BioMarin Pharmaceutical Inc. (BMRN) Upgraded to Buy at 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 currently has a $106.00 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 12.36% from the company’s current price.
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.”
Several other brokerages have also commented on BMRN. Vetr upgraded BioMarin Pharmaceutical from a “buy” rating to a “strong-buy” rating and set a $111.64 target price on the stock in a research report on Wednesday, August 24th. Credit Suisse Group AG restated a “buy” rating and set a $114.00 target price (up previously from $103.00) on shares of BioMarin Pharmaceutical in a research report on Monday, June 13th. Wedbush restated a “neutral” rating and set a $108.00 target price on shares of BioMarin Pharmaceutical in a research report on Thursday, July 28th. Jefferies Group restated a “buy” rating on shares of BioMarin Pharmaceutical in a research report on Wednesday, August 17th. Finally, Cowen and Company set a $150.00 target price on BioMarin Pharmaceutical and gave the company a “buy” rating in a research report on Thursday, September 8th. Two research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $120.35.
BioMarin Pharmaceutical (NASDAQ:BMRN) traded up 0.01% on Tuesday, hitting $94.35. The company’s stock had a trading volume of 322,217 shares. The firm has a 50 day moving average of $95.46 and a 200-day moving average of $89.02. BioMarin Pharmaceutical has a 12 month low of $62.12 and a 12 month high of $118.48. The stock’s market cap is $15.42 billion.
BioMarin Pharmaceutical (NASDAQ:BMRN) last issued its quarterly earnings results on Thursday, August 4th. The company reported ($2.61) earnings per share for the quarter, missing the consensus estimate of ($0.52) by $2.09. The company 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 company’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.51) EPS. On average, analysts expect that BioMarin Pharmaceutical will post ($3.95) earnings per share for the current fiscal year.
In other news, CEO Jean Jacques Bienaime sold 53,125 shares of BioMarin Pharmaceutical stock in a transaction on Thursday, September 29th. The stock was sold at an average price of $93.65, for a total value of $4,975,156.25. Following the completion of the transaction, the chief executive officer now directly owns 431,709 shares in the company, valued at $40,429,547.85. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Jeffrey Robert Ajer sold 18,467 shares of BioMarin Pharmaceutical stock in a transaction on Tuesday, September 27th. The shares were sold at an average price of $95.61, for a total value of $1,765,629.87. Following the completion of the transaction, the executive vice president now owns 41,342 shares of the company’s stock, valued at $3,952,708.62. The disclosure for this sale can be found here. 2.50% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. boosted its position 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 valued at $86,843,000 after buying an additional 800,000 shares during the period. ING Groep NV bought a new position in shares of BioMarin Pharmaceutical during the second quarter valued at $57,357,000. Pictet Asset Management Ltd. boosted its position in shares of BioMarin Pharmaceutical by 265.1% in the second quarter. Pictet Asset Management Ltd. now owns 968,295 shares of the company’s stock valued at $86,808,000 after buying an additional 703,112 shares during the period. Palo Alto Investors LLC boosted its position in shares of BioMarin Pharmaceutical by 29.6% in the second quarter. Palo Alto Investors LLC now owns 1,737,399 shares of the company’s stock valued at $135,170,000 after buying an additional 397,052 shares during the period. Finally, Eaton Vance Management boosted its position in shares of BioMarin Pharmaceutical by 728.2% in the second quarter. Eaton Vance Management now owns 414,874 shares of the company’s stock valued at $32,277,000 after buying an additional 364,780 shares during the period. Institutional investors own 93.02% of the company’s stock.
About BioMarin Pharmaceutical
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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