Zacks Investment Research Downgrades BioMarin Pharmaceutical (BMRN) to Hold
BioMarin Pharmaceutical (NASDAQ:BMRN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “BioMarin’s key orphan disease drugs – Vimizim and Kuvan – continue to do well, backed by strong underlying patient demand trends. BioMarin expects sustained growth in both the drugs. Brineura’s earlier-than-expected approval was also a huge boost for BioMarin. Its impressive rare-disease pipeline is also progressing well with approval for pegvaliase expected in 2018. The stock has slightly outperformed the industry in the past one year. However, BioMarin has suffered a few regulatory setbacks related to its pipeline candidates in the past. Further development setbacks can have a negative impact on the stock. Also, Naglazyme and Vimzin revenues vary on a quarterly basis primarily due to infrequent ordering patterns from some countries, mainly Brazil. Nonetheles, loss estimates have narrowed ahead of the company’s Q4 earnings result. BioMarin also has a positive record of earnings surprises in the recent quarters.”
Several other analysts have also commented on BMRN. Jefferies Group restated a “buy” rating and set a $116.00 price target on shares of BioMarin Pharmaceutical in a research report on Tuesday, September 26th. Piper Jaffray Companies restated a “buy” rating and set a $113.00 price target on shares of BioMarin Pharmaceutical in a research report on Thursday, September 21st. BMO Capital Markets restated a “buy” rating and set a $117.00 price target on shares of BioMarin Pharmaceutical in a research report on Friday, October 20th. SunTrust Banks set a $115.00 price target on shares of BioMarin Pharmaceutical and gave the company a “buy” rating in a research report on Thursday, October 19th. Finally, Wedbush upgraded shares of BioMarin Pharmaceutical from a “neutral” rating to an “outperform” rating and set a $110.00 price target on the stock in a research report on Thursday, December 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $112.14.
BioMarin Pharmaceutical (NASDAQ:BMRN) last released its quarterly earnings data on Thursday, October 26th. The biotechnology company reported ($0.07) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.13) by $0.06. The firm had revenue of $334.18 million for the quarter, compared to analyst estimates of $347.38 million. BioMarin Pharmaceutical had a negative net margin of 12.45% and a negative return on equity of 4.60%. The business’s quarterly revenue was up 19.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.02 earnings per share. equities research analysts forecast that BioMarin Pharmaceutical will post -0.64 EPS for the current fiscal year.
In other news, Director Elaine J. Heron sold 800 shares of BioMarin Pharmaceutical stock in a transaction dated Thursday, December 14th. The shares were sold at an average price of $88.90, for a total value of $71,120.00. Following the sale, the director now owns 38,385 shares in the company, valued at $3,412,426.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP George Eric Davis sold 1,200 shares of BioMarin Pharmaceutical stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $85.64, for a total transaction of $102,768.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,750 shares of company stock worth $5,439,788. Company insiders own 1.85% of the company’s stock.
Large investors have recently bought and sold shares of the company. Toronto Dominion Bank lifted its stake in shares of BioMarin Pharmaceutical by 12.9% in the second quarter. Toronto Dominion Bank now owns 2,124 shares of the biotechnology company’s stock worth $193,000 after buying an additional 243 shares in the last quarter. Commerce Bank purchased a new position in shares of BioMarin Pharmaceutical in the third quarter worth about $209,000. Cambridge Investment Research Advisors Inc. purchased a new position in shares of BioMarin Pharmaceutical in the second quarter worth about $213,000. Teacher Retirement System of Texas purchased a new position in shares of BioMarin Pharmaceutical in the third quarter worth about $220,000. Finally, First Republic Investment Management Inc. purchased a new position in shares of BioMarin Pharmaceutical in the third quarter worth about $220,000. 99.15% of the stock is currently 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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