BioMarin Pharmaceutical (BMRN) Raised to Conviction-Buy at Goldman Sachs Group
BioMarin Pharmaceutical (NASDAQ:BMRN) was upgraded by analysts at Goldman Sachs Group from a “buy” rating to a “conviction-buy” rating in a note issued to investors on Friday, The Fly reports.
BMRN has been the subject of a number of other reports. SunTrust Banks set a $115.00 price target on BioMarin Pharmaceutical and gave the company a “buy” rating in a research note on Thursday, October 19th. J P Morgan Chase & Co set a $130.00 price target on BioMarin Pharmaceutical and gave the company a “buy” rating in a research note on Sunday, October 29th. Leerink Swann reissued an “outperform” rating and set a $142.00 price target (up from $136.00) on shares of BioMarin Pharmaceutical in a research note on Thursday, October 19th. Jefferies Group reissued a “buy” rating and set a $116.00 price target on shares of BioMarin Pharmaceutical in a research note on Tuesday, September 26th. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $113.00 price target on shares of BioMarin Pharmaceutical in a research note on Thursday, September 21st. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $112.35.
Shares of BioMarin Pharmaceutical (NASDAQ BMRN) opened at $88.53 on Friday. The company has a current ratio of 4.91, a quick ratio of 3.81 and a debt-to-equity ratio of 0.41. BioMarin Pharmaceutical has a 1 year low of $80.10 and a 1 year high of $100.51.
BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its quarterly earnings results on Thursday, October 26th. The biotechnology company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.06. BioMarin Pharmaceutical had a negative return on equity of 4.60% and a negative net margin of 12.45%. The company had revenue of $334.18 million during the quarter, compared to analyst estimates of $347.38 million. During the same period in the prior year, the company earned $0.02 earnings per share. The firm’s revenue was up 19.4% on a year-over-year basis. equities analysts predict that BioMarin Pharmaceutical will post -0.65 earnings per share for the current fiscal year.
In related news, EVP George Eric Davis sold 1,200 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $85.64, for a total transaction of $102,768.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert Baffi sold 18,415 shares of the firm’s stock in a transaction that occurred on Thursday, September 28th. The stock was sold at an average price of $92.43, for a total value 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 $11,931,141.69. The disclosure for this sale can be found here. Insiders sold a total of 23,136 shares of company stock valued at $2,139,361 over the last ninety days. Corporate insiders own 1.85% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Mackay Shields increased its holdings in BioMarin Pharmaceutical by 44.2% during the 4th quarter. Mackay Shields now owns 34,962,000 shares of the biotechnology company’s stock worth $45,034,000 after purchasing an additional 10,723,000 shares during the period. Capital Research Global Investors increased its holdings in BioMarin Pharmaceutical by 27.5% during the 3rd quarter. Capital Research Global Investors now owns 20,216,215 shares of the biotechnology company’s stock worth $1,870,404,000 after purchasing an additional 4,362,912 shares during the period. Vanguard Group Inc. increased its holdings in BioMarin Pharmaceutical by 4.7% during the 2nd quarter. Vanguard Group Inc. now owns 14,345,027 shares of the biotechnology company’s stock worth $1,302,816,000 after purchasing an additional 642,623 shares during the period. Jennison Associates LLC increased its holdings in BioMarin Pharmaceutical by 33.8% during the 2nd quarter. Jennison Associates LLC now owns 13,242,773 shares of the biotechnology company’s stock worth $1,202,709,000 after purchasing an additional 3,348,168 shares during the period. Finally, Sands Capital Management LLC increased its holdings in BioMarin Pharmaceutical by 2.1% during the 4th quarter. Sands Capital Management LLC now owns 11,637,466 shares of the biotechnology company’s stock worth $1,219,141,000 after purchasing an additional 241,600 shares during the period. 99.25% of the stock is owned by hedge funds and other institutional investors.
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BioMarin Pharmaceutical Company Profile
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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