Acadian Asset Management LLC raised its holdings in shares of BioSpecifics Technologies Corp. (NASDAQ:BSTC) by 23.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 136,568 shares of the biopharmaceutical company’s stock after acquiring an additional 25,634 shares during the period. Acadian Asset Management LLC owned about 1.87% of BioSpecifics Technologies worth $7,987,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Renaissance Technologies LLC grew its position in BioSpecifics Technologies by 5.0% during the second quarter. Renaissance Technologies LLC now owns 526,900 shares of the biopharmaceutical company’s stock valued at $23,637,000 after acquiring an additional 24,900 shares during the last quarter. BlackRock Inc. grew its position in BioSpecifics Technologies by 25.4% during the second quarter. BlackRock Inc. now owns 404,524 shares of the biopharmaceutical company’s stock valued at $18,146,000 after acquiring an additional 81,981 shares during the last quarter. Dimensional Fund Advisors LP grew its position in BioSpecifics Technologies by 0.6% during the second quarter. Dimensional Fund Advisors LP now owns 271,262 shares of the biopharmaceutical company’s stock valued at $12,168,000 after acquiring an additional 1,612 shares during the last quarter. Rice Hall James & Associates LLC grew its position in BioSpecifics Technologies by 26.2% during the second quarter. Rice Hall James & Associates LLC now owns 204,183 shares of the biopharmaceutical company’s stock valued at $9,160,000 after acquiring an additional 42,429 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of BioSpecifics Technologies by 2.9% in the second quarter. Northern Trust Corp now owns 91,422 shares of the biopharmaceutical company’s stock worth $4,102,000 after purchasing an additional 2,566 shares during the last quarter. Institutional investors and hedge funds own 57.75% of the company’s stock.
Several research analysts have recently issued reports on the stock. BidaskClub upgraded shares of BioSpecifics Technologies from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 24th. HC Wainwright set a $72.00 target price on shares of BioSpecifics Technologies and gave the stock a “buy” rating in a report on Thursday, November 1st. Finally, Zacks Investment Research cut shares of BioSpecifics Technologies from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 10th. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. BioSpecifics Technologies has a consensus rating of “Buy” and a consensus price target of $66.33.
In related news, Director Mark N. Wegman sold 8,500 shares of BioSpecifics Technologies stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $52.63, for a total value of $447,355.00. Following the sale, the director now owns 76,470 shares in the company, valued at $4,024,616.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Of Edwin H. Wegman Estate sold 7,935 shares of BioSpecifics Technologies stock in a transaction on Saturday, September 1st. The shares were sold at an average price of $37.53, for a total transaction of $297,800.55. Following the completion of the sale, the insider now owns 1,005,128 shares in the company, valued at approximately $37,722,453.84. The disclosure for this sale can be found here. Insiders sold 177,952 shares of company stock worth $8,128,384 in the last 90 days. Company insiders own 21.40% of the company’s stock.
Shares of BioSpecifics Technologies stock opened at $62.89 on Wednesday. BioSpecifics Technologies Corp. has a 52-week low of $38.05 and a 52-week high of $65.99. The company has a market capitalization of $448.49 million, a PE ratio of 36.99 and a beta of 1.48.
BioSpecifics Technologies (NASDAQ:BSTC) last issued its earnings results on Thursday, August 9th. The biopharmaceutical company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.10. BioSpecifics Technologies had a net margin of 49.78% and a return on equity of 19.59%. The firm had revenue of $7.10 million for the quarter, compared to analysts’ expectations of $7.10 million. On average, research analysts forecast that BioSpecifics Technologies Corp. will post 2.28 EPS for the current fiscal year.
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BioSpecifics Technologies Profile
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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