BioSpecifics Technologies (NASDAQ:BSTC) Upgraded to Strong-Buy by Zacks Investment Research

BioSpecifics Technologies (NASDAQ:BSTC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “strong-buy” rating in a report issued on Tuesday, Zacks.com reports. The brokerage currently has a $72.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 9.84% from the stock’s current price.

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. “

BSTC has been the topic of several other reports. ValuEngine downgraded BioSpecifics Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, April 1st. BidaskClub downgraded BioSpecifics Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Finally, HC Wainwright raised their price target on BioSpecifics Technologies from $90.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th.

BioSpecifics Technologies stock opened at $65.55 on Tuesday. The company has a market capitalization of $481.46 million, a price-to-earnings ratio of 18.78 and a beta of 0.89. BioSpecifics Technologies has a one year low of $42.00 and a one year high of $69.51. The company’s fifty day moving average price is $61.60 and its two-hundred day moving average price is $57.93.

BioSpecifics Technologies (NASDAQ:BSTC) last issued its quarterly earnings results on Monday, May 11th. The biopharmaceutical company reported $0.73 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.76 by ($0.03). The business had revenue of $9.67 million during the quarter, compared to analyst estimates of $9.20 million. BioSpecifics Technologies had a net margin of 61.80% and a return on equity of 21.37%. Equities research analysts forecast that BioSpecifics Technologies will post 2.21 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its stake in shares of BioSpecifics Technologies by 7.1% in the first quarter. Victory Capital Management Inc. now owns 3,332 shares of the biopharmaceutical company’s stock valued at $188,000 after buying an additional 222 shares during the period. Janus Henderson Group PLC lifted its stake in shares of BioSpecifics Technologies by 5.6% in the fourth quarter. Janus Henderson Group PLC now owns 4,259 shares of the biopharmaceutical company’s stock valued at $243,000 after buying an additional 226 shares during the period. Deutsche Bank AG lifted its stake in shares of BioSpecifics Technologies by 6.6% in the first quarter. Deutsche Bank AG now owns 3,907 shares of the biopharmaceutical company’s stock valued at $221,000 after buying an additional 243 shares during the period. Benjamin F. Edwards & Company Inc. lifted its stake in shares of BioSpecifics Technologies by 92.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 666 shares of the biopharmaceutical company’s stock valued at $38,000 after buying an additional 320 shares during the period. Finally, Great West Life Assurance Co. Can bought a new stake in shares of BioSpecifics Technologies in the fourth quarter valued at about $28,000. Institutional investors and hedge funds own 62.97% of the company’s stock.

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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