BioSpecifics Technologies (NASDAQ:BSTC) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of BioSpecifics Technologies (NASDAQ:BSTC) from a hold rating to a buy rating in a research note published on Friday, March 16th. Zacks Investment Research currently has $47.00 price objective on the biopharmaceutical company’s stock.

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. “

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Separately, HC Wainwright restated a buy rating on shares of BioSpecifics Technologies in a report on Tuesday, December 26th.

Shares of NASDAQ:BSTC traded down $0.76 during midday trading on Friday, hitting $43.39. 14,422 shares of the stock were exchanged, compared to its average volume of 27,898. BioSpecifics Technologies has a 52-week low of $38.05 and a 52-week high of $58.79. The firm has a market cap of $312.37, a price-to-earnings ratio of 25.52 and a beta of 1.43.

Large investors have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its position in shares of BioSpecifics Technologies by 1.5% in the third quarter. Dimensional Fund Advisors LP now owns 269,554 shares of the biopharmaceutical company’s stock valued at $12,540,000 after purchasing an additional 3,878 shares during the last quarter. First Quadrant L P CA grew its position in BioSpecifics Technologies by 52.7% during the fourth quarter. First Quadrant L P CA now owns 11,631 shares of the biopharmaceutical company’s stock worth $504,000 after buying an additional 4,015 shares in the last quarter. Royce & Associates LP grew its position in BioSpecifics Technologies by 21.6% during the fourth quarter. Royce & Associates LP now owns 48,038 shares of the biopharmaceutical company’s stock worth $2,081,000 after buying an additional 8,521 shares in the last quarter. Vanguard Group Inc. grew its position in BioSpecifics Technologies by 1.5% during the second quarter. Vanguard Group Inc. now owns 200,454 shares of the biopharmaceutical company’s stock worth $9,924,000 after buying an additional 3,030 shares in the last quarter. Finally, Northern Trust Corp grew its position in BioSpecifics Technologies by 5.4% during the second quarter. Northern Trust Corp now owns 84,533 shares of the biopharmaceutical company’s stock worth $4,185,000 after buying an additional 4,351 shares in the last quarter. 56.49% of the stock is currently owned by institutional investors.

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BioSpecifics Technologies 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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