Zacks Investment Research upgraded shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) from a hold rating to a buy rating in a report released on Tuesday morning. Zacks Investment Research currently has $106.00 target price on the stock.
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.”
BMRN has been the subject of several other reports. Leerink Swann reaffirmed a buy rating on shares of BioMarin Pharmaceutical in a research note on Friday, June 10th. Credit Suisse Group AG reaffirmed a buy rating and set a $114.00 price objective (up from $103.00) on shares of BioMarin Pharmaceutical in a research note on Monday, June 13th. Barclays PLC reaffirmed a buy rating on shares of BioMarin Pharmaceutical in a research note on Thursday, June 16th. Oppenheimer Holdings Inc. reaffirmed a market perform rating and set a $99.00 price objective on shares of BioMarin Pharmaceutical in a research note on Monday, June 20th. Finally, Robert W. Baird upped their price objective on BioMarin Pharmaceutical from $110.00 to $115.00 and gave the company an outperform rating in a research note on Thursday, July 28th. Three analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $120.35.
BioMarin Pharmaceutical (NASDAQ:BMRN) opened at 92.61 on Tuesday. The stock’s market capitalization is $15.14 billion. BioMarin Pharmaceutical has a 52 week low of $62.12 and a 52 week high of $118.48. The stock has a 50 day moving average price of $95.62 and a 200 day moving average price of $89.19.
BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Thursday, August 4th. The company reported ($2.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.52) by $2.09. The firm earned $300.10 million during the quarter, compared to analyst estimates of $278.75 million. BioMarin Pharmaceutical had a negative net margin of 54.53% and a negative return on equity of 11.99%. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period last year, the company earned ($0.51) earnings per share. Equities analysts forecast that BioMarin Pharmaceutical will post ($3.95) EPS for the current year.
In other BioMarin Pharmaceutical news, CEO Jean Jacques Bienaime sold 41,666 shares of the stock in a transaction on Monday, July 18th. The stock was sold at an average price of $92.72, for a total transaction of $3,863,271.52. Following the sale, the chief executive officer now owns 420,250 shares in the company, valued at approximately $38,965,580. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Brian Mueller sold 287 shares of the stock in a transaction on Monday, August 1st. The shares were sold at an average price of $100.00, for a total value of $28,700.00. Following the sale, the vice president now owns 14,260 shares in the company, valued at approximately $1,426,000. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.
A number of large investors have recently made changes to their positions in BMRN. Adage Capital Partners GP L.L.C. boosted its stake in shares of BioMarin Pharmaceutical by 316.3% in the first quarter. Adage Capital Partners GP L.L.C. now owns 1,052,900 shares of the company’s stock worth $86,843,000 after buying an additional 800,000 shares during the period. Candriam Luxembourg S.C.A. boosted its stake in BioMarin Pharmaceutical by 18.5% in the second quarter. Candriam Luxembourg S.C.A. now owns 247,100 shares of the company’s stock valued at $19,225,000 after buying an additional 38,628 shares during the period. ING Groep NV acquired a new stake in BioMarin Pharmaceutical during the second quarter valued at about $57,357,000. Strs Ohio boosted its stake in BioMarin Pharmaceutical by 50.7% in the second quarter. Strs Ohio now owns 491,556 shares of the company’s stock valued at $38,243,000 after buying an additional 165,472 shares during the period. Finally, State Street Corp boosted its stake in BioMarin Pharmaceutical by 5.6% in the first quarter. State Street Corp now owns 3,286,743 shares of the company’s stock valued at $271,074,000 after buying an additional 175,733 shares during the period. Hedge funds and other institutional investors own 93.02% of the company’s stock.
BioMarin Pharmaceutical Company Profile
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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