BioSpecifics Technologies Corp. (BSTC) Downgraded by Zacks Investment Research to Hold
BioSpecifics Technologies Corp. (NASDAQ:BSTC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a 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. “
Several other research analysts have also recently weighed in on the company. HC Wainwright reissued a “buy” rating and issued a $60.00 price objective on shares of BioSpecifics Technologies Corp. in a research report on Thursday, October 6th. Rodman & Renshaw reissued a “buy” rating and issued a $60.00 price objective on shares of BioSpecifics Technologies Corp. in a research report on Wednesday, August 10th.
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BioSpecifics Technologies Corp. (NASDAQ:BSTC) traded down 6.31% during mid-day trading on Tuesday, hitting $45.17. The stock had a trading volume of 91,300 shares. The stock has a market capitalization of $316.73 million, a P/E ratio of 30.34 and a beta of 1.17. BioSpecifics Technologies Corp. has a 52 week low of $30.70 and a 52 week high of $63.20. The company’s 50 day moving average is $41.13 and its 200-day moving average is $38.61.
BioSpecifics Technologies Corp. (NASDAQ:BSTC) last posted its quarterly earnings data on Tuesday, August 9th. The biopharmaceutical company reported $0.37 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.02. BioSpecifics Technologies Corp. had a return on equity of 23.71% and a net margin of 43.42%. The business had revenue of $6.20 million for the quarter, compared to analysts’ expectations of $6.25 million. On average, analysts expect that BioSpecifics Technologies Corp. will post $1.53 EPS for the current fiscal year.
In other BioSpecifics Technologies Corp. news, President Thomas Wegman sold 4,173 shares of the business’s stock in a transaction on Wednesday, August 24th. The stock was sold at an average price of $38.08, for a total value of $158,907.84. Following the transaction, the president now owns 191,722 shares of the company’s stock, valued at $7,300,773.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 23.19% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Royce & Associates LP raised its stake in shares of BioSpecifics Technologies Corp. by 27.5% in the second quarter. Royce & Associates LP now owns 95,100 shares of the biopharmaceutical company’s stock valued at $3,798,000 after buying an additional 20,510 shares during the last quarter. Smith Asset Management Group LP raised its stake in shares of BioSpecifics Technologies Corp. by 2,374.4% in the second quarter. Smith Asset Management Group LP now owns 9,848 shares of the biopharmaceutical company’s stock valued at $393,000 after buying an additional 9,450 shares during the last quarter. Emerald Acquisition Ltd. purchased a new stake in shares of BioSpecifics Technologies Corp. during the second quarter valued at about $2,905,000. PNC Financial Services Group Inc. raised its stake in shares of BioSpecifics Technologies Corp. by 61.9% in the second quarter. PNC Financial Services Group Inc. now owns 110,992 shares of the biopharmaceutical company’s stock valued at $4,431,000 after buying an additional 42,446 shares during the last quarter. Finally, SECOR Capital Advisors LP raised its stake in shares of BioSpecifics Technologies Corp. by 118.9% in the second quarter. SECOR Capital Advisors LP now owns 16,657 shares of the biopharmaceutical company’s stock valued at $665,000 after buying an additional 9,046 shares during the last quarter. Hedge funds and other institutional investors own 55.78% of the company’s stock.
About BioSpecifics Technologies Corp.
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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