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UPDATE: Stifel Nicolaus Initiates Buy, $29 Target on BioSpecifics Technologies


Stifel Nicolaus initiates its coverage on BioSpecifics Technologies (NASDAQ: BSTC) with a Buy rating and a price target of $29 on upside potential from Ziaflex.

Stifel Nicolaus says, "We view Biospecfics as a low-risk way to benefit from a potential Xiaflex resurgence. With little at risk in the form of committed R&D funding, BSTC investors are positioned to benefit from potential upside in the Xiaflex franchise via an 8.5% share of milestone payments and an approximate 10.5% royalty on sales. We estimate royalty revenue of $11.5 million in 2012, driving EPS of $0.84."

BSTC closed at $17.36 a share on Wednesday.


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