BioSpecifics Technologies Corp. (NASDAQ:BSTC) Sees Significant Drop in Short Interest

BioSpecifics Technologies Corp. (NASDAQ:BSTC) was the recipient of a significant drop in short interest during the month of June. As of June 30th, there was short interest totalling 236,000 shares, a drop of 8.7% from the May 30th total of 258,500 shares. Based on an average trading volume of 69,100 shares, the days-to-cover ratio is presently 3.4 days. Approximately 4.4% of the shares of the company are short sold.

In related news, Director Jennifer M. Chao sold 4,000 shares of the firm’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $63.72, for a total transaction of $254,880.00. Following the transaction, the director now directly owns 3,313 shares of the company’s stock, valued at $211,104.36. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Paul Gitman sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $65.83, for a total transaction of $329,150.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,583 shares of company stock valued at $2,309,328. Corporate insiders own 16.39% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of BSTC. Advisor Group Inc. increased its stake in shares of BioSpecifics Technologies by 94.2% in the 2nd quarter. Advisor Group Inc. now owns 734 shares of the biopharmaceutical company’s stock valued at $44,000 after acquiring an additional 356 shares in the last quarter. Great West Life Assurance Co. Can bought a new stake in BioSpecifics Technologies during the 4th quarter valued at $54,000. Advantage Investment Management LLC increased its stake in BioSpecifics Technologies by 40.9% during the 2nd quarter. Advantage Investment Management LLC now owns 957 shares of the biopharmaceutical company’s stock valued at $57,000 after purchasing an additional 278 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in BioSpecifics Technologies by 60,150.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,205 shares of the biopharmaceutical company’s stock valued at $75,000 after purchasing an additional 1,203 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in BioSpecifics Technologies by 50.1% during 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 in the last quarter. Hedge funds and other institutional investors own 58.01% of the company’s stock.

NASDAQ:BSTC traded down $1.20 during mid-day trading on Friday, hitting $56.65. 50,128 shares of the company’s stock were exchanged, compared to its average volume of 57,881. The stock’s 50 day moving average is $60.06. BioSpecifics Technologies has a fifty-two week low of $43.06 and a fifty-two week high of $73.31. The company has a market cap of $421.55 million, a price-to-earnings ratio of 20.75 and a beta of 1.22.

BioSpecifics Technologies (NASDAQ:BSTC) last issued its quarterly earnings results on Friday, May 10th. The biopharmaceutical company reported $0.60 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.02). The firm had revenue of $8.13 million during the quarter, compared to analyst estimates of $8.10 million. BioSpecifics Technologies had a return on equity of 21.08% and a net margin of 59.99%. As a group, equities research analysts expect that BioSpecifics Technologies will post 3 earnings per share for the current year.

Several equities analysts have commented on BSTC shares. ValuEngine lowered shares of BioSpecifics Technologies from a “hold” rating to a “sell” rating in a report on Thursday. Zacks Investment Research upgraded shares of BioSpecifics Technologies from a “sell” rating to a “hold” rating in a research note on Monday, July 15th. Finally, BidaskClub upgraded shares of BioSpecifics Technologies from a “sell” rating to a “hold” rating in a research note on Tuesday, June 11th.

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.

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