BioSpecifics Technologies (NASDAQ:BSTC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday. The firm presently has a $50.00 price target on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 16.47% from the stock’s previous close.
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 firms have also weighed in on BSTC. HC Wainwright reiterated a “buy” rating and set a $65.00 target price (down previously from $72.00) on shares of BioSpecifics Technologies in a research note on Monday, November 13th. lowered their target price on shares of BioSpecifics Technologies from $72.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, November 15th.
BioSpecifics Technologies (NASDAQ:BSTC) last issued its quarterly earnings results on Friday, November 10th. The biopharmaceutical company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. BioSpecifics Technologies had a net margin of 42.40% and a return on equity of 19.11%. The business had revenue of $6.52 million during the quarter, compared to analyst estimates of $6.59 million. equities analysts predict that BioSpecifics Technologies will post 1.57 earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in BSTC. Los Angeles Capital Management & Equity Research Inc. bought a new stake in BioSpecifics Technologies during the third quarter valued at $223,000. SG Americas Securities LLC bought a new stake in BioSpecifics Technologies during the second quarter valued at $241,000. The Manufacturers Life Insurance Company increased its stake in BioSpecifics Technologies by 9.1% during the second quarter. The Manufacturers Life Insurance Company now owns 4,920 shares of the biopharmaceutical company’s stock valued at $244,000 after purchasing an additional 410 shares during the last quarter. Rhumbline Advisers increased its stake in BioSpecifics Technologies by 7.5% during the second quarter. Rhumbline Advisers now owns 6,667 shares of the biopharmaceutical company’s stock valued at $330,000 after purchasing an additional 466 shares during the last quarter. Finally, Teachers Advisors LLC increased its stake in BioSpecifics Technologies by 14.8% during the second quarter. Teachers Advisors LLC now owns 10,098 shares of the biopharmaceutical company’s stock valued at $500,000 after purchasing an additional 1,305 shares during the last quarter. Hedge funds and other institutional investors own 55.93% of the company’s stock.
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About BioSpecifics Technologies
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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