BioMarin Pharmaceutical Inc. (BMRN) Upgraded to “Buy” by Zacks Investment Research
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage presently has a $106.00 price objective on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 13.36% 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 brokerages have also recently commented on BMRN. JPMorgan Chase & Co. increased their target price on shares of BioMarin Pharmaceutical from $120.00 to $127.00 and gave the company an “overweight” rating in a research report on Friday, August 5th. Piper Jaffray Cos. reiterated an “overweight” rating on shares of BioMarin Pharmaceutical in a research report on Friday, August 19th. Leerink Swann reiterated an “outperform” rating and issued a $107.00 target price on shares of BioMarin Pharmaceutical in a research report on Wednesday, June 22nd. Cowen and Company set a $150.00 target price on shares of BioMarin Pharmaceutical and gave the company a “buy” rating in a research report on Thursday, September 8th. Finally, Oppenheimer Holdings Inc. reiterated a “market perform” rating and issued a $99.00 target price on shares of BioMarin Pharmaceutical in a research report on Monday, June 20th. Three research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $120.35.
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BioMarin Pharmaceutical (NASDAQ:BMRN) opened at 93.51 on Tuesday. The stock’s market cap is $15.29 billion. BioMarin Pharmaceutical has a 52 week low of $62.12 and a 52 week high of $118.48. The stock’s 50 day moving average is $95.62 and its 200 day moving average is $89.30.
BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its earnings results on Thursday, August 4th. The company reported ($2.61) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.52) by $2.09. The business 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%. BioMarin Pharmaceutical’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.51) earnings per share. Analysts predict that BioMarin Pharmaceutical will post ($3.95) EPS for the current year.
In other news, VP Brian Mueller sold 287 shares of BioMarin Pharmaceutical 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 transaction, the vice president now directly owns 14,260 shares of the company’s stock, valued at approximately $1,426,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jean Jacques Bienaime sold 137,368 shares of BioMarin Pharmaceutical stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 421,161 shares in the company, valued at $40,153,489.74. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Rockefeller Financial Services Inc. acquired a new position in shares of BioMarin Pharmaceutical during the second quarter worth approximately $111,000. Independent Portfolio Consultants Inc. acquired a new position in shares of BioMarin Pharmaceutical during the third quarter worth approximately $121,000. Meeder Asset Management Inc. acquired a new position in shares of BioMarin Pharmaceutical during the second quarter worth approximately $140,000. Mutual of America Capital Management LLC boosted its position 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 boosted its position 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 institutional investors and hedge funds.
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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