BioSpecifics Technologies (BSTC) Reaches New 12-Month High at $65.00

Shares of BioSpecifics Technologies Corp. (NASDAQ:BSTC) reached a new 52-week high during trading on Friday . The stock traded as high as $65.00 and last traded at $64.00, with a volume of 89 shares changing hands. The stock had previously closed at $61.60.

Several analysts have recently commented on the stock. BidaskClub raised shares of BioSpecifics Technologies from a “hold” rating to a “buy” rating in a research report on Tuesday. Zacks Investment Research downgraded BioSpecifics Technologies from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 10th. HC Wainwright set a $65.00 target price on BioSpecifics Technologies and gave the company a “buy” rating in a research report on Friday, August 10th. Finally, ValuEngine upgraded BioSpecifics Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, July 5th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $64.00.

The firm has a market cap of $445.72 million, a PE ratio of 37.65 and a beta of 1.63.

BioSpecifics Technologies (NASDAQ:BSTC) last issued its quarterly earnings data on Thursday, August 9th. The biopharmaceutical company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.10. The firm had revenue of $7.10 million for the quarter, compared to analyst estimates of $7.10 million. BioSpecifics Technologies had a net margin of 49.78% and a return on equity of 19.59%. On average, research analysts forecast that BioSpecifics Technologies Corp. will post 2.28 earnings per share for the current fiscal year.

In other BioSpecifics Technologies news, insider Thomas Wegman sold 23,592 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The stock was sold at an average price of $51.30, for a total value of $1,210,269.60. Following the sale, the insider now owns 291,327 shares of the company’s stock, valued at $14,945,075.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Toby Wegman sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, August 17th. The shares were sold at an average price of $51.89, for a total value of $129,725.00. The disclosure for this sale can be found here. Insiders sold a total of 177,952 shares of company stock worth $8,128,384 over the last three months. Insiders own 21.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in BSTC. Summit Trail Advisors LLC raised its holdings in shares of BioSpecifics Technologies by 3,339.8% in the 1st quarter. Summit Trail Advisors LLC now owns 233,802 shares of the biopharmaceutical company’s stock valued at $234,000 after buying an additional 227,005 shares during the period. BlackRock Inc. raised its holdings in shares of BioSpecifics Technologies by 25.4% in the 2nd quarter. BlackRock Inc. now owns 404,524 shares of the biopharmaceutical company’s stock valued at $18,146,000 after buying an additional 81,981 shares during the period. Rice Hall James & Associates LLC raised its holdings in shares of BioSpecifics Technologies by 26.2% in the 2nd quarter. Rice Hall James & Associates LLC now owns 204,183 shares of the biopharmaceutical company’s stock valued at $9,160,000 after buying an additional 42,429 shares during the period. Renaissance Technologies LLC raised its holdings in shares of BioSpecifics Technologies by 5.0% in the 2nd quarter. Renaissance Technologies LLC now owns 526,900 shares of the biopharmaceutical company’s stock valued at $23,637,000 after buying an additional 24,900 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in shares of BioSpecifics Technologies by 166.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 25,917 shares of the biopharmaceutical company’s stock valued at $1,162,000 after buying an additional 16,177 shares during the period. 57.92% of the stock is currently owned by institutional investors.

About BioSpecifics Technologies (NASDAQ:BSTC)

BioSpecifics Technologies Corp., a biopharmaceutical company, engages in the development of an injectable collagenase clostridium histolyticum for multiple 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 brand names.

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