BioSpecifics Technologies Corp (BSTC) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of BioSpecifics Technologies Corp (NASDAQ:BSTC) from a buy rating to a hold rating in a report released on Tuesday morning.

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. “

Separately, HC Wainwright reissued a buy rating and set a $60.00 target price on shares of BioSpecifics Technologies Corp in a research note on Thursday, October 6th.

Shares of BioSpecifics Technologies Corp (NASDAQ:BSTC) traded down 0.79% on Tuesday, hitting $55.44. The stock had a trading volume of 17,881 shares. The firm’s 50-day moving average price is $52.03 and its 200 day moving average price is $44.10. The firm has a market cap of $396.23 million, a PE ratio of 36.47 and a beta of 1.37. BioSpecifics Technologies Corp has a 52-week low of $30.70 and a 52-week high of $58.21.

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In related news, insider Thomas Wegman sold 20,000 shares of the business’s stock in a transaction on Tuesday, November 29th. The stock was sold at an average price of $48.16, for a total transaction of $963,200.00. Following the completion of the transaction, the insider now directly owns 964,824 shares of the company’s stock, valued at approximately $46,465,923.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Toby Wegman sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 29th. The stock was sold at an average price of $48.08, for a total value of $480,800.00. The disclosure for this sale can be found here. Corporate insiders own 23.19% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BSTC. Morgan Stanley boosted its position in BioSpecifics Technologies Corp by 977.8% in the third quarter. Morgan Stanley now owns 2,188 shares of the biopharmaceutical company’s stock valued at $101,000 after buying an additional 1,985 shares during the last quarter. US Bancorp DE boosted its position in BioSpecifics Technologies Corp by 21.0% in the second quarter. US Bancorp DE now owns 3,025 shares of the biopharmaceutical company’s stock valued at $121,000 after buying an additional 525 shares in the last quarter. American International Group Inc. boosted its position in BioSpecifics Technologies Corp by 4.2% in the second quarter. American International Group Inc. now owns 3,110 shares of the biopharmaceutical company’s stock valued at $124,000 after buying an additional 126 shares in the last quarter. Nationwide Fund Advisors boosted its position in BioSpecifics Technologies Corp by 6.5% in the second quarter. Nationwide Fund Advisors now owns 3,563 shares of the biopharmaceutical company’s stock valued at $142,000 after buying an additional 217 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. boosted its position in BioSpecifics Technologies Corp by 8.3% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 3,900 shares of the biopharmaceutical company’s stock valued at $177,000 after buying an additional 300 shares in the last quarter. 53.71% of the stock is owned by hedge funds and other institutional investors.

BioSpecifics Technologies Corp Company Profile

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.

5 Day Chart for NASDAQ:BSTC

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