Gabelli Comments on BioMarin Pharmaceutical Inc.’s FY2019 Earnings (BMRN)
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) – Gabelli decreased their FY2019 earnings per share (EPS) estimates for shares of BioMarin Pharmaceutical in a report released on Thursday. Gabelli analyst J. He now anticipates that the biotechnology company will post earnings of $1.50 per share for the year, down from their prior forecast of $1.60. Gabelli also issued estimates for BioMarin Pharmaceutical’s FY2020 earnings at $2.50 EPS and FY2021 earnings at $3.20 EPS.
BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Wednesday, August 2nd. The biotechnology company reported ($0.21) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.22) by $0.01. BioMarin Pharmaceutical had a negative net margin of 15.54% and a negative return on equity of 5.77%. The firm had revenue of $317.50 million for the quarter, compared to analyst estimates of $311.41 million. During the same quarter in the prior year, the business posted ($2.61) EPS. The business’s revenue was up 5.8% compared to the same quarter last year.
Other equities analysts also recently issued research reports about the stock. Cowen and Company reiterated a “buy” rating on shares of BioMarin Pharmaceutical in a research note on Tuesday, July 11th. Deutsche Bank AG reiterated a “buy” rating and issued a $119.00 target price (up previously from $118.00) on shares of BioMarin Pharmaceutical in a research note on Thursday, August 3rd. Leerink Swann reiterated a “buy” rating on shares of BioMarin Pharmaceutical in a research note on Tuesday, July 18th. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $115.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, July 14th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $107.00 price objective on shares of BioMarin Pharmaceutical in a research note on Friday, August 4th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $111.25.
BioMarin Pharmaceutical (NASDAQ BMRN) opened at 87.75 on Monday. The firm’s market cap is $15.38 billion. BioMarin Pharmaceutical has a 12 month low of $78.42 and a 12 month high of $100.51. The firm’s 50 day moving average is $92.50 and its 200-day moving average is $90.06.
In related news, EVP Robert Baffi sold 18,415 shares of the stock in a transaction dated Thursday, September 28th. The shares were sold at an average price of $92.43, for a total transaction of $1,702,098.45. Following the sale, the executive vice president now directly owns 129,083 shares of the company’s stock, valued at approximately $11,931,141.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Henry J. Fuchs sold 15,000 shares of the stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $90.50, for a total transaction of $1,357,500.00. Following the sale, the insider now directly owns 141,422 shares in the company, valued at $12,798,691. The disclosure for this sale can be found here. Insiders sold a total of 40,686 shares of company stock worth $3,736,318 over the last ninety days. Insiders own 1.85% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Korea Investment CORP grew its position in BioMarin Pharmaceutical by 143.5% during the 2nd quarter. Korea Investment CORP now owns 1,595 shares of the biotechnology company’s stock valued at $145,000 after purchasing an additional 940 shares during the last quarter. Global X Management Co. LLC grew its position in BioMarin Pharmaceutical by 59.7% during the 1st quarter. Global X Management Co. LLC now owns 1,656 shares of the biotechnology company’s stock valued at $145,000 after purchasing an additional 619 shares during the last quarter. Toronto Dominion Bank grew its position in BioMarin Pharmaceutical by 12.9% during the 2nd quarter. Toronto Dominion Bank now owns 2,124 shares of the biotechnology company’s stock valued at $193,000 after purchasing an additional 243 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in BioMarin Pharmaceutical during the 2nd quarter valued at about $213,000. Finally, Cigna Investments Inc. New grew its position in BioMarin Pharmaceutical by 1.5% during the 2nd quarter. Cigna Investments Inc. New now owns 2,377 shares of the biotechnology company’s stock valued at $216,000 after purchasing an additional 36 shares during the last quarter. 97.29% of the stock is currently owned by institutional investors.
About BioMarin Pharmaceutical
BioMarin Pharmaceutical Inc is a biotechnology company. The Company develops and commercializes pharmaceuticals for various diseases and medical conditions. As of December 31, 2016, the Company’s therapy portfolio consisted of five products, and multiple clinical and pre-clinical product candidates. Its commercial products include Aldurazyme (laronidase) for Mucopolysaccharidosis I (MPS I), Firdapse (amifampridine phosphate) for Lambert Eaton Myasthenic Syndrome (LEMS), Kuvan (sapropterin dihydrochloride) for phenylketonuria (PKU), Naglazyme (galsulfase) for Mucopolysaccharidosis VI (MPS VI) and Vimizim (elosulfase alpha) for Mucopolysaccharidosis IV Type A (MPS IV A).
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