BioSpecifics Technologies Corp (NASDAQ:BSTC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued 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. “

Shares of BioSpecifics Technologies Corp (NASDAQ:BSTC) traded down 1.64% during midday trading on Tuesday, hitting $49.78. The stock had a trading volume of 22,032 shares. BioSpecifics Technologies Corp has a 1-year low of $35.79 and a 1-year high of $58.79. The firm has a market capitalization of $356.97 million, a PE ratio of 30.54 and a beta of 1.76. The company’s 50 day moving average price is $50.79 and its 200-day moving average price is $52.71.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in BSTC. Public Employees Retirement System of Ohio raised its position in BioSpecifics Technologies Corp by 16.2% in the first quarter. Public Employees Retirement System of Ohio now owns 3,674 shares of the biopharmaceutical company’s stock valued at $201,000 after buying an additional 513 shares in the last quarter. Goldman Sachs Group Inc. raised its position in BioSpecifics Technologies Corp by 8.0% in the first quarter. Goldman Sachs Group Inc. now owns 58,117 shares of the biopharmaceutical company’s stock valued at $3,185,000 after buying an additional 4,297 shares in the last quarter. AQR Capital Management LLC raised its position in BioSpecifics Technologies Corp by 35.5% in the first quarter. AQR Capital Management LLC now owns 74,159 shares of the biopharmaceutical company’s stock valued at $4,064,000 after buying an additional 19,437 shares in the last quarter. Bank of America Corp DE raised its position in BioSpecifics Technologies Corp by 122.6% in the first quarter. Bank of America Corp DE now owns 2,489 shares of the biopharmaceutical company’s stock valued at $137,000 after buying an additional 1,371 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in BioSpecifics Technologies Corp by 6.0% in the first quarter. Renaissance Technologies LLC now owns 352,627 shares of the biopharmaceutical company’s stock valued at $19,324,000 after buying an additional 19,881 shares in the last quarter. Institutional investors own 55.74% of the company’s stock.

BioSpecifics Technologies Corp Company Profile

BioSpecifics Technologies Corp. is a biopharmaceutical company involved in the development of an injectable collagenase clostridium histolyticum for multiple indications. The Company has a development and license agreement with Endo Global Ventures, a Bermuda unlimited liability company (Endo Global Ventures), an affiliate of Endo International plc (Endo), for injectable collagenase for marketed indications and indications in development.

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