.
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BioSpecifics Technologies Corp. (NASDAQ:BSTC) traded down 6.31% on Tuesday, hitting $45.17. The stock had a trading volume of 91,377 shares. The stock’s 50-day moving average is $41.13 and its 200 day moving average is $38.61. The firm has a market capitalization of $316.73 million, a price-to-earnings ratio of 30.34 and a beta of 1.17. BioSpecifics Technologies Corp. has a 1-year low of $30.70 and a 1-year high of $63.20.
BioSpecifics Technologies Corp. (NASDAQ:BSTC) last released its earnings results on Tuesday, August 9th. The biopharmaceutical company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.02. The firm had revenue of $6.20 million for the quarter, compared to analysts’ expectations of $6.25 million. BioSpecifics Technologies Corp. had a return on equity of 23.71% and a net margin of 43.42%. On average, equities research analysts predict that BioSpecifics Technologies Corp. will post $1.53 earnings per share for the current fiscal year.
In related news, insider Thomas Wegman sold 4,299 shares of the stock in a transaction that occurred on Tuesday, August 30th. The stock was sold at an average price of $37.54, for a total value of $161,384.46. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 23.19% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of BSTC. American International Group Inc. raised its stake in BioSpecifics Technologies Corp. by 4.2% in the second quarter. American International Group Inc. now owns 3,110 shares of the biopharmaceutical company’s stock worth $124,000 after buying an additional 126 shares in the last quarter. Nationwide Fund Advisors raised its stake in BioSpecifics Technologies Corp. by 6.5% in the second quarter. Nationwide Fund Advisors now owns 3,563 shares of the biopharmaceutical company’s stock worth $142,000 after buying an additional 217 shares in the last quarter. BlackRock Advisors LLC raised its stake in BioSpecifics Technologies Corp. by 1.1% in the second quarter. BlackRock Advisors LLC now owns 25,738 shares of the biopharmaceutical company’s stock worth $1,028,000 after buying an additional 287 shares in the last quarter. State Street Corp raised its stake in BioSpecifics Technologies Corp. by 0.5% in the second quarter. State Street Corp now owns 72,391 shares of the biopharmaceutical company’s stock worth $2,893,000 after buying an additional 388 shares in the last quarter. Finally, ClariVest Asset Management LLC raised its stake in BioSpecifics Technologies Corp. by 5.1% in the second quarter. ClariVest Asset Management LLC now owns 8,307 shares of the biopharmaceutical company’s stock worth $332,000 after buying an additional 400 shares in the last quarter. Institutional investors own 55.78% of the company’s stock.
BioSpecifics Technologies Corp. Company Profile
BioSpecifics Technologies Corp. (BioSpecifics) is a biopharmaceutical company. The Company is engaged in the development of an injectable collagenase clostridium histolyticum (CCH) for multiple indications. The Company has a development and license agreement with Endo International plc (Endo) for injectable collagenases for marketed indications and indications in development.
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