BioSpecifics Technologies (NASDAQ:BSTC) Rating Lowered to Sell at Zacks Investment Research

BioSpecifics Technologies (NASDAQ:BSTC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports.

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 analysts have also recently issued reports on BSTC. BidaskClub raised BioSpecifics Technologies from a “sell” rating to a “hold” rating in a research report on Tuesday, June 11th. ValuEngine cut BioSpecifics Technologies from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Finally, HC Wainwright reaffirmed a “buy” rating and set a $90.00 price objective (up from $85.00) on shares of BioSpecifics Technologies in a research report on Monday.

BSTC opened at $57.37 on Wednesday. BioSpecifics Technologies has a 12 month low of $48.67 and a 12 month high of $73.31. The stock has a market capitalization of $420.52 million, a price-to-earnings ratio of 21.01 and a beta of 1.21. The business has a fifty day moving average price of $59.72 and a 200 day moving average price of $63.64.

In other news, Director Jennifer M. Chao sold 3,313 shares of the company’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $60.74, for a total transaction of $201,231.62. Following the completion of the transaction, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $364,440. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Patrick M. Caldwell sold 6,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $58.80, for a total value of $352,800.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,583 shares of company stock valued at $1,725,298. Insiders own 16.39% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. Globeflex Capital L P boosted its position in shares of BioSpecifics Technologies by 17.3% in the 1st quarter. Globeflex Capital L P now owns 6,802 shares of the biopharmaceutical company’s stock valued at $424,000 after purchasing an additional 1,002 shares during the period. Metropolitan Life Insurance Co. NY boosted its position in shares of BioSpecifics Technologies by 356.5% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 2,100 shares of the biopharmaceutical company’s stock valued at $127,000 after purchasing an additional 1,640 shares during the period. Moors & Cabot Inc. acquired a new stake in shares of BioSpecifics Technologies in the 1st quarter valued at about $274,000. Geode Capital Management LLC boosted its position in shares of BioSpecifics Technologies by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 68,017 shares of the biopharmaceutical company’s stock valued at $4,121,000 after purchasing an additional 4,056 shares during the period. Finally, Legal & General Group Plc boosted its position in shares of BioSpecifics Technologies by 50.1% in the 4th quarter. Legal & General Group Plc now owns 1,211 shares of the biopharmaceutical company’s stock valued at $74,000 after purchasing an additional 404 shares during the period. 60.12% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading: Gross Domestic Product (GDP)

Get a free copy of the Zacks research report on BioSpecifics Technologies (BSTC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for BioSpecifics Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BioSpecifics Technologies and related companies with MarketBeat.com's FREE daily email newsletter.