BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $106.00 price target on the stock. Zacks Investment Research’s price target points to a potential upside of 10.51% from the company’s previous close.
According to Zacks, “BioMarin’s orphan disease drugs – Vimizim and Kuvan – continue to drive top line growth. The company’s raised 2016 outlook for revenues backed by Vimizim and Kuvan was also impressive. BioMarin continues to expect break-even or better results in 2017. The company narrowed its loss guidance to the range of $30 million to $50 million buoyed by continued strong top line growth and operating expense discipline. BioMarin’s progress with its pipeline is also impressive. However, BioMarin recently suffered a setback after the FDA extended the review period of Brineura (CLN2 disease) by three months. BioMarin had also decided to discontinue the development of Kyndrisa (Duchenne muscular dystrophy). The company has several pipeline updates expected over the upcoming quarters. Additional setbacks on the development/regulatory front could pull down the stock significantly. Moreover, generic challenges for Kuvan remain a concern.”
A number of other research analysts also recently issued reports on the stock. Vetr upgraded shares of BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating and set a $111.64 price target on the stock in a research report on Wednesday, August 24th. Credit Suisse Group AG restated a “buy” rating and issued a $114.00 price target (up previously from $103.00) on shares of BioMarin Pharmaceutical in a research report on Monday, June 13th. Wedbush restated a “neutral” rating and issued a $108.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, July 28th. Jefferies Group restated a “buy” rating on shares of BioMarin Pharmaceutical in a research report on Wednesday, August 17th. Finally, Cowen and Company set a $150.00 price target on shares of BioMarin Pharmaceutical and gave the stock a “buy” rating in a research report on Thursday, September 8th. Two investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $120.35.
BioMarin Pharmaceutical (NASDAQ:BMRN) opened at 95.92 on Tuesday. BioMarin Pharmaceutical has a one year low of $62.12 and a one year high of $118.48. The company’s 50-day moving average is $95.63 and its 200 day moving average is $89.17. The firm’s market cap is $15.68 billion.
BioMarin Pharmaceutical (NASDAQ:BMRN) last posted its earnings results on Thursday, August 4th. The company reported ($2.61) EPS for the quarter, missing the consensus estimate of ($0.52) by $2.09. BioMarin Pharmaceutical had a negative return on equity of 11.99% and a negative net margin of 54.53%. The business had revenue of $300.10 million for the quarter, compared to analyst estimates of $278.75 million. During the same quarter in the prior year, the business earned ($0.51) earnings per share. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. Equities analysts anticipate that BioMarin Pharmaceutical will post ($3.95) earnings per share for the current year.
In other BioMarin Pharmaceutical news, CEO Jean Jacques Bienaime sold 137,368 shares of the company’s stock in a transaction dated Friday, September 16th. The shares were sold at an average price of $95.34, for a total transaction of $13,096,665.12. Following the sale, the chief executive officer now directly owns 421,161 shares of the company’s stock, valued at $40,153,489.74. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director V Bryan Lawlis sold 6,400 shares of the company’s stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $95.01, for a total transaction of $608,064.00. Following the sale, the director now directly owns 20,260 shares in the company, valued at $1,924,902.60. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Rockefeller Financial Services Inc. purchased a new stake in shares of BioMarin Pharmaceutical during the second quarter worth about $111,000. Independent Portfolio Consultants Inc. purchased a new stake in shares of BioMarin Pharmaceutical during the third quarter worth about $121,000. Meeder Asset Management Inc. purchased a new stake in shares of BioMarin Pharmaceutical during the second quarter worth about $140,000. Mutual of America Capital Management LLC increased its stake in shares of BioMarin Pharmaceutical by 930.0% in the second quarter. Mutual of America Capital Management LLC now owns 1,854 shares of the company’s stock worth $144,000 after buying an additional 1,674 shares during the last quarter. Finally, LS Investment Advisors LLC increased its stake in shares of BioMarin Pharmaceutical by 13.5% in the second quarter. LS Investment Advisors LLC now owns 1,946 shares of the company’s stock worth $151,000 after buying an additional 231 shares during the last quarter. 93.02% of the stock is currently owned by hedge funds and other institutional investors.
About BioMarin Pharmaceutical
BioMarin Pharmaceutical Inc (BioMarin) develops and commercializes pharmaceuticals for various diseases and medical conditions. The Company’s product portfolio consists of approximately five approved products, and multiple clinical and pre-clinical product candidates. Its approved products include Vimizim (elosulfase alpha), Naglazyme (galsulfase), Kuvan (sapropterin dihydrochloride), Aldurazyme (laronidase) and Firdapse (amifampridine phosphate).
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